Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1913-12-25
THE NEW CURRENCY LAW.

The Wilson administration has nc
complished another great task. The
currency bill, like the tariff bill, has
become the law of the land. The pace
set for great deeds in constructive leg
islation continues.
Professor j. Lawrence Laughin who
knows a great deal about currency
laws, and whose forecasts Of financial
conditions have often come true, con
siders the passage Of the currency bill
political miracle, and holds that the Or
ganization Of credit for which it pro-
vides will be far reaching. He says,
with the organization Of credit pro
vided for, there js no reason now why
business man, in an emergency and
with "A good sound business behind him
should ever go into bankruptcy
In an editorial article headed, THE
Currency Bill Passes, The Milwaukee
Journal says;
The passage Of the currency bill by
the senate is the triumph of the second
great part Of President Wilson pro-
gram. Its accomplishment within the
first ten months of his administration
makes u record for fundamental lcgis-
lation that has seldom, II ever, been
equaled. II marks IA steady advance of
his plans, which cannot but crafty the
president, the SUCCESS Of whose admin
istration must be measured largely by
what congress does with his policies
The scnate's vote of ID to 81 cannot
but be regarded as "A singular triumph.
The votes Of six Republicans for the
administration measure and the vote Of
Senator Poindexter cannot fail to reaH
re those who have feared that it was
erely a party measure,
After the passage of the tariff bill, it |
was freely predicted that the currency
bill would test the strength Of the
president and the unity of the Demo
cratic party. When the special session
merged with the regular session with
out bringing the bill to a vote, it was
thought ii sign of danger if not of
failure. But again the administration
has triumphed. IL has become so clear
that the presidents strength lies in
having the country openly behind him
that the attempt to ascribe it to patron
age il no longer made il has become
too silly.
The main provisions OF the currency
measure are too well known to need re-
canitulation. The creation of from
eight to twelve federal reserve banks is
intended and expected TO take away the
monopoly of New York M the center of
credit. A safeguard against panics
due to money stringency il provided in
the federal reserve notes, amply secured
by commercial paper, and by II reserve
of 40 per cent in the reserve banks.
The passage of the currency bill il
important as doing away with one fac
tor in the uneasness and hesitation
which has existed. 1t has become per
fectly clear that the banks of the coun
try do not really fear the bill anything
like as much IN their camoaign against |
1t seemed to Indicate. For some time
IL has been known that il must pass, |
and there has been no reultinR panic or
depression, while the votes OF six
Republicans. including Senator Weeks
of Massachusetts, add to the security
felt in the measure.
1t cannot be emphasized too strongly
that in the victory of the president, the
people of the country have won vic
tory for representative governernment.
Much of Mr. Wilson's program il yet
to be unfolded, 1t is freely predicted
that he will encounter opposition in his
own party, Ibut it is .clear that opposi-
tion will have to reckon with n people
that believes the presidents program
carefully thought ont its interest and is
sure of the presidents sincerity in
serving them.