New-York tribune., 1913-12-25

Tho business world expected reinsurance iro'n
President Wilson, and it got fine phrases 1t wants
neace and it receives the promise OF eolS'i'u
tion Of peace" 1t needs to get in operauoh anu II
&c told If will have cooperation Above ALL 1t Is
informed that the currency bill just signed Is 'ne
first Of a series of constructive measures frahN!'
ve cannot suppose that the business "orIu VIII INV
the prospect if it takes it literally.
The currency bill is great measure II req'He"
twenty years for il to assume shape IL recaS'S u"
entire currency and banking system OF the uniteu
States To belong in the same series win 1t 'he
other bills the President has in mind, II he mas any
must be measures of large import radlcal III the
sense of being thoroughgoing, not mere ainenu
mepts OF existing statutes or improvements VI "a
listing institutions but new statutes creduhs ne"
institutions 1t is difficult TO see where lhe ile'
dent will turn his hand for work OF TINS chdi"V'e'
Il do The nation sees nothing else that heeuS VI
is ready for such complete remaking as the Dalhihs
system and unless the nation sees the necessity ioI
them Mr. Wilson will not get far with tne cnahSes
he may have in mind.
For our part, incline to believe that MI WI
sons instinct for large phrases, rather than VISION
of radical reforms led him into talking OF his cur
rency bill as the first of a series OF constructive
measures 1t was moment Of triumph when ne
smoke He was signing such a measure as Is put
upon the statute books only once in generation
There was everything in the circumstance TO make
him talk in grand manner. with expansive
ubrases 'New freedom" constitution OF peace,
first of series of constructive measures, CORE
sponded we suspect more with literary emotions
than with real ideas.
In p sense Mr. Wilson's currency bill is a charter
Of new freedom for the business world. 1t strikes
off the ancient shackles of an Outgrown and i'll con-
ceiyed banking system. The currency is made elias
tic and elasticity is of the nature of freedom But
there is even greater new freedom for himself in
the passage of that bill.
Some years ago the President wrote letter eX-
pressing the hope that Mr. Bryan might be knocked
into cooked hat. BY putting him in the Cabinet
the President has knocked him into q cooked hat
And in this circumstance the business world must
find the reinsurance which it cannot see in Mr..
Wilson's words. Mr.. Wilson has taken the party
but recently owned by Mr.. Bryan and with Mr..
Bryan's passive assistance has made it vote for
what is substantially a sound money bill. He has
had it slay openly Mr.. Bryans pet idea of guar
antee of bank deposits and his nfatOnist notion OF
using notes as reserves for notes. That gives a
measure of his own and his party's new freedom.
Instead Of letting Mr.. Bryan debase our dollars,
he has let him debase our diplomatic service and
debase himself on Chautauqua platforms Proba
blv the President has not liked the spectacle. 1t
has been humiliating enough for the rest of us.
But the capacity TO turn the Secretary Of States
destructive instincts into channels is not he
overlooked in estimating the Presidents endOw-
ments There must be encouragement for business
in the spectacle presented by Mr.. Bryan after nine
months in Office. The President is the absolute
master Of his party That represents salutary prog
ress toward safety for business If not the
of it which in its present mood it seeks
Big business will have 10 get used TO the big
KOca bulary.