The Birmingham age-herald., 1913-06-24

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called for this week, it is probable that
1T will not take any definite action on
the currency bill. The caucus was called
to consider the question of a reform
of the appropriation system by the
initiation of some sort of a budget
plan and while the currency question
may be discussed, action Is likely to be
deferred until a special caucus is called
later.
The President made it clear in informal
talks with callers today that he regarded
the Owen-Glass bill as primarily an in
strument through which an emergency
currency OF ys500G 100000 would be obtained.
The provision to retire the per cent
bonds which now secure SIP 100000 of cur
rency had been omitted from the bill,
according to information at the White
House, chiefly because no plan had been
perfected to substitute this amount OF
currency. which the volume or business
indicated ought not to be withdrawn. 1t
was pointed out that an elaborated ma
chinery would be required to refund the
2 per cent bonds at the same time that
the $500, 0,000000 issue of federal reserve
notes was being supervised by the federal
reserve board. The President indicated
that he felt this was a great problem
in itself and he has taken the view that
Fbonds should be treated independently.
President wilson spoke as follows:
Mr.. Speaker, Mr. President, Gentlemen
of the Congress:-It is under the compul-
sion of what seems to me clear and im-
perative duty that l have second time
this session sought the privilege of ad-
dressing you in person. l know, of course,
that the heated season of the year is
upon us, that work in these chambers and
in the committee rooms is likely to be-
come burden as the season lengthens,
ana that every consideration of personal
convenience and personal comfort, per-
hdpS, in the cases of some of us, conSid-
erations of personal health even, dictate
an early conclusion of the deliberations
of the session; but there are occasions
of public duty when these things whict
touch us privately seem very small; when
the work to be done is so pressing and so
fraught with big consequence that we
know that We are not at liberty to weigh
against it any point of personal sacrifice.
We are now in the presence of such an
occasion. 1t is absolutely imperative that
we should give the business men of this
country a banking and currency system
by means of which they can make use
of the freedom of enterprise and of indi-
vidual initiative which we are about to
bestow upon them.
To Set Them Free
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 tariff Ever since the civil
war they have waited for this emancipa-
| ton and for the free opportunities it will
bring with it, 1t has been reserved for
as to give it to them. Some fell in love,
| indeed, with the slothful security Of their
dependence upon the government; some
| took advantage of the shelter of the
nursery to set up a mimic mastery of
| their own within its walls. Now both the
| tonic and the discipline of liberty ana
maturity are to ensue. There will be
| some readjustments of purpose and poinr
Of view. There Will follow a period of
| expansion and new enterprise freshly
conceived. 1t is for us to determine now
whether it shall be rapid and facile and
of easy accomplishment. This it can
| not be unless the resourccful business
men who are to deal with the new cir
cumstances are TO have at hand and
ready for use the instrum$ntalities and
conveniences of free enterprise which in
dependent men need when acting on their
| own initiative.
| 1t is not enough to strike the shackles
| from business. The duty of statesman
| ship is not negative merely. 1T is con-
structive also. We must show that We
understand what business needs and thsR
we know how to supply 1t. No man. how
ever casual ard superficial his observa-
| ton of the conditions now prevailing In
| the country, can fail to see that one Of
the chief things business needs now, and
will need increasingly as 1t gains in SCOPE
and vigor in the years Immediately ahead
Of us, is the proper means by which
readily to vitalize its credit. corporate
and Individual, and its originative brains
r,rOfit II q n 10 ~ WI a
not to have the best and most accessible
| ins instrumentalities of commerce ana enter
prise? What will it profit us to be quit
| OF one kind of monopoly If We are .,
| remain in the grip O. another and more
| effective kind?
| How are to gain and keep the conf
| dence of the business community unless
, and to protect it? What shall we say
| If we made fresh enterprise necessary
and also make it very difficult by leev-
| 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 upon
the knowledge Do we not know how
to act upon it II man cannot make
| his assets available at pleasure, his as
| sets of capacity and character and re-
source what satifaction is it to him to
see opportunity beckoning to him on every
hand, when others have the keys of credit
| in their pockets and treat them as all
| hut their own private possession? II is
nerfectly clear that 1t is our duty to sup
nlv the new banking and currency sys-
| tenn the country reeds. and that it will
Immediately need it more than ever.
Only One Answer
! The only question is, When shall We
supply it-now, or later, after the de-
| mands shall have become reproaches that
we we're SO dull and so SLOW? Shall we
hasten to change the tariff laws and then
be Iaggards about making it possible and
BIRMINGHAM COUNCIL OF KA-