Norwich bulletin., 1913-06-24
IMMEDIATE REVISION OF CURRENCY
President Wilson Urges Expeditions Action in His Message to Congress-Centrel of System of Banking and Issue Must be Made Public, Net Prvate-Banks Should be h. strunaents, Not Masters of Business


 munity unless we show that we knew how both to aid and to pFotect it7
 What shall we say if We make fresh enterprises Necessary and alsp make it very difReHlt by. leaving all else exrept the tariff just as we feH2as it2- The tyrannies of BuAsnsss, big and little, lie within the field of credit We know that Shall we not act upon the knowledge? Do we net know how to act upon it? If man cannot make Aas assets available at pleasure, his as- sets of capacity and character and re- source, what satisfaction is 1t to him to see opportunity beckening te htm on every hand wien 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 it is eur duty to supply the new banking and currency system the ceun- try needs and that it will immediately need ii -
 Currency EIasticaIIy Responsive to
 Sound Credit.
 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 tarin laws and then be laggards about mak- ing it possible and easy for the c0un- try to take advantage of the changei There can be only one answer 10 that question. We must act now, at what ever sacrifice to ourselves. It is a duty which the circumstances forbid us to postpone I should be recreant to my deepest convictions of public ob- legations did I not press it upon you with solemn and urgent fnsistence.
 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 it ever saw it before-much more clearly than when the last legislative proposals on the subject were made. We must have currency, not rigid, as now, but read fly, esast1caliy responsive to sound credit the expanding and contracting credits Of everyday transactions, the normal ebb and low o6 personal and corporate dealings. Our banking laws must mobilize reserves, must not per init She concentration anywhere in fev hands of the monetary resources of the country or their use for epecula- tive purposes in such volume as to hinder or impede or stand in the way of other more legitimate, more fruit ful uses. And the control of the sys- tenn of banking and of issue which our new laws are to set up must be public, not private; must be vested In the gov ernment itself, so that the banks may be the instruments, net the masters, of business and of individual enterprise and initiative.
 Serve the Country Deliberately.
 The ceni,@i1.ees o1 tha congress to which legssSation of this character is referred have devoted careful and dis passionate study to the means of ac- conplishing these objects They have honored me by consulting me. They are ready to suggest action. I have come to you, as the head of the gov ernment and the responsible leader of the party Tn power, to urge action now, while there is time to serve the coun- try deliberately and as we should, in clear air of com mon counsel
 l appeal to you with a deep convic- tien of duty. 1 believe that you share this conviction. I therefore appeal to you with confidence I am at your service without reserve to 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 te perform and dis credit us to neglect