Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-24
REFORM BANKING
WILSON URGES
IN PERSON
President Reads Currency Reform
Message to COngress-Wants
Federal Control.
Continued From Page I.

done is so pressing and so fraught
with big consequence that we
know that we are not at liberty
70 weigh against It any point Of
personal sacrifice.
We are now in the presence Of
such an occasion. II is absolute
" imperative that we should give
the business men Of this country
a banking and currency system by
means OF which they can make
use Of the freedom Of enterprise
and OF individual initiative which
We are about to bestow upon
them.
Must Provide the Tools.
We are about to set them free:
we must not leave them without
the tools Of action when they are
free. We are about TO set them
free by removing the trammes
OF the protective tariff. Ever
since the Civil War they have
waited for this emancipation and
I
bring with II. II has been re-
served for US to give II to them.
Some fell in love. indeed, with the
slothful security Of their depend
ence upon the Government; some
took advantage Of the shelter OF
the nursery to set up a mimic
mastery Of their own within its
walls. Now both the tonic and
the discipline Of liberty and ma
turity are to ensue.
There will be some readjust-
ments Of purpose and point OF
view. There viii follow a period
OF expansion and new enterprise,
freshly conceived II Is for us TO
determine now whether II shall
be rapid and facile and OF easy
accomplishment. This It cannot
be unless the resourceful bust
ness men who are to deal with the
new circumstances are to have at
hand and ready for use the in
strumentalities and conveniences
OF free enterprise which indie
pendent men need when acting
on their own initiative.
It Is not enough to strike the
shackles from business. The du-
~ of craftsmanship Is not mega
tive merely. II is constructive
also. We must show that we un-
derstand what business needs and
that we know how to supply IL.
No man. however casual and su-
perficial his observation OF the
conditions now prevailing in the
country can fail 10 see that one
OF the chief things business needs
now. and will need increasingly
as It gains in scope and vigor in
the years Immediately ahead of
US, lie the proper means by which
readily TO vitaliEe its credit, cor
porate and individual, and its
oFiginative brains.
Shows Power Of Credit.
What win II profit US TO be free
If We are not to have the best
and most accessible instrument
talities of commerce and enter
prise? What will It proft US to
be quit OF one kind OF monopoly
II we are TO remain In the grip
OF another and more effective
kind7 How are we TO gain and
keep the confidence OF the bust
ness community unless we show
that we know how both TO aid and
to protect It? What shall we say
IL we make fresh enterprise nee
essary and also make II very diff
ficult by leaving an else except
the tariff just as we found e?
The tyrannies OF business, big
and little, lie within the field of
credit. We know that. Shall we
not act upon the knowledge? Do
- krwanwrF hnw e. 81
II a man cannot make his as
sets available at pleasure, his as
sets OF capacity and character
and resource, what satisfaction
is IL to him to see opportunity
reckoning to him on every hand,
when others have the keys OF
credit in their pockets and treat
them as all but their own private
possession? II is perfectly clear
that II is our duty to supply the
new banking and currency sys-
tenn the country needs, and that
II win Immediately need It more
than ever.
The only question is, When
shall we supply it-now, or later,
after the demands shall have be-
come reproaches that we were so
dull and so slow? Shall we has
ten to change the tariff laws and
then be laggards about making 1t
possible and easy for the Coun-
try TO take advantage of the
change? There can be only one
answer to that question.
Action Now Is a Duty.
We must act now, at whatever
sacrifice to ourselves. 1t is
duty which the circumstances for
bid us to postpone. l should be
recreant TO my deepest Convic-
tions OF public obligation did l
not press IL upon you with SOL
emn and urgent insistence.
The principles upon which we
should act are also clear The
country has sought and seen its
pith in this matter within the
last few years-Sees IL more
clearly than when the last legisla-
tive proposals on the subject were
made. We must have a currency
not rigid as now, but readily
elastically responsive to sound
credit. the expanding and con-
tracing credits of everyday
transactions, the normal ebb and
flow Of personal and corporate
dealings.
Our banking laws must mobil-
ize reserves; must not permit the
concentration anywhere in q few
hands of the monetary resources
Of the country or their use for
speculative purposes in such vol
ume as to hinder or impede or
stand in the way Of other more
legitimate, more fruitful uses.
And the control of the system
- banking and Of issue which
our new laws are to set up must
be public, not private, must be