Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-12-24

after having signed the currency
bill.
President Wilson signed the Glass
Owen currency bill at 6:01 last night in
the presence of members of his cabinet
the congressional committees on bank
ing and currency and democratic leaders
in Congress generally.
With few strokes Of the pen che
President converted into law the measure,
to be known as the federal reserve act
reorganZing the nations banking and
currency system. and furnishing, in the
words Of the President, 1.-THE machinery
for free and elastic and uncontrolled
credits. put at the disposal of the mer-
chants and manufacturers Of this coun-
try for the first time in fifty years"
An enthusiastic applause ran through
the ceremony, not only as the President
affixed his signature. but as he deliver
ed an extemporaneous speech character
izing the desire of the administration to
take common counsel with the business
men of the country and the latter's eff
forts to meet the governments advances
as 1.-The constitution of peace"
A Day of Rejoicing.
The event came at the close Of day of
rejoicing in the National Capital. for Con-
gress had recessed for three weeks for
the first time since it convened last
April. The Democratic leaders were jubi-
liant because they had completed two big
pieces of legislation-the tariff and the
currency reform in nine months-a per-
Torrance which they considered unpre-
cedented in the history of the country.
Il need not tell YOU" said the President
to the assembled group. as he took up his
pen, that l feel a very deep qualification
at being able to sign this bill and l feel
that l ought to express very heartily the
admiration have for the men who have
made 1t possible for me to do so.
There have been currents and counter
currents, but the stream has moved for
ward. l think that we owe special admi-
ration to the patience and the leadership
and the skill and the force Of the chair
men OF the two committees: and behind
them have stood the committees them
selves exercising a degree of scrutiny
and of careful thought in this matter
which undoubtedly has redounded to the
benefit of the bill itself Then there have
grown, as we have advanced with this
business and the great piece of business
which preceded 1t. evidences OF team work
that to my mind have been very notable
indeed. Only constructive action, only
fills men with the enthusiasm of co-opera-
ton, and | think that at this session of
Congress we have witnessed an accumu-
lating pleasure and enthusiasm on the
part of the membership Of both houses
in seeing substantial and lasting things
accomplished.
Grateful for Republican Votes.
1T is matter of real qualification
to me that in the case Of this bill there
should have been SO considerable a
number of republican votes cast for
it. All great measures under our sys-
| tenn of government are of necessity
party measures, for the party of the
majority is responsible for their origi-
nation and their passage; but this can
| rot be called a partisan measure. II
| has been relieved of all intimation of
| that sort by the cordial cooperation
IF men the other side of the two
| houses who have acted with US and
have given very substantial reasons
and very intelligent reasons for acting
| with us. SO that / think we can go
| home with the feeling that we are in
| better spirits for public service than
| We We're even when We convened in
| April
las for the bill itself. l feel that we
can say that it is the first of series
| of constructive measures by which the
| democratic party will show that il
| knows how to serve the country. In
calling II the first of q series of con-
structlve measures, j need not say
| hat / am not casting any reflections
on the great tariff bill which precede ed
| It, The tariff bill was meant to remove
| those lmpedIments to American indus
| try and prosperity which have so long
| STOOD In their way.
| 1t was Il great piece OF preparation
| Tor the achievements of American com
| Inerce and American industry which are
| certainly TO follow. Then there came
upon the heel OF it this bill, which
furnishes the machinery for free and
elastic and uncontrolled credits put at
the disposal of the merchants and manu-
| Iacturerers of this country for the first
| .iihe III n1ty years. | was refreshing
national bank act which came i'm two
| pieces, as you know, in February OF
1919, ana In June OF 1864: 1T is just
hfty years ago since that measure suit
able for that time was passed and i,
mas taken us more than a generation
and half to come to an understanding
as 10 Ine establishments which were
| NECESSARY for our own time R,It we
have reached those readjustments- /
myself. have always felt when the
democratic party was criticised as NOT
knowing now to serve the business in
terests or the country that there was no
use or replying in words. The only
| satisfactory reply was in action w.
have written the first chapter of that
reply.
End of Day of Conflict.
I'VE are greatly favored by the cir.
| cumstances OF our time. We come a,
| the end of a day OF Contest AT the
end of a day when we have been scru-
] tinizing the processes of our business
scrutinizing them with critical and Some
| times with hostile eye. We have SLOWLY
been coming to this time which has nov,
happily. arrived when there il com,
i mon recognition of the things that ~ Is
undesirable should be done in husnass
and the things that it is desirable sbo,,Id
be done. What we are proceeding r. do
now is to organize our peace. is to maLe
| our prosperity not only stable hl,t frae
to have an unimpeded momentum
| 1T Is SO obvious that il ought not mood
| to be stated that nothing can he God
for the country which is not good For
| all of the country. Nothing can ha for
the interest of the county which IL net
in the interest of everybody: fherefara
the day of accommodation and ~ CO..
/ cession and of common understa nd;ng is
| the day OF peace and achievement af
| necessity.
/ 1--WE have come to the beginning NJ thu :
day. Men are no longer resisting the con-
illusions which the nation has arrived a.
as to the necessity OF readjustmentS IF
n ylt,, -