The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-06-23
C0mpulsi0n Of Duty Causes
President to Read Message

and enterprise? What will il profit us
to be quit of one kind OF monopoly if
we are TO remain in the grip OF anoth-
we 10 gain and keep the confidence OF
the business community unless we
show that we know how both to aid
and protect it? What shall we say if
we make fresh enterprise necessary
and also make il very difficult by leav-
ing all else except the tariff just as We
found it? The tyrannies of business,
big and little, lie within the field of
credit We know that. Shall we not act
how TO act upon IL? If man can not
make his assets available at pleasure,
his assets of capacity and character
and resource, what satisfaction is il TO
him TO see opportunity reckoning to
him on every hand, when others have
the keys of credit in their pockets and
treat them as all but their own pri-
vate possession? 1t is perfectly clear
that it is our duty to supply the new
banking and currency system the
country needs, and that it will imme-
Is Only One Question.
The only question is, When shall we
supply it-nov or later, after the de-
mands shall have become reproaches
that we were so dull and so slow?
Shall we hasten to change the tariff
laws and then be laggard about max
ing it possible and easy for the coun-
try to take advantage of the change?
There can be only one answer to that
question. We must act now, al what
ever sacrifice to ourselves. 1t is duty
which the circumstances forbid us TO
postpone. l should be recreant to my
deepest convictions of public obliga-
ton did l not press it upon you with
solemn and urgent insistence.
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-sees 1t
more clearly now than 1t ever saw ic
before-much more clearly than when
the last legislative proposals on the
subject were made. We must have
currency. not rigid as now, but readily.
elastically responsive to sound credit,
the expanding and contracting credits
of everyday transactions, the normal
ebb and flow of personal and corpor-
ate dealings. Our banking laws must
mobilize reserves; must not permit
the concentration anywhere in a few
hands of the monetary resources of
the country or their use for specula-
tive purposes 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
banking and of issue which our new
laws are to set up must be public. not
private, must be vested in the Govern
ment itself, so that the banks may be
the instruments, not the masters, of
business and of individual enterprise
and initiative.
Ready To Suggest Action.
The committees of the Congress to
which legislation of this character is
referred have devoted careful and dis
passionate study to the means Of &C
complishing these objects. They have
'honored me by consulting me. They
are ready to suggest action. l have
come to you, as the head of the Gov
eminent and the responsible leader of
the party in power, to urge action now,
while there is time to serve the coun-
try deliberately and as we should, in a
clear air of common counsel. appeal
to you with deep conviction of duty.
l believe that you share this convic-
ton. l therefore appeal to you with
confidence. l am at your service with
out reserve to play my part in any
way you may call upon me to play it
in this great enterprise Of exigent re-
form which it will dignity and distin-
guish us to preform and discredit us to
neglect.