The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1913-12-26
SIGNS
CURRENCY MEASURE
Members of Cabinet ard Leaders
in Congress Witness Event.
A DAY OF GREAT REJOICING
Wilson Says Its Piece of Legislation
That Shows Democrats Know
How to Serve Country.

How to Serve Country.
Washington, Dec. 24.-President
Wilson signed the Glass-Owen cur
rency bill at 6:01 o'clock last night
in the presence of members of his
cabinet, the congressional commit
tees on banking and currency, and
Democratic leaders in Congress gen
orally.
With few strokes Of the pen, the
President converted into law the
measure to be known as the federal
reserve act, reorganizing the nations
banking and currency system, and
furnishing, in the words of the
president, the machinery for free
and elastic and uncontrolled credits,
put at the disposal of the merchants
and manufacturers of this country
for the first time in SO years"
ENTHUSIASTIC APPLAUSE.
Enthusiastic applause ran through
the ceremony not onry as the Presi-
dent affixed his signature but as he
delivered an extemporaneous speech
characterlZing the desire of the ad-
minlstration to take common counsel
with the business men Of the coun-
the governments advances as the
constitution Of peace"
The event came at the close of q
day OF rejoicing i'm the national cant
tai for Congress had recessed for
TWO weeks for the first time since il
convened last April. The Democratic
readers were iubilant because thev
mad completed two big pieces of leg
lSlauon-the tariff and the currency
retorm-in nine months of perform
ance which they considered unprece-
dented in the history Of the coun-
try. ~0u'i
need not tell you" said the
president to the assembled groun as
he took up his pen, that / feel =
very deep qualification at being abIe
10 sign this bill, and | feel that 7
ought TO express very heartily the ad-
mlratlon l have for the men who
nave made 1t possible for me to sign
thls Dill. There have been currents
ana counter-currents, but the stream
mas moved forward. | think we owe
operlal admiration to the patience
anu an the leadership and the skill and
the force of the chaYrmen of the two
committees and behind them have
STOOD the committee themselves or
ercising degree of scrutiny and of
caretui thought in this matter which
undoubtedly has redounded To tbe
benefit of the bill itself.
EVIDENCES OF TEAM WORK
Then there has grown, as we have
great "Gtu Ut with this business and -
ed II 80 Oh business which nraonI, tne
to nv, SNiuences of team VOL, 'teu- .'
indeed nu nave been very notohII .i
onIv a. only constructive antiu' ,;oIe
sometbino ,siOh eiS which accomnIisbns
siasm US mis- men with the ontts,
that at tbiS io-operation and I tbini,
have vitnosSlon rS session of Congress wa 20
III, Witnessed an accnn,,,I,. we
pressure and enthusiasm oo tuIatlng
vi the membership of botb Inc one part
seeing substantial and IaatiSe houses in
accomplished. '''''ihs things
III Is matter of real qualification
TO me that in the case of this hin
there should have been so consider
able number of Republican votes
cast FOR 1t. All great measures Under
our system OF government are of
necessity party measures for the mar
ty OF the majority is responsible for
Lhelr orlsination and their passage :
put TINS cannot be called a partisan
~ mas oeel renewed or all
lntimation OF that sort by the cordial
cooperation OF men on the other side
OF the two houses who have acted
with us and have given very substan-
tlal reasons and very intelligent rea-
sons for acting with us. SO that 7
thlnk we can go home with the feel
ing that We are in better spirits for
pubic service than we were when we
convened in April.
AS for the bin itself, 1 feel that
we can say it is the first of a series
or constructive measures by which
the Democratic party will show that
II knows how to serve the country" ."