The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-12-27
President Wilson Signs Federal Re-
serve Act Amid Scenes of Rejoicing.
Declares Faith in PartyS Efforts.
Says his Measure is First of Series of Constructive
Designed to jnure to the Bedeft of the Whole Naton.-
Points Our Wherein All Must Interested in legislation

rency bill at 6.01 o'clock tonight be-
fore members of his cabinet, the con-
gressional committees on banking
and currency and Democratic leaders
In congress generally.
With few strokes OF the pen, the
president converted into law the meas
ure To be known as the federal re-
serve act, reorganzing the nations
banking and currency system and fur
nishing, In the words of the president,
the machinery for free and elastic
and uncontrolled credits. put at the
disposal OF the merchants and manu-
facturers of this country for the first
time In 90 years"
Furthermore he characterized IL as
the FIRST OF "a series of measures pro-
jected by the administration with
view to bringing business not only to
a condition of advancing prosperity,
but of free and untrammeled oppor-
tunity.
Enthusiastic applause ran through
the ceremony. net only as the presi-
dent affixed his signature but as he
delivered an extemporaneous speech
In which he characterized the desire
Jf the administration to take COM
mon counsel with business men OF the
country. and the latter's efforts to
meet the governments advances as
"fho copafftntfo, 80 nao<o,t
The event came at the close of a
day OF rejoicing in the national cap
ital. for congress had recessed for
the first time since IL convened last
April Democratic leaders were jubi-
ycon&n oSpuse~ SRexshsd .ca,ns6s "A <ss6
Dig pieces OF legislation-tarlr and
currency reform--in nine months,
performance they considered unpre-
oedented I'm the history of the coun-
try.
Il need not tell YOU" said the pres
ident To- the assembled group as he
took up his pen, that / feel a very
deep qualification at being able to
sign this bill and L feel that | ought
To express very heartily the admira-
tion 1 have for the men who have
made 1t possible for me TO sign this
bill. There have been currents and
counter-currents, but the stream has
moved forward. / think we owe spe-
cial leadership and the skill and the
force of the chairmen Of the two
committees; and behind them have
stood the committees themselves ex-
ercising a degree of scrutiny and of
careful thought in this matter which
undoubtedly has rcdounded to benefit
the bill itself.
Then there has grown ,as we have
advanced with this business and the
piece of business which preceded it,
evidences Of team work that To my
mind have been very notable indeed
Only constructive action. only the ac-
tiOn which accomplishes something,
fills men with the enthusiasm of co.
operation, and | think that at this
session OF congress we have wit
messed an accommodating pleasure and
enthusiasm on the part of the mem
bcrship OF both houses, i'm sceh.s sub
stan;ial and lasting things accom-
plished.
1T Is matter OF real qualification
to me that In the case of this bill
there should be some considerable
number of Republican votes cast for
it. All great measures under our sys-
ten Of government arc of necessity
party measures. for the party of the
majority Is responsible for their orig
inatlon and their passage but this
can not be called partisan measure.
IL has been relieved of all intimation
OF that sort by the cordial cOopera-
tlou OF men on the other side of the
twD houses who have acted with us
and givcu worry : ihstantial reason for
actng vith u.s. sD that think we can
60 home with the feeling that we are
IN acttcr rpirits Cor public service than
We were CFcu when wc convened i'm
April.
AS for the hill itself. fccl tha,
We can say that IL is the first Of "a
series of constructive measures by
which the Democratic party will show
that il knows how to serve the Coun-
try.
"in calling it the first 90 s"rics of
constructive measures, I need not sIy
that am not casting any reflection
on tho great t0rin bill which pre-
coded a.
"The tarff bin was meant 10 re-
move those impedimcnts to American