Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1913-12-25
WILSON SAYS III WILL SHOW
PARTY CAN SERVE COUNTRY
Declares Machinery for Free and Elastic and
Uncontrolled Credits Is Provided Merchants
and Manufacturers for First Time in
SO Years-Congress Takes Recess.


Wilson signed the Glass owen cur
rency bill at 6:O1 o'clock tonight in
the presence of members of his cab
met, the congressional committees on
banking and currency ana democratic
leaders in Congress generally.
With a few strokes of the pen. the
President converted into law the
measure to be known as the federal
reserve act. reor~anizing the nations
banking and currency system and fur
nishing in the words of the President
"thc machinery for free and elastic
and uncontrolled credits, put at the
disposal of the merchants and manu-
facturers of this country for the first
time in so years"
Enthusiastic applause ran through
the ceremony not only as the Presi-
dent affixed his signature, but as he
delivered an eXtemporaneous speech
CharaCteri2ing the desire of the ad
ministration to take common counsel
with the business men of the country,
and the lattcrs efforts to meet the
governments advances as the consti-
tuition of peace"
The event came at the close of q
day of rejoicing in the national capi-
tai for Congress had recessed for two
weeks for the first time since It con
vencd last April Tho democratic
leaders were jubilant because they
had completed two big pieces of leg
islation, the tariff and the currency
reforms. I'm nine month, a perform
aucc which they considered unprecc-
dented in the history OF the country.
"I need not tell you,' said the Presl-
dent TO tho assembled group as he took
up his pen, chat feel a very deep
qualification at being able 10 sign this
bil, ana 1 fee that / ought TO express
very heartily the admiration I have for
thn men who have made fl possible for
mo TO sign this bill. There have been
currents and counter currents, but the
stream has moved forward.
EVIDENCE or TEAM WORK.
Il think tuat We owe special admiration
t. the patience and the leadership and
the skin and the force of the chairmen
of the two committees and behind them
| have stood the committees themselves,
exercising degree of scrutiny and of
careful thought i'm this matter which un-
doubtcdly has redoundcd to the benefit
. of the bill itself Then there has grown,
as we have advanced with this business,
and the great piece of business which
preceded II, evidences Of team work that
to my mind nave oeeh very ho'"oIe IN
deed.
"Onlv constructive action. only the ac-
tion which accomplIshes something, fills
men with the enthusiasm of cooperation
and think that at this session OF Con-
Fress We have Witnessed an accumulation
of pleasure ana enthusiasm on the part
of the membership of both Houses in
seeing substantial and lasting things ac-
complished.
"Tt is a matter of real qualification to
me that in the case of this bill there
shouId have been so considerable n num-
her Of republican votes cast for IT. All
1-roat measures under our system Of gov
ernmont arc of necessity party measures
for the narty of the majority is respon-
sible for their ordination and their pass
age. hut this cannot be called a parti-
san measure II has been relieved of all
,ntination Of that sort by the cordial CO.
oporatlon of men on 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 I think we can go
homo with the feeling that we are in bet
ter snirits for nublic service than we
were I'm oven when we convened In April
.- ...,,.,
'lI'oi VIZ OO-\9i = ~
AS for the bll Itself. / feel that we
can say that it is the first of series
of constructive measures by which tht
Democratic party will show that it knows