Norwich bulletin., 1913-12-24
Enthusiastic Demonstration When President Affixed
 His Signature to the Measure
FOUR GOLD PENS TO WRITE NAME AND DATE
These Distributed as Standardization Declares Bill is First Chapter of Reply to Charge That Democratic Party Does Not Know How to Serve Business Interests of Counry-WiIl Be of Lasting Benefit to Business.

Washington, Dec. 22 President Wilson signed the GIass-Owen cur Tency bill at 6 o'clock tonight in the presence of members of his cabinet, the congressional committees on bank ing and currency and democratic lead CTS in congress generally
 With a few strokes of the pen the president converted into law the meas ure to be known as the federal reserve act, reorganizing the nations banking and currency system and furnishing, in the words of the president, the machinery for free and elastic and uncontrolled credits put at the dis posal of the merchants and mannfac- turers of this country for the first time in fifty years"
 Democratic Leaders Jubilant.
 Enthusiastic applause rang through the room not only as the president affixed his signature, but as he deliv- cred an extemporaneous speech char acterizing the desire of the admins traitor to take common counsel with the business men of the country and the latter's efforts to meet the gov ernment's advances on "the constitu- tion of peace"
 The event came at the close Of a day of rejoicing in the national cap itol, for congress had recessed for two weeks for the first time since it con- vened last April The democratic leaders were jubilant because they had completed two big pieces, of legisla,- fOrns-in nine months, a, performance which they considered unprecedented In the history of the country.
 Gratified by Republican Support.
 T need not tell you." said the presi- dent to the assembled group a he took up his pen, that I feel a very deep qualification at being able to sign this bill and I feel that I ought to express very heartily the admiration l have for the men who have made it possible for me to sign this bill.
 Tt is 8 matter of real qualification to me that in the case of this bill there should have been so considerable number of republican votes cast for it. All great measures under our system of government are of necessity party meas sureS, for the party of the major ity is responsible for their origination and their passage; but this cannot be called a. partisan measure. It has been relieved of all int1mation 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 telligent reasons for acting with us. So that l think we can go home with the feeling that we are in better spir- its for public service than we were even when we convened in April.
 First Chapter of Demooracy's Reply.
 "As for the bill itself, I feel that we can say that it is the first of 8 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 a series of con- structive measures I need not say that ] am not casting any reflections on the great tariff bill which preceded it. l was refreshing my memory on the pas sage of the national bank act which came in two pieces, as you know, in February of 1868 and in June of 1864; it is just fifty years ago since that measure, suitable for that time, was passed and it has taken Us more than a generation and a, half to come to an understanding as to the readjust- ments which were necessary for our own time. But we have reached those read djustInents I myself have always felt when the democratic party was criticized as not knowing how to serve the business interests of the country that there was no use of replying to that in words. The only satisfactory reply was in action. We have written the first chapter of that reply.
 Will Be of Lasting Benefit to Bushes.
 T have been surprised at the sudden