The Sentinel=record., 1913-12-24
CURRENCY BILL IS
 SIGNED BY WILSON
PRESIDENT SAYS ELASTIC CUR RENCY AND CREDIT IS FLAG
 EDAT DISPOSAL OF PEOPLE.
Is First of a Series of Constructive Measures Proposed to Be Enacted by the Democrats.

Washington, Dec. 23.-With a few
 strokes of the pen the president con- verted into law the measure to be
 known as the federal reserve act, re organizing the nations banking and
 currency system, and furnishing, in
 the words of the president, "the ma l chinery for free and elastic and un-
 controlled credits. put at the disposal of the merchants and manufacturers
 of this country for the first time in fifty years.'
 Enthusiastic applause ran through the ceremony, not only as the presi- dent affixed his signature, but as he delivered an extemporaneous speech, characterizing the desire of the ad- ministration to take common counsel with the business men of the coun- try and the latter's efforts to meet the governments advances as "the constitution of peace"
 The event came at the close of day of rejoicing in the national capi- tai, for Congress had recessed for two weeks, for the first time since it con- vened last April
 The Democratic leaders were jubi- lant because they had completed two big pieces of legislation-the tariff and the currency reform-in nine months, a performance which they | considered unprecedented in the his tory of the country.
 q need not tell you said the pres ident to the assembled group as he | took up his pen, 'that I feel a very deep qualification at being able to sign this bill and 1 feel that l ought 1 to express very heartily the admira- tion 1 have for the men who have made it possible for me to sign this bill There have been currents and counter currents, but the stream has moved forward.
 q think we owe special admiration to the patience and the leadership and skill and the force of the chair men of the two committees; and be- hind them have stood the committees themselves, exercising a degree of scrutiny and of careful thought n this matter, which undoubtedly has redounded 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 preced- | ed it, evidences of team work that to | my mind have been very notable tn- | deed. Only constructive action, only the action which accomplishes some thing fills men with the enthusiasm of cooperation, and l think that at this session of Congress we have witness ed an accommodating pleasure and en- thusiasm ou the part of the member ship of both houses in seeing substan- tial and lasting things accomplished.
 Ut is a matter of real qualification to me that in the case of this bin there should have been so consider able a number of Republican votes cast for it. All great measures under our system of government of neces- sity are party measures, for the party of the majority is responsible for their origination and their passage: but this cannot be called a partisan meas ure It has been relieved of all inti' nation of that sort by the cordial "o- operation 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 1 think we can go home with the feeling that we are in better spirits for public service than we were even when we convened in April.
 "As for the bill itself. feel that we can say that it is the first of series
 of constructive measures by which the Democratic party will show that 1t knows how to serve the country"