Arizona republican., 1913-12-24
In Presence of Cabinet and Currency and Banking Committees AffiXes His Signature to Document Reorganizing Banking
FOUR PENS ARE
 NEEDED FOR JOB
Incidentally Executive De flyers EXtempora eou $ Speech Charactcrizing Bill as Greatest Democratic Legislation in Years
TAssocIATEn PRESS DISPATCH


 WASHINGTON. Dee. 23.-President Wilson signed the GIass-Owen eur icncy bill at 6:01 o'clock tonight in the presence of members of his cab met. the congIe essionaI committees on currency and bankina. and the demo cratic leaders in congress generally With a few strokes of the pen the president converted into a law the measure known as the federal Te- serve act. re-organizing the national banking and currency system. and furnishing. in the words of the pro sident. the machinery for free. eIas- tie and uncontrolled credits put at the disposal of the merchants and manufacturers of this country for the first time in fifty years.
 Enthusiastic applause ran through the ceremony. not only as the presi- Gent affixed his signature. but as he Gelivere1 m eXtemporaneous speech, Characterizing the desire of the ad- rniniStration to take common council with the business men of the country. and the latter's efforts to meet the governments advances as "const- tuition of peace"
 The event came at the close of day of rejoicing in the national cap ual for congress has recessed for two weeks for the first time since it convened in April The democratic leaders were jubilant because they had completed two big pieces of ! legisIation-tarff and currency re i form in nine month~-a performance which they consider unprecedented in i the history of the country.
 T need not tell you" said the president to the assembled group az he took up his pen, that l feel deep ] qualification at being able to sign this bill. l feel l ought to express very heartily the admiration ] have i for the men who made it possible fol me to sign this bill There have been currents and counter currents. bur i the stream has moved forward IL is q matter Of real qualification to me ] that in the ease of this bill there i should have been SO considerable T number of republican votes cast for lit. All great measures under our system of government are of neccs- ] sity party measures for tho party of the majority is responsible for l their origination and passage. but ! this cannot be called a partisan measure. It has been relieved of all i intimaton of that sort by the cordIl ] co operator Of the men on the other i side in the two houses, who have ! acted with us and have given very substantial reasons and very intoli- gent reasons for acting with us As for the bill itself, I feel wr 1 can say. it is the first of series of constructive measures by which | the democratic party shows it knows ! low to serve the country. I always 1 felt that the democratic party was criticised as not knowing how to
 
 country. and that there was no use ir replying in words, as the only satisfactory reply was in action. We have written the first chapter in that reply.
 T have been surprised at the ac- ceptance of this measure by public opinion everywhere. l say surprised because it seems as if it suddenly has become obvious to men who had
 looked at it with too critical an eye that it is really to their interest They have opened their eyes to see the thing which they had supposed hostile to be friendly and service abIe-eXactly what we have intended
 it to be. and what We shall intend
 all our legislation to be. and the mer
 who have fought for this measure
 have fought nobody They have 1
 tions which are going to secure us il prosperity and in peace.
 Nobody can be friend of any
 one class in America in the sense o
 being the enemy of any other class You can only be the friend of on, ! 1 class by showing it in lines by WhfcI } it can accommodate itself to othe
 classes Lines of help are alway 1 lines of accommodation
 Tt is in this spirit therefore. tha we rejoice together tonight. and cannot say with what deep emotion. Of gratitude I feel that I have ha, a part in completing the work whicl . will be of lasting benefit to the busi ness of the country"
 7 The scene at the signing of tn , measure was not unlike that whicl attended the completion of the tariT
 law. The conference report on tn l bill which had passed the house las night by an overwhelming vote wa
 likewise adopted by the senate thi ! afternoon by a vote of 43 to 25. tn republicans voting again with tn l democrats The cngrossed bill. wit
 Continued on Page TWo)