The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-24


Cent Wilson signed the Glass-Owen
currency bill at 6:o1 o'clock tonight.
IL the presence of members of his Cab
inet. the congressional Committees on
Banking and Currency and Democratic
leaders IN Congress generally.
With fcw strokes of the pen, the
President converted Into law the meas
urc to be known as the Federal reserve
act. reorganiIing the nations banking
and currency system. and furnishing,
in the words OF the President. "the
machinery for free and elastic and
uncontrolled credits. put at the dis
pos.G Of the merchants and manufac-
turcrs OF this country for the first
time In iifty years
Enthusiastic applause IAN through
the ceremony. not only as the Presi-
tcut affixed his signature. but as he
delivered an cSteniooraneous speech
GharacteriHinG the coSiro OF the admin
iStrntion to take common counsel with
the business men of the country and
the lattcrs efforts to meet the govern
mcnt's advances as "the constitution OF
peace"
Closes Day of RejoicInE.
The event came at the close OF 4 day
of rejoicing in the national capital, for
Congress had recessed for two weeks
for the first time since it convened last
April The Democratic leaders were
jubilant because they had completed
two big pieces of lcgislation-the tar
if and the currency reform-tn nine
months. n performance which they con-
sidered unprecedented in the history
Of the country.
II need not toll you, said the Presi-
dent to the assembled group, as he
took up his pen. that l feel II very
deep qualification at being able to sign
this bill, and l feel that ! ought to
,Nn 40 10 adj T. "a nj
have for the men who have made
1t possible for me to sign it. There
have been currents and counter-cur-
rents. but the stream has moved for
ward. | think we owe special admira-
tion to the patience and leadership
and the 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 in this
matter, which undoubtedly has re-
bounded to the beneiit OF the bill itself
Then there has grown. as we have
advanced with this business, and the
great piece of business which preceded
II. evidences OF team work that to my
mind have been very notable indeed
Only constructive action, only the ac-
tion which accomplishes something,
nils men with the enthusiasm OF CO.
operation. and I think that at this
an accommodating pleasure and enthu-
siasm on the part OF the membership
OF both houses in seeing substantial
and lasting things accomplished.
Hejoices In Republican Support.
1T is q matter OF real qualification
to me that in the case OF this bin
there should have been SO considerable
a 'mmber OF Republican votes cast for
u. All great measures under our sys-
tenn or government are OF necessity
party measures, for the party OF the
majority is responsible for their origi-
nation and their passage; but this can
not he called a partisan measure! 1t
mas been relieved OF all intimation OF
thht sort by the cordial co-operation
of men on the other side of tho two
houses who have acted with us and
nave given very substantial reasons
ana very intelligent reasons for act
ing with us. So that / think we can
SO homo with the feeling that we arn
IN better spirits for public service
thSh we were even when we convened
AS for the bill Itself feel that
we can say that it is the first of IL
series or constructive measures by
which the Democratic party Will show
that 1t knows how to serve the coun-
try.
In calling 1t the first OF a series OF
constructive measures i need not say
that I am not casting any reflections
on the great tariff bill which pre-
ceded it, The tariff bill was meant to
remove those impediments to American
Industry and prosperity which bad SO
long stood In their way. 1t was
great piece of preparation for tho
OF American commerce
and American industry which are cor
tain to follow. Then there came upon
the heels of it this bill. which FUR
nished the machinery for free and
elastic and uncontrolled credits, put at
the disposal OF the merchants and man
utacturcrs OF this country for tho frat
time in hfty years.
FIFTY Years for REIMBURSEMENT.
II was refreshing my memory on
the passage OF the national bank act,
which came in two pieces. as you know,
in February OF 1863 and In Juno OF
1864 1t III Just nifty years a1o sinoe