Abbeville progress. (Abbeville, Vermilion Parish, La.) 1913-1944, 1913-12-27
MONEY AND BANKING SYSTEM
OF NATION CHANGED BY FEW
STROKES OF PEN.
NOT IN EFFECT IMMEDIATELY
President Thanks Men Who Made
the Bill PossibIe-The Statute
Will Not Be in Force
Immediately.

/ moment after & O'Clock Tuesday
/ evening and made the currency bill
the law of the land by affixing his sig
/ nature to it, using in the operation
! four gold pens. three of which he
! Immediately thereafter presented tC
! Chairman Glass of the house commit
/ tee. Chairman owen of the senate
committee and Secretary of the
/ Treasury McAdoO, the DISTINGUISHED
/ audience manifesting by vigorous ap
! plause its qualification at the com
! pletion of the second great legisla-
! tive achievement of the democratic
! administration within ten months OF
/ its taking control of the government.
President Wilson then made a
| brief and happy-phrased speech to
those about him, warmly congratulate
ing the leaders in congress on whom
fell the chief burden of the struggle
thus brought to a successful issue,
and pointing out that the new act
was the first number of a program
of constructive legislation whereby it
was hoped all the people of the coun-
try would be benefited and a new era
of business peace and prosperity in
augurated that would realize to the
fullest the ideals of real democracy.
The presidents remarks were repeat
eddy interrupted by applause and
when he concluded there was a gen.
eral interchange of handclasps and
congratulations
Il need not tell YOU" said the pres
ident 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 admira-
ton | have for the men who have
made impossible for me TO sign this
bill. There have been currents and
counter-currents. but the stream has
moved forward. | think we owe spe-
ciaf admiration to the patience and
the leadership and skill and the force
of the chairman of the two commit
tees, and behind them have stood the
committees themselves, exercising a
degree of scrWiny and of careful
thought in thiI matter which I'M
doubtedly has radounded to the bene-
fit of the bill i self"
"As for the bill itself, l feel that
We can say that it is the first of a
series of constructive measures by
which the democratic party will show
that it knows how to serve the coun-
try.
I'm calling it the first of series
Of constructive measures, l need not
say that | am not casting any reflec-
tons on the great 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.
It was a great piece of preparation
for the achievements of American
commerce and American industry
which are certain to follow. Then
there came upon the heels 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
country for the first time in fifty
years.
Il was refreshing my memory on
the passage of a national bank act
which came in two pieces, as you
know, in February of 1883 and in June
of 1864; it is just fifty years ago
since that measure, suitable for that
time, was passed, and it has taken
up more than generation and half
to come to an understanding as to
the readjustments which were neces-
sary for our own time. But we have
reached those readjustments now"
The signing of the currency bill
came at the close of a day of rejoic-
ing in the national capital, for con
gress had recessed for two weeks
for the first time since it convened
last April. The democratic leaders
were jubilant because they had COM
pleted two big pieces of legislation,
the tariff and the currency reform,
in nine months, a performance which
they considered unprecedented in the
history of the country.
Aside from some bitter speeches
from republicans like Bristow of Kan
sas, the closing debate in the senate
on the conference report on the cur
rency bill was not notable and the re-
port was adopted by vote of 40 to %. |
Two republicans, Weeks of Massa- |
chusetts and Jones of Washington, |
and two progressives, Norris of Ne !
braska and Poindexter of Washing !
ton, voted with the democrats.
Senator Hitchcock of Nebraska |
voted for the conference report, as |
he did for the final passage of the |
currency bill, through the senate |
after opposing it in all it's earlier |
stages.
Among the banks that applied Tues !
day were two Texas institutions, the |
First National Bank of Wichita Falls |
and the Union National Bank of Hous- |
ton.