Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-06-24


the proper means by which readily 10
vitali2e It's credit. corporate and In
dividual, and It's orginatiNo brains
What will 1t profit us to be free II We
are not 10 havc the best and most ao-
cessiblc nstrumcntalltics of COM
merce and enterprise? What viii II
profit us 10 be quit of one kind of
monopoly If we arc to remain in the
grip of another ANA more effective
kind; How are We to gain and keep
the confidence Of the business com
munity unless We show that we know
how both to aid and TO protect It.?
What shall we say If We make fresh
enterprise necessary and also make
II very difficult by leaving an else
except the tariff Just as We found itq
The tyrannics of business, big and
little, lie within the field OF credit
We know that Shall we not act upon
itf II "a man can not make his assets
available at pleasure, his assets of
capacity and character and resources
what satisfaction is II to him to see
opportunity beckonlng to him on
every hand, when others have the
keys of credit in their pockets and
treat them as all but their own pri-
vate possession? II is perfectly clear
that it is our duty to supply the new
banking and currency system the
country needs, and that it will imme-
diatoly need it more than ever.
The only question is, When shan
we supply it-now. or later after the
demands shall have become re-
proaches that we were so dun and so
slow? shah We hasten To change the
tariff laws and then be laggards
about making Il possible and easy
for the country to take advantage Of
the change There can be only one
answer to that question. We must
act now at whatever sacrifice to our
selves. II is duty which the cir
cumstanccs forbid us to postpone. I
should be recrcant 70 my deepest con-
victions of public obligation did ! not
press il upon YOU with solemn and
urgent insistence.
The principles upon which we
should act arc also clear The coun-
try has sought and seen its path in
this matter within the last few years
secs II more clearly now than It
ever saw it bcfore-much more clear
~ than when the last legislative pro-
posals on the subject were made. We
must have a currency not rigid as
now, but readily. elastically respon-
sive TO sound credit. the expanding
and contracting credits of everyday
transactions, the normal ehb and flow
of personal and corporate dealings.
our banking laws must mobilize re-
serves; must not permit the copcen-
tration anywhere in a few hands OF
the monetary resources Of the c0un-
try or their use for speculative pur-
poses in such volume as 70 hinder or
Impede or stand in the way OF other
more legitimate, more fruitful uses
And the control Of the system a.
banking and Of issue which our new
laws are to set ~ mHst De public,
not private must be vested N the
government itself. so that the ba r.
may be the Instruments, not the nias-
tcrs, Of business ana of individual ca
terprise and initiative.
The committees OF tne congress to
which legislation of this character IS
referred have devoted careful and
dispassionate study to the means nf
accomplishing these objects The
have honored me by consulting mc.
They are ready TO suggest action. J
have come to you, rs the head OF tho
government and the responsible leader
Of the party in power, To urge action
now, while there is time to serve the
country deliberately and as we
should, in clear air of common
counsel | appeal to you with a deep
conviction of duty. ] believe that
you share this conviction. therefore,
appeal TO you with confidence. am
at your service without reserve to
play my part In any way you may call
upon me to play it in this great en-
terprise of exigent reform which it
will dignity and distinguish MS to per
form and discredit us to neglect
At both house and senate ends Of
the capitol and among both demo-
Gratis and republicans the conviction
was deeply fixed tonight that the
presidents solemn and earnest in
sistenee on currencv legislation would
result in immediate activity in the
legislative branch. Chairman Glass
of the house banking and currency
committee. and Chairman owen. Of
the senate committee, both conferred
with the president after he delivered
his address ana both prepared for the
early Introduction of the administra-
ton currency bill which is now be-
ing revised in some minor features
of phraseology. The bill will go into
both houses this week.
The first Authoritative statement on
the presidents message was critical
and came from Republican Leader
Mann Of the house He said the
message was fine example Of class
lcal English, but there Is nothing
more to it, unless it be considered as
threat that patronage would be
withheld until banking and cur
rency bill was passed
Representative Mann criticised the
bill as stolen from the Aldrich mon
etary report with a few radical pro-
visions taken from the Bryan plat
form mixed in"
On the senate side, many republi-
cans were Of the opinion that the
presidents message was flat decla-
ration that congress must act at once
on the currency question. They be-
lieved il sets forth the president $
position as being so positive on that
point that he would call another eN-
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