New Ulm review., 1913-06-25
l. llDat Urges Congress b
PISS New Law.
ii 8s ,,- >'3' -
ASKS FOR ACTION At ONCE
EGhlsf Executive Tells Congress the
Need Of Immediate Changes Ia
the Banking Laws.

Washington, June 2S.-Presiden
Wilson personally read the followin
message to both houses of congress
In joint session:
MI. Speaker, Mr.. President, Gen
ttlemen OF the Congress-It is unde
4he compulsi0n of what seems to M
- clear and imperative duty that
have second time this session
sought the privilege of addressing
syOu dn person. I know, of course
tth2t the heated season Of the yea,
In upon Ills, that work in these cham
hers and in the committee rooms is
ffkely to become burden as the sea.
ssCn >fengthens and that every consid.
ssration Of personal convenience and
ipersonal comfort perhaps, in the
tcases Of some of us, considerations
~ personal health even dictate an
tnFay conclusion of the deliberations
III the session. But there are occasions
- public duty when these things
sdA touch us privately seem very
snail, when the work to be done is
Nd pressing and SO frAukht with big
sbnsequence that we know that we
sare not at liberty to weigh against
q any point Of personal sacrifice.
Ne are now in the presence of such
IN occasion. 1t Is absolutely i'm
erative that We should give the bust.
less men Of this country banking
md currency system by means of
1hich they can make use of the free
saRm Of enterprise and of individual
fsnitiative which we are about to be-
.tow upon them.
fMust Leave Tools Of Action.
I'VE are about to set them free.
We must not leave them without the
kOOls of action when they are free.
We are about to set them free by re-
ampring the trammels of the pro-
tEcetive tariff. Ever since the Civil
sRar they have waited for this eman-
I.lpation and for the free opportuni-
taiss it will bring with it. 1t has been
Heseryed for us to give it to them
Now both the tonic and discipline
nj liberty and maturity are to ensue.
sEhere will be some readjustments of
laarpose and point of view. There will
Follow period of expansion and new
tSnterprise, freshly conceived. 1t is for
raxs 10 determine now whether it shall
'as rapid and facile and of easy ac-
taomp1ishment. This it cannot be un-
Tess the resourceful business men who
sare to deal with the new circum-
stances are to have at hand and ready
tGor use the instrumentalties and con-
'seniences of free enterprise which in
tagpendent men need when acting on
aI1eir own initiative.
IT is perfectly clear that it is our
Lluty to, supply the new banking and
lgrrency system the country needs
land that it will Immediately need it
t-zanre than ever.
Need of Currency Changes.
1--WE must act now, at whatever
Esacriace to ourselves. 1t is a duty
(which the circumstances forbid us to
t9ostpone. l should be recreant to my
deepest convictions of public obiga-
lions did / not press it upon you with
tsDisann" and urgent insistence.
The principles upon which we
sshould act are also clear We must
E2aye a currency, not rigid as now,
out readily. eastically responsive to
sound credit, the expanding and con-
E.racting credits of every day transac-
fxaons, the normal ebb and flow of
personal and corporate dealings Our
1or
s1dnss mot permit the concentration
anywhere in few hands of the
EEoneIary resources of the country
ssr their use for speculative purposes
Tn such volume as to hinder or i'm
Fzsede or stand in the way of other
more legitimate, more fruitful uses.
And the control of the system of
'Gzanking and of issue which our new
sSaWs are to set up must be public
iaot private; must be vested in the
itself, so that the banks
EEay be the instruments not the
sxNasIers, of business and of individu-
tal enterprise and initiative.
Committees Ready to Report.
"I'he committees of the congress
10 which legislation of this character
Is referred have devoted careful and |
ssflspassionate study to the means of |
these objects. They
faave hunored me by consulting me. |
They are ready to suggest action. | |
have come to you, as the head of the |
and the responsible |
aezder of the party in power, to urge |
aSslion now, while there is time to /
1erye the country deliberately and as |
NE should, in a clear air Of common
counsel.
Il appeal to you with a deep con-
sIction of duty. I believe that you
share this conviction. I therefore ap-
zeal to you with confidence. I am
a1 your service without reserve to
play my part in any way you may
szH upon me to play it in this great
/