Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-06-23

Oh some OIL uS, COuSlOeEAIlONS O4 PEE.
sonal health even, dictate an early
conclusion Of the deliberations Of the
session; but there are occasions of
public duty when these things which
touch US privately seem very small;
when the work to be done Is so press
ing and 80 fraught with big conse-
quence that we know that we are not
at liberty to weigh against 1t any point
Of personal sacrifice. We are now In
the presence Of such an occasion. It Is
absolutely imperative that we should
give the business men Of this country q
banking and currency system by
means Of which they can make use Of
the freedom Of enterprise and Of in
dividual initiative which we are about
to bestow upon them.
Emancipation Of Businsss.
1--WE are about to set them free; we
must not leave them without the tools
Of action when they are free. We are
about to set them free by removing the
trammels Of the protective tariff. Ever
since the civil war they have waited
for this emancipation and for the FREQ
opportunities 1t will bring with it. It
has been reserved for us to give 1t to
them. Some fell in love, indeed. with
the slothful security Of their depend
ence upon the government; some took
advantage Of the shelter Of the nursery
to set up . mimic mastery of their own
within its walls. Now both the tonic
and the discipline Of liberty and ma
turity are to ensue. There will be some
Ereadjustments Of purpose and point
Of view. There will follow q period
Of expansion and new enterprise,
freshly conceived. It IL for us to de-
termine now whether 1t shall be rapid
and facile and Of easy accomplish
ment. This 1t can not be unless the
resourceful business men who are to
deal with the new circumstances are to
have at hand and ready for use the In
and conveniences OF
free enterprise which Independent mon
need when acting on their own initia-
tive.
vitaliss Business Credit.
1T 10 not enough to strike the
shacklss from business. The duty Of
statesrnanship - not negative merely.
It II constructive also. We must show
|that We undsSsAAnd what -bustAass
needs and thatswa know how to sup
1 ply It. No man, however casual and
superficial his observation OF the con-
ditions now prevailing in the country.
can fail to see that one of. the chief
things business needs now, and will
need Increasingly a. 1t gains in scope
and vigor in the years Immediately
ahead Of US. IL the proper means by
which readily to vitalixe its credit, COR
porats and individual. and its origina-
tive brains. What will 1t profit us to
he f~Ao -
and most accessible instrumentalitieS
Of commerce and enterprise? What
will it profit US to be quit of one kind
OF monopoly II we are to remain In
the grip Of another and more effective
kind? How are we to gain and keep
the confidence Of the business COM
munity unless we show that we know
how both to aid and protect it? What
shall We say II we make fresh enter
prise necessary and also make it very
difficult by leaving all else except the
tariff just as we found it? The
tryannies Of business, big and little, lie
within the field Of credit. We know
that. Shall we not act upon the knowl-
edge? Do we not know how to act
upon It? If man can not make his
assets available at pleasure. his assets
Of capacity and character and re-
source. what satisfaction is it to him
to see opportunity beckoning to him
on every hand, when others have the
keys Of credit in their pockets and
treat them as all but their own private
possession? It is perfectly clear that
1t is our duty to supply the new bank
ing and currency system the country
needs. and that 1t will Immediately
need 1t more than ever.
Need Of Elastic Currency.
The only question is, When shall we
supply it-now, or later, after the de-
mands shall have become reproaches
that we were SO dull and so slow?
Shall we hasten to change the tariff
laws and then be laggards about maxi
ing it possible and easy for the coun-
try to take advantage Of the change?
There can be only one answer to that
question. We must act now, at what
ever sacrifice, to ourselves. It is duty
which the circumstances forbid US to
postpone. should be recreant to my
deepest convictions; Of public obliga.
ton did not press 1T upon you with
solemn and urgent insistence.
The principles upon which we should
act are also clear. The country has
sought and seen its path In this mat
ter within the last few years-sees 1t
more clearly now than 1t ever saw it
before much moro clearly than when
the last legislative. proposals on the
subject were made. We must have a
currency, not rigid - now, but read
lily. .elastically responsive to sound
credit. the expanding and contracting
credits Of everyday transactions. the
normal ebb and now Of personal and
corporate dealings. Our banking laws
must mobilize reserves; must not per-
NIT the concentration anywhere in a
few hands Of the monetary resources
Of the country or their use for specu-
lative purposes In such volume as to
hinder or impede or stand In the way
Of other more legitimate, more fruit
full uses And the control Of the system
OF banking ana Of issue which our
new laws are Ia sst up must be public.
not private. must ~ vested In the gov
eminent itsslf. - that the banks may
be the instrunants not the masters.
oe business anl cf indiviAual enter
prise ana inatiaAtpo.
Tho connIaltt 10 the coagrees to
which M - this sl.asaetes =