El Paso herald. (El Paso, Tex.) 1901-1931, 1913-06-23

vitaIize its credit. corporate and indi-
v1duallZe its OriglnauVe brains What
viii il profit Us to be free If We are
not to have the best and most access1-
bic instrumentalities Of commerce and
euLerprlSe2 " hat viii 1t profit US to
be wei quit one kind of monopoly If
We are to remain In the grip of an
other and more effective klndE How
are we TO gain and keep the confidence
Of the business community unless we
show that we know how both to aid
We make fresh enterprise necessary and
also make it very difficult by leaving
all else except the tariff Just as we
found it?
The Field Of Credit.
The tyrannies Of business, big and lit
tie, lie within the field of credit. We
know that Shall We not act upon the
knowledge Do we not know how TO
act upon it, If a man can not make
his assets available at pleasure, his as
sets Of capacity and character and re-
source, what satisfaction is il to him
10 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 1t is perfectly clear that It
is our duty to supply the new banking
and currency system the country needs
and that it VII Immediately need it
more thar ever
Urges Early Action.
The only question Is, when shall we
supply lu-nOW or later, after the Dem
Ocrats shall have become reprOached
that We were so dull and slOW2 Shall
we hasten to change the tariff laws
and then be 1aggards in making posi-
bic and easy for the country to take
advantage Of the changer There can
be only one answer TO that question.
We must act now, at whatever Sacrt-
flee to ourselves 1t is a duty which
the circumstances forbid US TO post
pOne. I should be TeCreant, to my deep
did not press It 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 path in this matter
within the last few years-sees il more
clearly now than 1t ever saw 1t before
more clearly than when the
last legislature proposals on the sub
ject were made We must have a cur
renCy. not rigid as now, but readily
elaSuCally responsive to sound credit,
the expanding and contracting credits
Of every day transactions, the normal
ebb and GOW Of personal and corporate
Must Mobilize Reserves.
Our banking laws must mobilize re-
serves, must not permit the concenrra-
ton anywhere in a few hands Of the
resources of the country or
their use Tor 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
issue which our new laws are to set up
vested in the government itself, so
that the banks may be the instruments,
not the masters OF business adm OF IN
diyidua1 enterprise and initiative
The committees Of congress to which
legislation Of this character are re-
ferred have devoted careful and dis
passionate study to the means Of &C
cOmplIshing these objects. They have
n
are ready to suggest action. I have
come to you as the head Of the govern
ment 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 a
clear air OF common counsel I appeal
to you with deep conviction OF duty
believe that you share this conviction.
therefore appeal to you with conf
dence- I am at your service without
reserve to play my part in any way
great enterprise of eRigent reform
which it viii dignity and distinguish
us to perform and discredit US to neg
leCt.
Expects Amendments
The president freely discussed the
Glass currency bill with the Washing
ton correspondents at the regular
semi-WeelIly conference and made il
plain that he intends to stand as firm
~ behind 1t as he does behind the tar
if bill The general principles Of the
DILL Mr. wilson considers clearly de-
feasible. but he expects there will be
amendments Of detail
Mr. Wilson is inclined to believe that
the bankers themselves eventually
would be glad to have direction by a
federal reserve board of which they
have no control but which would prop
erly safeguard their interests. The
president made IL clear that he had no
fear Of politics in that connection
So far as the rediscOunting features
of the bill are concerned, the president
regards the provision to compel federal
reserve banks Of one region to redis-
count assets of a reserve bank of an
other as imperative to prevent cOncen-
tratlon Of funds in the hands Of a few.