Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1913-06-27
NEW CURRENCY LAW
,roem IN THE FINANCIAL sYs"
TEN OF THE COUNTRY
URGED BY WILSON,
DUTY CANNOT BE SHIRkEO
That Business Men May Get Proper
BENEFITS From Revision OF arm
Changes in the Banking Laws Az
Necessary-Principles Are C'e@''

cb.noes In the Banking Laws A'e
Are Clear.
uosb;,oton June 23.-The senate
apd bouse of representatives assem-
bled in Joint session today llsIene0 -.
President Wilson give his reasons io-
urging prompt reform in the culleno'
system. The following Is the HES
sage:
Mr. Speaker, Mr.. President, Gehtle
men of the Congress: 1t is unuer Cno
| commission of what seems to me d.
clear and imperative duty that nave
q second time this session sought the
privilege of addressing you III person
know, of course, that the hea1o~
season of the year is upon u.s. Ina'
work in these chambers ana III ING
committee rooms is likely TO Decome d
burden as the season lengthens, ano
that every consideration Of personal
comfort perhaps, in the cases OF soine
I of us. considerations or persoIaE
| health even, dictate an early concur
sion of the deliberations of the ses-
sion: but there are occasions of pubno
!
US privately seem very small; when
the work to be done is so pressing and
so fraught with big consequence tnat
we know that we are not at liberty 10
weigh against it any point OF PERSONAL
sacrifice. 1t is absolutely imperative
I that we should give the business men
| of this country banking and curren-
! cy system by means of which they
! can make use of the freedom OF enter
| prise and of individual initiative
which we are about to bestOW upoN
! them.
We are about to set them free; we
must not leave them without the tools
| Of action when they are free. We are
! about to set them free by removing
! the trammels of the protective tarlf.
Ever since the Civil war they have
waited for this emancipation and for
! the free opportunities it will bring
with it. 1t has been reserved for US
! to give it to them. Some fell in love,
| indeed, with the slothful security OF
| their dependence upon the govern
ment; some took advantage Of the
shelter of the nursery to set up
mimic mastery of their own within
| It's walls. Now both the tonic and
the discipline of liberty and maturity
are to ensue.
1t is not enough to strike the
shackles from business. The duty OF
craftsmanship is not negative merely
1t is constructive also. We must show
that we understand what business
needs and that we know how to sup
ply it. No man, however casual and
superficial his observation of the con-
ditions now prevailing in the country,
can fail to see that one of the chief
things business needs now, and Will
need increasingly as it gains in scope
and vigor in the years Immediately
ahead of us, is the proper means by
which readily to vitalize it's credit.
corporate and individual, and its orig
NATIVE brains. What will it profit us
to be free if we are not to have the
best and most accessible instrument
talities Of commerce and enterprise%
The principles upon which we should
act are also clear. The country has
sought and seen its path in this mat
ter within the last few years-See it
more clearly now than it ever saw it
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,
| elastically responsive to sound credit
the expanding and contracting credits
of everyday transactions, the norman
ebb and flow of personal and corporate
dealings. Our banking laws must mo-
Billie reserves; must not permit the
concentration anywhere in a few hands
Of the monetary resources of the coun.
try or their use for speculative pur-
poses 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 be public. not pri-
vate, must be vested in the govern
ment itself, so that the banks NAV he
the instruments, not the masters. of
business and OF individual enterprise
and initiative.
The committees OF the congress to-
which legislation of this character is g
referred have devoted careful and dis
passionate study to the means of ar
complishing these objects. They have
honored me by consulting me. They
are ready TO suggest action. | have
come TO you, as the head OF the gov:
eminent and the responsible leader or
the party in power. to urge action now
while there is time to serve the conn.
try deliberately and as we should in a
clear air OF common counsel. | appeaI
to you with deep conviction OF dutv
/ believe that you share this convio-
tim.