New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-24

gain and keep the confidence of the Du9l-
ness community unless We show that we
know how both TO aid and TO protect lt'
What shall we say II we make fresh EN-
terprise necessary and also make II very
difficult by leaving all else except me
tariff Just as we found It? The tyrannies
OF business, big and little, lie within the
field of credit We know that. Shall we
not act upon the knowledge? DO we
not know how to act upon il?
IF man cannot make his assets
available at pleasure. his assets of ca
pacity and character and resource. what
satisfaction is il TO him TO see opportunity
reckoning 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? 1t is perfectly
clear that il is our duty TO supply the
new banking and currency system the
country needs, and that II will immedl-
ately need II more than ever
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 making IL pos
sible and easy for the country TO take
advantage of the change? There can be
only one answer to that question. We
must act now, at whatever sacrifice 10
ourselves IT is r duty which the cir
cumstances forbid us TO postpone. l
should be recreant TO my deepest con-
victions Of public obligation did l not
press it upon you with solemn and urg-
ent insistence.
Elasticity the Requisite.
The principles upon which We should
act are also clear. The country has
sought and seen its path in this matter
within the last few years-sees 1t more
clearly now than it ever saw II before
much more clearly than when the last
legislative proposals on the subject were
made. We must have "A currency. not
rigid as now, but readily. elastcally re-
sponsive TO sound credit. the expanding
and contracting credits of everyday trans
actions, the normal eDb and flow Of per
sonal and corporate dealings. OR bank
ing laws must mobilize reserves; must
not permit the concentration anywhere in
a few hands Of the monetary resources of
the country or their use for speculative
purposes in such volume AS TO hinder or
impede or stand in the way Of other more
legitimate, more fruitful uses.
And the control Of the system Of bank
ing and OF issue which our new laws are
to set up must he public, not private.
must be vested in the government itself,
so that the banks may he the instru-
ments. not the masters, OF business and
Of individual enterprise and initiative.
The committees Of the Congress TO
which legislation OF this character is re-
ferred have devoted careful and dispas-
sionate study TO the means Of accomplish
ing these objects. They have honored me
by consulting me. They are ready 10
suggest action. ! have come 20 YOU az
the head Of the government and the re-
sponsible leader OF the party in power, to
urge action now. while there Is time 60
serve the country deliberately and as We
should in a clear air Of common counsel
appeal TO you with deep conviction OF
duty. | believe that you share this CON
viction. / therefore appeal to YOU with
confidence / am AT your service without
reserve 10 play my part in any way YOU
may call upon me TO play II In this great
enterprise of eXigent reform which II viii
dignity and distinguish US 10 perform and
discredit us TO neglect