The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1913-06-26
PRESIDENT READS BANKING
AND CURRENCY MESSAGE
For Second Time Chief Executive
Appears Before Law Makers to
Ask Consideration OF Bill.

roncy reform system was delivered In
q clear, deliberate and distinct voice.
He said:
MIR Speaker, Mr., President. Gentlemen
OF the Congress-;
IL is under the compusion OF what
seems to me a clear and imperative duty
that have n second time this session
sought the privilege Of addressing you In
person, ] know. Of course. that the heat
I'd season OF the year Is upon us, that
work In these chambers and in the COM
mittcc rooms is likely to become bur-
den MS thc season lengthens, and that
every consideration OF personal convent
ence and personal comfort, perhaps In
the cases OF some OF us, considerations Of
personal health even, dictate an early
conclusion OF the deliberations Of the
session; but there are occasions OF public
duty when these things which touch us
privately seem very small. when the
work to be done is so pressing and so
fraught with big consequence that we
know that we aye not at liberty to weigh
against It any point OF personal sacrifice.
We are now In the presence 81 such an
occasion. II is absolutely imperative that
we should give the business men OF this
country banking and currency system
by means pf which they can make use
OF the freedom Of enterprise and OF
individual initiative which we are about
10 bcstow upon them.
We are about to set them srys: we must
! rot leave Them without the TOOLS Of &C.
tion when they are free. We are about
TO set them free by removing the tram
mcls Of the protective tariff. Ever since
the Ciyil war they have waited for this
emancipation aud for the free oppOrtuni-
ties Il viii bring with IL. II has been
reserved for as to give II to them. Some
fell In love, indeed with tho slothful
security Of their dependence upon the
government; some took advantage Of the
shelte" OF the nursery to set up "A mimic
mastery " their own within it's walls.
Now both the toni" and the discipline NJ
liberty and maturity are to cnsuc, There
will be some Establishments OF purpose
and point OF view There will follow n
period of expansion and new enterprise,
! freshly conceived II IL for ms to deter
mine now whether II shall be rapid and
! fGcile and Of easy accomplishment. This
! f. can not lie unless the rcsourceful
| business men who are to deal with the
| rev circumstances are to have at hand
ana ready Tor use the instrumentalities
and cony"uIenccs Of free enterprise which
Independent men need when acting on
| their own Initiative.
| from business The duty of statesman
ship IL no; negative mcrclN II is con-
structNc also, We must show that we
/ understand what business needs and
| that we know how 70 supply It, No man,
| however cusual and superficial his Obj
! Fcrvation Of the conditions now prevail
] ing In the country. can fail to see that
one Of the chief Things business needs
now, and will need Increasingly as IL
gains IN scope and vigor In the years i'm
r,cdiatcly ahcnd OF u.s. Is the proper
means hy which readily to VitIlizc It's
credit, corporate ami individual, and it,
| orlgiuatiye brains what viii 1t profit
/ W to be free II "" are not Ia have the
! best and most accessible iustrumCulalltics
! OF commerce and enterprise? What VIII
/ It profit us to be quit IL on kind Of mon
\ ouOIy II we are 70 remain In the grip ~
! another and moro effective kind How
/ ere we TO gHtn and keep the confidence ~
| the business community unless wc show
/ thut We know how both to aid to protect
| IT. what shall We say II We make fresh
! enterprise necessary and also mukc 10
very difficult by leaving all else except
tho tarin Just ns We found Il? The tyrm-
MES Of business. biz and little, lie within
| the field NJ credit We that that Shall
we not act upon tho knowledge DO We
/ not know how to act upon IT. II % man
can not make his assets available 40
pleasure. his assets OF capacity and chlr.
actcr and resource. what satisfaction IS
| IL To him to see opportunity bcckpn.Es
to him on every hand when others hayn
tho keys OF credit in their pockets and
treat them az all but their own private
possessions II IL perfectly clear that b.
is our duty to supply the new banking
and currency system the country needs,
and that II will Immediately need It more
than ever.
The only question Is. when shall we
supply it-now, or later, after the de-
mnnds shall have become reproaches that
we were 50 dull and so slow? Shall we
hastrn to change the tariff laws and then
lie laGgards about making 1t possible and
easy for the country to take advantage
OF tho change? There can be only ono
answer to that question. We must act
now at whatever sacrifice to ourselves
1t "a a duty which the circumstances for
bid us to postpone. should he reCrvant
to my deepest convictions Of public ohll-
cation did not press II upon you with
solemn and urgent insistcnce,
The principles upon which we should
act as also clear. The country has
sought aud seen ITS path In this matter
within the last few ycars--sces 1t more
clearly now than Il ever saw II before
| much more clearly IMAM WUtn tUe iHNl
legislative proposals on the subject were
made We must have currency, not
rigid as now, but readily, elastlcally re-
sponsivc to sound credit. tho expanding
aud contracting credits OF everyday trans
actions the normal ebb and flow of per
sGnul and corporate dealings. our bank
ing laws must mobilize reserves; must not
permit the concentration anywhere In Il
few hands OF the monetary resources Of
the country or their use for speculative
purposes In such volume az to hinder
or impede or stand II. the way Of more
legitimate, more fruitful uses. And the
control OF the system OF banking and Of
issue which our new laws are to set up
must be public. not private, must be
vested In the government itself. 50 that
Tia banks may the Instruments. not the
masters, of business and Of Individual
enterprise and initiative
The committees of the congress 10
which legislation OF this character is re-
ferred have devoted careful and dispas.
sionate study TO the means OF accom-
plishing these objects They have hon
cred me by consulting me. They are
ready to suggest action. l have come
10 you as the head of the government
and the responsible leader OF the party
IT, power, to urge action now. while there
e. time to serve the countr: deliberately