The Monte Vista journal., 1913-06-28
MONEY The LIFE BLOOD
OF COMMERCE

ava WV vi VIE
try by an increase Of the volume of
our currency and safeguarding the
same from gamblers and specu-
lators.
We copy the following from his
personal address to congress Mon
day:
1t is absolutely imperative that we
should give the business men of this
country banking and currency system
by means OF which they can make use
OF the freedom of enterprise and of in.
dividual initiative which we are about
to bestow upon 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 or
portunities it will bring with it.
1t is not enough to strike the shackles
from business. The duty of statesmen
ship is not negative merely. 1t is con
structive also. We must show that W
understand what business needs and
that we know how to supply it. No
man, however casual or superficial his
observations of the conditions now pre-
valling in the country, can fail to 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, is the proper
means by WHICH readily to vitalize its
credit, corporate and individual, and its
originative brains. What will it profit
us to be free if we are not to have the
best and most accessible instrumental
ties of commerce and enterprise? What
will it profit to be quit OF one kind of
monopoly if we are to remain in the grip
of another and more effective kndY
How are we to gain and keep the conf
dence OF the business community unless
we show that we know how both to aid
and protect itY What shall we say if
we make fresh enterprise necessary and
also make it very difficult by leaving all
else except the tariff just as we found
it? The tyrannies Of business, big and
little lie within the field Of credit. We
know that. Shall we not act upon the
knowledge? Do we not know how to act
upon itY If a man cannot make his
assets available at pleasure, his assets Of
capacity and character and resource,
what satisfaction is it to him to see op-
portunity beckon to him on every hand
when others have the keys OF credit in
their pockets aud treat them as all but
their own private possessionsS 1t is
perfectly clear that it is our duty to
supply the new banking and currency
system the country needs, and that it
will Immediately need it more than ever.
The only question is, when shall We
supply it-now or later, after the de-
mands shall have become reproaches
that we were so dull and 50 slowS Shall
we hasten to change the tariff laws and
then be laggards about making 1t posi-
BILE and easy for the country to take ad-
vantage of the changer There can be
only one answer to that question. We
must act now, at whatever sacrifice to
ourselves. 1t is duty which the cir
cumstances forbid us to postpone. |
should be recreant to my deepest con
victions of public obligation did l not
press it upon you with solemn and urg-
ent insistence.
The principles upon which we should
act are also clear. The country has
sought and seen its path in this matter
within the last few years-sees 1t more
clearly now than it ever saw 1t before
much more clearly than when the last
legislative proposals on the subject were
made. We must have currency-not
rigid. ms now, but readily, slastically re
spopsiye 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 mobilize reserves;
must not permit the concentration any
where in few hands OF the monetary
resources OF the country or their use for
speculative purposes in such volume as
to hinder or impede or stand in the way
Of other more legitimate, more fruitful
uses. And the control Of the system OF
banking and OF issue which our new
laws are to set up must be public, not