The Holly chieftain., 1913-06-27
President Wilson Reads Mes
sage to Joint Session Of
Congress.
new SYSTEM IS DEMANDED
Revision Of the Banking and Currency
Laws Must Go Hand In Hand
With Revision Of the
Tariff.


Wilson today read his special message
on the subject of banking and currency
reform to the joint session of con-
gress. The message follows:
Mr.. Speaker, Mr.. President. Gentle
men Of the Congress: 1t is under the
compulsion Of what seems to me a
clear and imperative duty that have
q second time this session sought the
privilege Of addressing you in person.
know, Of course. that the heated
season OF the year is upon US. that
work in these chambers and in the
committee rooms Is likely to become
burden as the season lengthens, and
that every consideration of personal
comfort, perhaps. In the cases Of some
Of us, considerations Of personal
health even, dictate an early conclu-
sion of the deliberations OF the ses-
sion; 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 are not at liberty to
weigh against 1t any point of personal
sacrifice. 1t is absolutely imperative
that we should give the business men
Of this country banking and curren-
cy system by means of which they
can make use Of the freedom OF enter
prise and of individual initiative
which we are about to bestow upon
them.
We are about to set them free; we
must not leave them without the tools
of action when they are free. We are
about to set them free by removing
the trammels of the protective tariff.
Ever since the Civil war they have
waited for this emancipation and for
the free opportunities II will bring
with 1t. It has been reserved for US
to give It to them. Some fell in love,
indeed with the slothful security of
their dependence upon the govern
ment; some took advantage OF the
shelter OF the nursery to set up
mimic mastery of their own within
its walls. Now both the tonic and
the discipline of liberty and maturity
are to ensue. ..sAa
It is not enough to strike the
shackles from business. The duty of
craftsmanship Is not negative merely.
1t is constructive also. We must show
that we understand what business
needs and that we know how to sup
ply 1t. No man, however casual and
superficial his observation of the con-
ditions now prevailing In the country,
can fail to see that one Of the chief
things business needs now. and will
need increasingly as 1t gains in scope
and vigor in the years Immediately
ahead Of us. Is the proper means by
which readily to vitalize Its credit,
corporate and individual. and It's orig
inative brains. What will 1t profit us
to be free II we are not to have the
best and most accessible instrumen.
talities OF commerce and enterprise?
The principles upon which we should
act are also clear. The country has
sought and seen It's path In this mat
ter within the last few years-eee It
more clearly now than It ever saw It
before--much more clearly than when
the last legislative proposals on the
subject were made. We must have
currency. not rigid as now. but readily,
elastically responsive to sound credit,
the expanding and contracting credits
Of everyday transactions, tho normal
ebb and flow OF personal and corporate
dealings. Our banking laws must mo.
bilize reserves: must not permit tho
concentration anywhere In u few hands
OF tho monetary resources OF the coun-
try or their use for speculative pur-
poses In such volume M to hinder or
impede or stand In tho way OF other
more legitimate. moro fruitful uses.
And the control Of tho system of bank.
Ing and OF Issue which our now laws
are to set up must bo public not pri.
vato. must bo vested In tho govern.
mont Itself. no that tho banku may bs
tho Instruments. not tho mnatora. OF
business nnd OF individual enterprise
and initiative,
Tho committees of the congrcsa 10
which legislation OF thia character Ia
referred have devoted careful and din.
passionate study to the monns of NO.
complaining these objects. They hnyo
honorcd mo by consulting mo. They
nre ready to suggcst action, l have
come to you, M the head OF tho nov.
crnmcnt and tho responsible leader of
tho purity In power, to urgo action now.
while thoro 's time to servo the coun.
Try deliberately and M we should, In a
"loar air OF common enunscl. !,