The Madisonian. (Richmond, Ky.) 1913-1914, 1913-06-24


ness, big and little, lfe within the fie1d
of credit We know that, Shall we
not act upon the knowledge? Do We
not know how to act upon It! II a
man cannot make his assets available
at pleasure, his assets of capacity and
character and resource, what satisfac-
ton is it 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 private 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 Immediately need it more than
ever.
Must Act Now.
The only question is, When shall
we supply it-now, or later, after the
demands shall have become re-
proaches that we, were SO dull and so
slow? Shall we hasten to change the
tariff laws and then be laggards about
making it possible and easy for the
country to take advantage of the
change: There can be only one an
swer to that question. We must act
now, at whatever sacrifice to our
selves. 1t is a duty which the cir
cumstances forbid us to postpone. |
should be recreant to my deepest con-
victions of public obligation did ! not
press it upon you with solemn and
urgent insistence.
Elastic Currency Needed.
The principles upon which we
should act are Also clear. The cuun-
try has sought and seen its path in
this matter within the last few years
sees it more clearly now than it
ever saw it before-much more clear
ly than when the last legislative pro-
posals 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 trans
actions, the normal ebb and flow OF
personal and corporate dealings.
Government Must Control,
Our banking laws must mobilize re-
serves: must not permit the concen-
tration anywhere in few hands OF
the monetary resources of the oOunr
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
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 masers, of
business and of individual enterprise
and initiative.
Appeals to Congress to Act at Once.
The committees of the congress to
which legislation of this character is
referred have devoted careful and dis
passionate study to the means of ac-
complishfng 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
government and the responsible lead
er of the party in power; to urge &C.
ton now, while there is time to serve
the country deliberately and as we
should, in clear air of common coun-
sci. appeal to you with deep con-
viction of duty. | believe that you
share this conviction. J. therefore ap-
peal to you with confidence. l am
at your service without reserve to
play my part in any way you may call
upon me to play it in this great en-
terprise- of exigent reform which it
will dignity and distinguish us to per
form and discredit US to neglect.