The Forrest City times., 1913-06-27

prise? What will it profit us to be quit of one kind of monopoly if we are to remain in the grip of another We say if we make fresh enterprise necessary and also make it very diff ficult by leaving all else except the tariff just as We found it? The tyran- nies 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? If man can not make his assets available at pleasure, his assets of capacity and character and resource, what satisfaction 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 but their own pri- vate possession? It is perfectly clear that 1t is our duty to supply the new banking and currency system the country needs, and that it will imme- diately need it more than ever.
 The only question is, when shall we supply it-now, 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 laggards about mak- 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, at what ever sacrifice to ourselves. It is duty which the circumstances forbid us to postpone. I should be recreant to my deepest convictions of public obligation did I not press it upon you with solemn and urgent insistence. The principles upon which we should act are also clear. The coun- try has sought and seen it's path in this matter within the last few years sees 1t 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 respons- i've to sound credit, the expanding and l contracting credits of everyday trans actions, the normal ebb and flow of personal and corporate dealings. Our | banking laws must mobilize reserves. must not permit the concentration anywhere in few hands of the none tary resources of the country for their use for speculative purposes in such volume as to hinder or impede or stand in the way of other more legiti- mate, 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 government itself, so that the banks may be the instru- ments, not the masters, of business and of individual enterprise and initia, tive.
 The committee of the congress to which legislation of this character is referred have devoted careful and dis passionate study to the means of ac- complaining these objects They have honored me by consulting me They are ready to suggest action. have come to you, as the head of the gov ernment and the responsible leader of the party in power, to urge action now, while there is time to serve 1he country deliberately and as we should. in clear air of common counsel appeal to you with a deep conviction of duty. l believe that you share this conviction. l therefore appeal to you with confidence. am at your serv- ice without reserve 10 play my part in any way you may call upon me to play it in this great enterprise of exigent reform which it will dignify and distinguish us to perform and i discredit us to neglect