The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1913-06-28
PRESIDENT READS BANKING AND
CURRENCY MESSAGE TO CONGRESS
Urges Immediate Action on Measure for Elastic Money System
as Companion Act to Administration Tariff Pan

prise? What will it profit us to be
quit of one kind of monopoly if We
are TO remain in the grip of another
and more effective kind? What shall
we say if we make fresh enterprise
necessary and also make it very diff
ficult by leaving all else except the
tariff just as We found it? The tyran-
MES of business, big and little, lie
within the field of credit. We know
that. Shall we not act upon the
knowledge? Do we not Nlnow how TO
act upon it? If a man can not make
his assets available at pleasure, his
assets of capacity and character and
resource, what satisfaction is it 10
him to see opportunity beckoning to
him on every hand, when others have
the keys of credit in their pockets and
treat them as all but their own pri-
vate possession? 1t is perfectly clear
that ii is our duty to supply the new
banking and currency system the
country needs, and that it will imme-
diately need it more than ever.
The only question is, when shall We
supply it-nOw, or later, after the de-
niands 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. Ii is
duty which the circumstances forbid
us to postpone. | should be recreant
to my deepest convictions of public
obligation did / not press it upon you
with solemn and urgent insistence.
The principles upon which we
] should act are also clear. The coun-
: try has sought and seen its path in
this matter within the last few years
sees it more clearly now than it
ever saw it before-much more clear
ly than when the last legislative pro-
posals on the subject were made. We
must have a currency, not rigid as
now, but readily, elastically respons-
i've to sound credit, the expanding and
contracting credits of everyday trans
| actions, the normal ebb and flow of
personal and corporate dealings. Our
banking laws must mobilize reserves;
must not permit the concentration
| anywhere in few hands of the none
tary resources of the country for their
use for speculative purposes in such
volume as to hinder or impede or
stand in the way of other more legiti-
mate, more fruitful uses. And the
control of the system of banking and
of issue which our new laws are to set
be vested in the government itself, SO
that the banks may be the instru-
ments, not the masters, of business
and of individual enterprise and initia-
tive.
The committee 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 action. l have
come to you, as the head of the gov
ernment and the responsible leader of
the party in power, to urge action
now, while there is time to serve the
country deliberately and as We should,
in a clear air of common counsel. l
appeal to you with deep conviction
of duty believe that you share this
conviction. therefore appeal to you
with confidence. l am at your serv-
ice without reserve 10 play my part
in any way you may call upon me to
play it in this great enterprise OF
exigent reform which 1t will dignity
and distinguish us to perform and
discredit us to neglect