The citizen. (Honesdale, Pa.) 1908-1914, 1913-12-30
CURRENCY BILL SIGNED

Washington. President Wilson |
signed the Glass-Owen currency bill |
at 6:01 o'clock Tuesday night in the
presence of members of his cabinet, |
the congressional committees on
banking and currency and Democra- |
tic leaders in congress generally.
With few strokes of the pen, the
president converted into law the
measure to be known as the federal
reserve act, reorganizing the nations
banking and currency system, and
furnishing, in the words of the pres
ident, the machinery for free and
elastic and uncontrolled credits, put
at the disposal of the merchants and
manufacturers of this country for the
first time in fifty years"
An enthusiastic applause ran
through the ceremony not only as the
president affixed his signature but as
he delivered an eXtemporaneous
speech characterizing the desire of
the administration to take common
counsel with the business men of the
country and the latter's efforts to
meet the governments advances as
the constitution of peace"
The event came at the close of
day of rejoicing in the national capi-
tai for congress had recessed for two
weeks for the first time since it con-
vened last April. The Democratic
! leaders were jubilant because they
had completed two big pieces of leg
islation-the tariff and currency re-
form, in nine months-a performance
which they considered unprecedented
in the history of the country.
nppd NOT foil xOl cold bo
president to the assembled group as
he took up his pen, that feel very
deep qualification at being able to
sign this bill and 1 feel that l ought
to express very heartily the admira-
ton l have for the men who have
have made it possible for me to sign
this bill. There have been currents
and counter-currents, but the stream
has moved forward. l think that we
owe special admiration to the patti
ence and the leadership and skill and
| the force of the chairman 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 redounded to the
benefit of the bill itself
Evidences of Team Work.
Then there has grown, as we have
advanced with this business and the
great piece of business which preced-
ed it, evidences, of team work that to
my mind have been very notable in
deed. Only constructive action, only
the action which accomplishes some
thing, fills men with the enthusiasm
of cooperation and l think that at
this session of congress we have wit
messed an accumulating pleasure and
enthusiasm on the part of the mem
bership in both houses in seeing sub
stantial and lasting things accom-
pEshed. i,-.
1t is a matter of real qualification
to me that in the case of this bill
there should have been so consider
able number of Republican votes
cast for it. All great measures un-
der our system of government are of
necessity party measures, for the par
ty of the majority is responsible for
their origination and their passage;
but this cannot be called a partisan
measure.
AS for the bill itself, 1 feel that
we can say that it is the first of a
series of constructive measures by
which the Democratic party will show
that it knows how to serve the coun-
= try. In calling it the first of series
of conservation measures, l need not
! say that l am not casting any reflec-
tions on the great tariff bill which
preceded it. The tariff bill was
meant to remove those impediments
to American industry and prosperity
: which had so long stood in their way.
1t was a. great piece of preparation
for the achievements of American
commerce and American industry
which are certain to follow. Then
there came upon the heel of it this
bill which furnished the machinery
for free and elastic and uncontrolled
credits, put at the disposal of the
merchants and manufacturers of this
country for the first time in fifty
years l 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
June of 1864"
Four Gold Pens Used.
Four gold pens were used by the
, president in writing the bill into law
He. wrote the words "23, December
1913, approved" with one and used
three pens in writing Woodrow Will
son" splitting the first name into two
syllables. The last three pens he pre-
sented to Senator Owen, Representa-
tive Glass and Secretary McAdoo, CO.
authors of the measure. The presi.
dent answered the curiosity of the
crowd as to the disposition of the
fourth with the laughing remark
This is the 40 per cent. gold re-
serve"
QUIET WEDDING.