The sun., 1913-12-23
The Administered ions Christmas =
Gin to the Country.


In extending to President WILSON,
the Democratic party and the whole
country our CONGRATULATIONS on the ac-
compliShment Of currency legislation
TuE sun is animated by the same
characterize the general American AT
titude toward the new financial system
conducive TO prosperity which is soon
to he established.
We shall not pretend entire s,tis-
faction with the work of Congress nor
will intelligent judgment anywhere
stultify itself by pro Tossing that the
best possible use has been made of op-
pOrtunity. 4 good deal that has been
contemplated by the movement for
banking and currency reform is mocked
in the provision made by Congress for
financial facilities adapted To- Amcri-
can resources. their neNl> and posi-
bilities. Our readers are familiar with
the details Of the currency bin which
we found Objectionable mt various
stages of its progress toward enact
ment. and there is no Occa asion for
retracting any Just criticism with
which enactment fails to square
Nevertheless at the introduction of
the currency bill last June THE SuN
diAeru"d its beneficial promise and
has sought only 10 assist in achieving
the largest mea sure of satisfactory re-
suits for American enterprise. With
a new banking and currency law on the
statute books it will become the com
mon duty to cooperate Loyalty Ia make
the new system success. We shall
do our part cheerfully. not only be-
cause the time for destructive criticism
is past and the time for constructive
effort has arrived. but because in many
essential Imrticulars currency legisla-
tion went through last hour changes in
The direction of that amendatory im-
proyement for which THE Sun had
earnestly contended. OF more conse-
quence than ANYTHING else. perhaps. is
th" fact that although the proposed
Federal reserve notes betray their
origin in tiatistic conceptions, they have
been brought into conformity with the
gold standard policy which the Amer
lean people have always reassertei
Whenever II has been aSsailed
Examination of the details Of the
new law in comparison with tho cur
rency bill in its evolutionary forms can
he postponed. Suffice it to say now
that in our opinion the Democratic
party, rcaping where tho Republican
party had sown, has furnished the
country with a measure of banking
and currency reform that is much
more than the half loaf which Is better
than no bread. As the future discloses
its imperfcctionS they can he corrected
but certain sound principles are recog-
nized in the statute which Congress has
framed.
In characteristic American fashion
the experience "f all countries has
been drawn upon aud expressed in a
novel device which is like other modern
banking and currency systems, but diff
ferent. The regional organization SETS
up several central banks united through
Government board OF control so that
reserves may bc more effectively mobil.
lied az In other lands, while with the
help of these banks and the provision of
Il currency in contact with the seasonal
or abnormal variations OF business
credits may he rendered liquid as they
never have been in the past.
There remains only to be considered
the all important matter of super.
visory management and control which
is vested in the Federal Reserve Board
Congress has devolved n tremendous
responsibility upon the seven men
who constitute this board. and while
Nc practical workings of the system
VI be largely in the hands of the
-~Awers of che country. the fate Of the
now departure win be determined b,
tn" governing body, All that Is re-.
Iuire,l now to insure that hearty coon
'ration of the entire banking comm,,.
n'ty which will make the new system Il
sn"cess 10 confidence comma nding sp