The Barre daily times. (Barre, Vt.) 1897-1959, 1913-12-24
CONGRESSMEN
ARE JUBILANT
Features of the New Law
Are Outlined, Showing
Changes Which Will BE
Made from the Present
Currency System

Washington, d. c., Dec 24.-With al
the power of law fresh from the pei
OF President Wilson behind them, Sec
retaries McAdoo and Houston to-day
began working out the details of the
nations new financial system. Acting
as an organization committee, they viii
determine the preliminary moves, tc
the total installation of the machinery
that is to operate the federal reserve
system.
Although the law provides that the
two secretaries and the comptroller OF
the currency shall join in the prelimi'
a narv work. the office of the comptroller
of the currency is vacant and it has
been decided that Secretaries McAdoo
and Houston, comprising the majority,
shall go ahead.
The first step to be taken will be the
selection of the cities where the federal
reserve banks are to be located. The
law provides that not less than eight
nor more than twelve cities shall be
New York, Chicago, St. Louis, San
Francisco, New Orleans, Philadelphia,
Baltimore, Washington, Boston, Denver,
Atlanta, Seattle and Portland, Oregon.
81 need not tell you" said the presi-
dent to the assembled group as he took
up his pen, that ! feel very deep
qualification at being able to sign this
bill, and ! feel that | ought to express
very heartily the admiration | have Tor
the men who have made it possible Tor
me to sign this bill. There have been
currents and counter currents, but the
stream has moved forward
81 think that we owe special admira-
tion to the patience and the leadership
and the skill and the force of the chair
men of the two committees and behind
them have stood the committees them
selves, exercising a degree OF scrutiny
and of careful thought in this matter
which undoubtedly has redounded to the
benefit of the bill itself. Then there
has grown, as we have advanced with
this business, and the great piece OF
business which preceded it, evidences of
team work that to my mind have been
very notable indeed.
"0nly constructive action, only the ac-
tion which accomplishes something, fills
men with the enthusiasm of eo-opera-
tion, and | think that at this session OF
Congress we have witnessed an aecumu-
lation of pleasure and enthusiasm on
the part of the membership of both
houses in seeing substantial and lasting
things accomplished.
at is matter of real qualification to
me that in the case of this bill there
should have been SO considerable num-
Der of Republican votes cast for it. All
great measures under our system of gov
ernment are of necessity party measures
for the party of the majority is re-
sponsible for their origination and their
passage; but this cannot be called
partisan measure. 1t has been relieved
OF all intimation Of that sort by the
cordial co operation of men on the other
side of the two houses who have acted
with us and have given very substantial
reasons and very intelligent 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 in even when we convened in
April.
Gas for the bill itself, / feel that we
can say that It is the first of series
of constructive measures by which the
Democratic party will show that it
knows how to serve the country. In
calling it the first of series of con-
structive MEASURES, need not say that
] am casting any reflection on the greap
tariff bill which preceded it.
"The tariff bill was meant to remove
those impediments 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 American in
dustry which are certainly to follow.
"Then there came upon the heel of it
this bill, which furnishes the machinery
for free and elastic and uncontrolled
credits, put at the disposal of the mer-
chants and manufacturers of this coun-
try for the first time in so years.
"I was refreshing my memory on the
passage of the national bank act which
came in two pieces, as you know, in Feb
ruary of 1868, and in June of 1864; it
is lust 80 years ago since that measure,
suitable for that time, was passed, and
it has taken us more than a generation
and half to come to an understanding
as to the readjustments which were nee
essary for our own time. But we have
reached those readjustments.
81, myself, have always felt when the
Democratic party was criticised as not
knowing how to serve the business in
terests of the country, that there was
no use of replying that in words. The
only satisfactory reply was in action.
We have written the first chapter of
that reply.
"We are greatly favored by the circum-
stances of our time. We come at the end
ofa day of contest, at the end of day
when we have been scrutinizing the proc
esses of our business, scrutinizing them
with critical and some times with hostile
eye. We have slowly been coming to