Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-10-19

| such as has never existed in this country
before. For generation or more we
have known and admitted that we had
| the worst banking and currency
ume of our currency was wholly in
elastic; that is, because there was
more than enough at certain seasons
| to meet the demands of commerce and
that we could not lessen the volume
when we needed less, nor increase it
| when we needed more. Everybody
talked about the absurd system. and
sure to produce periodic panics. and
Everybody said that it ought to be
| changed and changed very radically:
but nobody took effective steps to
addressed itself to the task with gen
| uine resolution and an intelligence
which expressed itself in definite
action. And now the thing is done.
| features of the new system. Suffice
| it here to say that it provides a cur
| rency which expands as it is needed,
and contracts when it is not needed !;
| in response to the call of every man
who can show a going business and
a concrete basis for extending credit
to him.. however obscure or prominent
he may be. however big or little his
business transactions.
Resources Of Country Modified.
More than that, the power to direct
| this system of credits is put into the
hands of public board of disinterest-
ed officers of the government itself.
who can make no money out of any
thing they do in connection with it.
No group of bankers anywhere can get
1 control; no one part of the country can
concentrate the advantages and con-
veniences of the system upon itself for
it's own selfish advantage. The board
can oblige the banks Of one region to
go to the assistance Of the banks of
another. The whole resources of the
country are mobilized, to be employed
where they are most needed. 1 think
we are justified in speaking of this as
democracy Of credit. Credit is at the
disposal of every man who can show
energy and assets. Each region OF the
country is set to study its own needs
and opportunities. and the whole coun-
try stands by to assist. 1t is self-gov-
eminent as we'll as democracy.
Il understand why 1t was not possi-
BILE at this session to mature legis1a-
ton intended specially for the develop
ment Of system for handling rural.
or rather, agricultural credits: but the
federal reserve act itself facilitates
and enlarges agriculture! credit In an
extraordinary degree. The farmer is
as much a partner in the new democ-
racy of credit as the merchant or
| manufacturer. Indeed. special and very
liberal provision is made for his need.
tenn has been a little while in opera
ton, His assets are as available as
any other mans. and for credits of
| longer term.
There have been many other meas
ures passed Of extraordinary impor-
tance. for the session has been singu-
| larly rich in thoughtful and construcs
| tive legislation, butt have mentioned
| the chief acts for which this Congress
will be remembered as very notable,
| indeed.
Confidence in the Voters.
"I wish I could speak by name Of the
many men who have SO honorably
shared in these distinguished labors
| I doubt if there has ever been a finer
exhibition of teamwork or of unhesi-
tating devotion to the fdlfillment of
party pledges-and yet the best of 1t
| is that the great measures passed have
shown, 1 venture to say. no partisan
bias, but only a spirit of serious states
manship. I am proud to have been
associated with such men, working in
such spirit through SO many months
of unremitted labor at trying tasks of
counsel It has been a privilege to
have share in such labors.
! II look forward with confidence to
the elections. The voters of the Unit
real service. They have never failed
to sustain Congress and administra-
ton that were seeking, as this Con-
gress and. I believe, this administra-
ton. have sought. to render them a
permanent and disinterested benefit in
the shape of reformed and rectified
laws. They know that, extraordinary
as the record Is which 1 have recited,
our task Is not done; that a great work
Of constructive development remains
merchant marine. for instance, and in
the completion Of a great program for
the conservation of our natural re-
sources and the development Of the
| water power of the country pro-
gram which has at this session already
summation.
They know. too, that without
Congress in close sympathy
with the administration whole
disinterested service to the world.
Of which they have approved. can,
not be brought to its full realizatic.l
would like to go into the district of
every member Of Congress who has
sustained and advanced the plans of
the party and speak out my advocacy
of his claim for reelection. But Of
course. l cannot do that; and with SO
clear q record no member of Congress-
needs a spokesman; What he has done
ton of political fortunes, l believe the
immediate future Of the party to be as
certain as the. past Is secure.
Democratic Party Ready instrument
'"The democratic party is now in fact