Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1913-06-27
WILSON INSISTS ON CURRENCY REFORM

show that we know how both to aid
and protect it? WHAT shall we say If
we make fresh enterprise necessary
and also make it very difficult by leav-
ing all else except the tariff just as
we found it?
The tyrannies Of business, big and
little, lie within the field of credit. We
know that. Shall we not act upon the
knowledge? Do we not know how to
act upon it? If man cannot make his
assets available at pleasure, his assets
of capacity and character and resource,
what satisfaction is to to him to see
opportunity reckoning to him on ev-
cry hand, when others have the keys
of credit in their pockets and treat
them as all but their own private pos
our duty to supply the new banking
and currency system the country needs
and that it will Immediately need moro
than ever.
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 tariff
laws and then be laggards about max
ing it possible and easy for the coun-
try to take advantage Of the change?
There can be only one answer to that
question. We must act now, at what
ever sacrifice to ourselves. 1t is a
duty to which the circumstances for
bid us to postpone. | should be rec
reant to my deepest convictions OF
public obligation did l not press 1t
upon you with solemn and urgent in
sistence.
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
more clearly now than it ever saw 1t
before-much more CLEARLY than when
the last legislative proposals on the
subject were made. We must have
currency, not as rigid as now, but
readily, elastically responsive to sound
credit, the expanding and contracting
credits of every day transactions, the
normal ebb and flow of personal and
corporate dealings.
Our banking laws must mobilize re-
serves: must not permit the concentra-
ton anywhere in few hands of the
monetary resources OF the country or
their use for speculative purposes in
such volume as to hinder or impede or
stand in the way of other more leglu-
mate or 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, must
l., 81 In, La ont fec en-
that the banks may be the instru-
ments, not the masters of business and
of individual enterprise and initiative.
The committees of the Congress, to
which legislation of this character is
referred have devoted careful and dis
passionate study to the means of ac
complishing these objects. They have
honored me by consulting me. They
are ready to suggest acuon. | have
come, too, as the head of the govern
ment and the responsible leader of the
party III power, to urge action now,
while there is tim eto serve the coun-
while there is time TO serve the coun-
clear air of common counsel. | appeal
to you with a deep conviction OF duty.
believe that YOU share this conVic
ton. I therefore appeal TO YOU with
confidence.
am at your service without re
serve to play my part in any way you
many call upon me to play it in this
great enterprise OF eYjgent reform,
which it will dignity and distinguish
Us 10 perform and discredit Us to neg
lect.