The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1913-06-27
PRESIDENT READS BANKING Ann
CURRENCY MESSAGE TO CONGRESS-
Urges Immediate Action on Measure for Elastic Money Sv..
as a Companion Act to Administration Tariff Plan

prise? What will it profit 10
quit of n kind of monono,,. 70 os
are to remain in the grip Of w
and more effective kind? VIVA, .aNs
we say II we make fresh en,o saaa
necessary and also make II v.p'iss
icult by leaving all else excen W.
tariff Just as We found it? The wv, as
MES Of business, big and lit,. 'rss
within the field OF credit. W. "
that. Shall we not act unon Aaev
knowledge? Do we not know hau ~
act upon 1t? II a man can no, INV =
his assets available at pleasure "sas
assets OF capacity and characta, aa
resource. what satisfaction il aug
him to see opportunity beckonins
him on every hand, when othor. y
the keys Of credit in their nocka,.
treat them as all but their own u
vate possession? 1t is perfectly oh pr
that it is our duty to supply tbo ns1
banking and currency system
country needs, and that 1t will ima"
diately need it more than ever
The only question is, when sbou
supply it-now, or later, after tho ~
mands shall have become renro.,t"
that we were 80 dull and so .low,
Shall we hasten to change the t.s.
Laws and then be laggards about m.s
ing 1t possible, and easy for tho oor.
try to take advantage of the cbaraa.
There can be only one answer tn tb,.
question. We must act now. at wh.,
ever sacrifice to ourselves. 7, it,.
duty which the circumstances fo,h,,
us to postpone. / should be recro.r.
to my deepest convictions of nuhg.
obligation did l not press it upon vo1
with solemn and urgent inslstence
The principles upon which VI.
should act are also clear. The conn.
try has sought ana seen its natb i,
this matter within the last few year
secs it more clearly now than y
ever saw it before-much more clsa,.
ly than when the last legislative nro
posals on the subject were made w.
must have a currency, not rigid a.
now, but readily, elasticallv rpsnons.
i've to sound credit, the expanding and
contracting credits OF EVERYDAY trans.
actions, the normal ebb and flow NJ
personal and corporate dealings. On,
banking laws must mobilize reserves.
must not permit the concentratim
anywhere in a few hands of the none.
tary 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 legitL
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, mus,
be vested in the government itself. 50
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 &C.
complishing 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.
eminent and the responsible leader Of
the party in power, to urge action
now, while there is time to serve the
country deliberately and as We should,
in a clear air of common counsel. |
appeal to you with a deep conviction
of duty. believe that you share this
conviction. therefore appeal TO you
with confidence. | am at your serv-
ice without ser 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 dignity
and distinguish us to perform and
diScrpdit lis tn n~ep1ac