South Bend news-times. (South Bend, Ind.) 1913-1938, 1913-12-24
CURRENCY BILL
IS NOW A LAW
Pres. Wilson Signs Measure
and Committee Will Start at
Once Toward Workign Out
Details.

enacted by congress and signed by
Pres. Wilson the task Of putting it
into effect was taken up Wednesday.
The organization committee VIII
designate regional reserve bank cities
and fix the limits of reserve districts.
Preparations were made Wednesday
for hearings by the committee which
includes the secretary of the treas
ury, comptroller of the currency and
| secretary of agriculture
Pres. Wilson has not yet appointed
comptroller, Dus as two members
constitute majority of the committee
! Secretaries McAdoo and Houston can
conduct the hearings. II is probable
| that no comptroller will be named
until after the holidays
John Shelton Williams OF Virginia,
assistant secretary of the treasury, is
the leading candidate for the place,
which under the new law. is worth
$4,000 a year.
Sharp inquiry into Williams career
will be made before the senate con-
firms his nomination TO ascertain If
he has had any financial affiliations
that would make him favor the
money trust.
Will Name Chicago.
New York, Chicago, St. Louis and
San FrinciscO are certain TO be re-
serve cities under the new act. BOs-
ton, Washington, Atlanta, Cincinnati,
Minneapolis and Omaha or Denver
appear to be the most likely locations
for othe banks.
More than 500 national banks al
ready have indicated that they will
join the new system.
Pres. Wilson signed the cur
rency measure at 6:O1 o'clock Tues
day night in the presence of the
members of his cabinet, the congress
sional committees of banking and
currency and democratic leaders in
congress recently.
Two Weeks Recess.
The event came at the close of
day of rejoicing in the national CAPT.
tol, for congress had recessed for two
weeks for the first time since il con-
vened last April The democratic
leaders were jubilant because they
had completed two big pieces of legis-
latton-the tariff and the currency
reform in nine months-a perform
ance which they considered unprece-
denied in the history of the country.
Il need not tell YOU" said the pres
ident TO the assembled group as he
took up his pen, that 1 feel a deep
qualification at being able to sign this
bill and 1 feel that 1 ought to express
very heartily the admiration / have
for the men who have made Il pos
sible for me to sign this bill.
There have been currents and
counter-currents, but the stream has
moved forward. 1 think that we owe
| special admiration to the patience
and the leadership and the skill and
the force Of the chairmen Of the two
committees, and behind them have
stood the committee and themselves
exercising a degree Of scrutiny and
careful thought in this matter which
undoubtedly had rebounded TO the
benefit of the bill itself.
Real Qualification.
1t is matter OF real qualification
to me that in the case of this bill
! there should have been so consider
able a number OF republican votes
cast for it. All great measures under
our system Of government are Of
necessity party measures for the party
or the majority is responsible for
their origination and their passage;
but this cannot be called a partisan
measure: IT has been relieved Of all
that sort by 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 intelligent reasons for act
| ing with us. So that I think we can
go home with the feeling that we are
in better spirits for public service
than we were even when we were
convened in April.
LAS for the bill itself. 1 feel that
we can say that it is the first of a
series OF constructive measures by
which the democratic party will show
that II knows how to serve the
country. In calling 1t the first OF a
series of constructive measures
need not say that 1 am not casting
any reflection on the great traiff bill
which preceded it.
THE tariff bill was meant TO re-
move 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 industry which are
certain to follow. Then there came
uDCn the heels Of this bill which
/ fun nished the machinery for free and
elastic and uncontrolled credits. put
at the disposal Of the merchants and
manufacturers of this country for
the first time in 90 years.
Il, myself, have always felt when
the democratic party was criticised
as not knowing how to serve the bus
| mess interests of the country that
there was no use Of replying to Iat
in words. The only satisfactory reply
was in action. We have written the
! first chapter of that reply.
Good For Everybody.
| What we are proceeding to do
now Is TO organize our peace, is 10
make our prosperity not only stable.
/ but free TO have an unimpended
| momentum. 1t is so obvious that it
ought not need 10 be stated that Moth
ing can be good for the country which
is not good for all Of the country.
Nothing can be for the interest
! of the country which is not in the
interest of everybody, therefore the
day OF accommodation and Of conces-
| sion and OF common understanding ts
the day of peace and achievement OF
| necessity We have come to the
beginning of that day. Men are no
longer resisting the conclusions which
the nation has arrived at as to the
necessity of readjustments OF its bust
| ness. Business men of all sorts are
showing their willingness to come in
TO this arrangement which l venture
to characterize as the constitution OF
peace. So that by common counsel
and by the accommodating force OF CO.
| operation we are going 10 seek more
and more 10 serve the country.
| The scene at the signing the meas