The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-12-24
CURRENCY BILL IS
SIGNED BY THE .
PRESIDENT
Received Wilson's Approval at
6 O'Clock
BILL NOT YET EFFECTIVE
Its Provisions DO Not Go Into Effect
Until the System is
Organized

w dSliiiE ION. btE. ltolNNliA
Wilson signed the Glass-Owen cur.
rency bill Mt col O'Clock in Wash
ington last night in the presence Of
members of his cabinet, the congress.
sional committees on banking and
currency and democratic leaders in
Congress generally, With few
strokes of the pen, the president
into law the measure to be known as
the federal reserve act, recognizing
the nations banking and currency
system and furnishing, in the words
OF the president, The machinery fer
free and elastic and uncontrolled
credits, is at the disposal OF the
merchants and manufacturers of this
country for the first time in SO
years
The event came at the close of a
day OF rejoicing in the national capt.
tai, for Congress had recessed for
two weeks for the first time since it
convened last April. The democratic
leaders were jubilant because they
had completed two big pieces OF leg
islation--the tariff and the currency
reform, in nine months--a perfor-
nance which they considered mprc.
cedented in the history Of the conn.
ny
II need not tell you" said the pres.
ident to the assembled group as he
took up his pen. that | feel very
deep qualification nj being able 10
sign this bill, and feel that | ought
to express very heartily the admira-
ton I have for the men who have
made it possible for me TO sign this
bill There have been currents and
counterrurrents, but the stream has
moved forward | think that we owe
especial admiration TO the patience
and the leadership and the skill and
the force of the ehairmen OF the two
committees; and behind them have
stood the committees themselves ey-
ercising degree OF scrutiny and OF
careful thought in this matter which
undoubtedly has redonnded 10 tho
benefit OF the bill itself.
1T is 4, matter OF real qualification
to me that in the case OF this bill
there should have been so considers
able n number OF republican votes
cast fer It. All great measures I'm
der our system Of government are
OF necessity party measures. for the
party OF the majority is responsible
for their originaticn and their pas
sage: but this cannot be called q par
tisnn measure II has been relieved
OF all intimali0n Of that sort by the
cordial cooperation OF men on the
other side OF the two houses who
have acted with us and have given
very substantial reasons and very in.
reasons for acting with us. So that
! think we can go home with the
feeling that We are in better spirits
for public service than we were even
when we convened in April.
AS for the bill itself, feel that
we can say that il is The first OF n
series OF constructive measures by
which the democratic party will
show that it knows how to serve the
country In calling It the FIRST oi a
series of constructive measures. |
need not say that am no. casting
any reflections on the great tariff
bill which preceded it, The tariff
bill was meant to remove those i'm.
pediments to American industry and
prosperity which had so long stood
in their way. 1t was a great piece
OF preparation for the achievements
OF American commerce and Amert
| can commerce and American indus.
| try which are certainly to follow.
| Then there came upon the heels of
{, their boil, which furnishes the ma.
chinery for free and elastic and IN.
controlled credits, put at the disposal
OF tho merchants and manufacturers
| 81 this country for the frs; time la
81 years. vas refreshing my mem
DRY on the passage OF the national
bank act, which came in two pieces.
as YOU know. in February of 1868 aud
In June OF 1854 IL is just 50 years
ago since that measure. suitable for
that time. was passed. and II has TAX
On us more than a generation and a
hall to come 10 an understanding as
to readjus;ments which were neces.
sary for our own time. But We
have reached these rpadiusimenis.
I. myself. have always felt. when the
democratic party was critized as
NOT knowing how 80 serve the bust.
ness interests OF the country. that
there was no use OF replying to that
IN words. The only satisfactory re-
ply was in action We have written
the fms chapter OF that reply
Il have been surprised AZ the sud.
den acceptance OF this measure by
public opinion everywhere. say
surprised because 90 seems as II n
had suddenly become obvious TO men
v'ho had looked al u with too critical
an eve that O. was really meant in
their interest. They have opened
their eyes TO see n thing which they
had supposed 10 be hostile 20 be