Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1913-06-27
WILSON ASKS new
CURRENCY SYSTEM
President Wilson Reads Mac.
sage to Joint Session Of
Congress.
new SYSTEM IS DEMANDED
Revision Of the. Banking and curr.,..
Laws Must Go Hand in Hand
With Revision Of the
Tariff.

Washington, June 2S.-Presidor,
Wilson today read his special messsa.
on the subject of banking and eurrens'
reform to the joint session of cor
gress- The message follows.
Mr.. Speaker, Mr.. President. Genno
men Of the Congress: 1t is under n,
compulsion of what seems to mo
clear and imperative duty that | have
a second time this session sought tbs
privilege of addressing you in person
know, of course, that the beatso
season of the year is upon US. tba,
work in these chambers and in ths
committee rooms is likely to become
| burden as the season lengthens. and
| that every consideration of personal
comfort, perhaps, in the cases of Soma
OF US, considerations of personal
health even, dictate an early conclu,
sion of the deliberations of the ses.
sion; but there are occasions of public
| duty when these things which touch
us privately seem. very small; when
the work to be done is so pressing and
SO fraught with big consequence that
we know that we are not at liberty f.
weigh against it any point of persona
sacrifice. 1t is absolutely imperative
that we should give the business men
of this country a banking and curren.
cy system by means of which the,
can make use of the freedom of enter
prise and Of Individual initiative
which we are about to bestow upor
them.
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 trammels of the protective tariff
Ever since the Civil war they have
waited for this emancipation and for
the free opportunities it win bring
with it. 1t has been reserved for US
to give 1t to them. Some fell in love,
indeed with the slothful security OF
their dependence upon the govern.
ment; some took advantage of the
shelter of the nursery to set up
mimic mastery of their own within
its walls. Now both the tonic and
the discipline of liberty and maturity
are to ensue
It is not enough to strike Che
shackles from business. The duty OF
craftsmanship is not negative merely
1t is constructive also. We must show
that we understand what business
needs and that we know how to sup.
ply it. No man, however casual and
superficial his observation of the con
ditions now prevailing in the country,
can fail to see that one OF the chief
things business needs now, and will
need increasingly as 1t gains in scope
and vigor In the years Immediately
ahead of us, is the proper means by
which readily to vltalize its credit,
corporate and individual, and its orig.
native brains. What viii it profit US
to be free if we are not to have the
best and most accessible instrumen
talities of commerce and enterprise?
The principles upon which we should
act are also clear. ,rhe country has
sought and seen its path in this mat
ter within the last few years-eee 1t
before-much more clearly than when
the last legislative proposals on the
subject were made. We must have
currency, not rigid as now, but readily
elastically responsive to sound credit
the expanding and contracting credits
of everyday transactions, the normal
'ebb and flow of personal and corporate
dealings. Our banking laws must mo-
bilize reserves; must not permit the
concentration anywhere in few hands
of the monetary resources of the coun-
try or their use for speculative pur-
poses In such volume as 20 hinder or
impede or stand In the way of other
more legitimate, more fruitful uses
And the control Of the system OF bank
ing and of issue which our new laws
are to set up must be public, not pr
vate, must be vested in the govern
ment itself, so that the banks may pc
the instruments, not the masters, OF
business and of individual enterprise
and initiative.
The committees OF the congress 10
which legislation of this character is
referred have devoted careful and dis
passionate study to the means OF &C
complishing these objects. They have
honored me by consulting me. They
are ready to suggest action, | have
come to you. as the head of the gov
eminent and the responsible leader OF
the party in power. to urge action now
while there is time to serve the coun-
try deliberately and as we should, in
clear air of common counsel.