The Holbrook news., 1914-11-07
Ry ARTHuR W. DUNN.

legislation than any congress which has assembled in years"
 That was remark made by Hon. Oscar W. Underwood, chairman of the ways and means committee and ma jority leader of the house of represent atives. as the second session of the Sixty-third congress was about to close.
 In letter to MT. Underwood. dated Oct r. President Wilson said:
 Il cannot let this session of congress close without expressing my warm ad- imitation for the fidelity and intelli- gence with which the program outlined in April and December of last year has been carried out and my feeling that the people of the country have been served by the members of this con gress .as they have seldom, if ever. been served before. The program was a great one, and it is a matter of deep satisfaction to think of the way in which it has been handled"
 The two sessions marked an impor- tant political period. for it was the first time in twenty years that the Democratic party had been in control of all branches of the legislative de partments of the government. It may be assumed that little will be done in the short session of congress, as every effort will be made to pass all the ap- propriation bills and avoid an extra session next spring and summer. Con- sequently the legislation of the Sixty third congress, unless emergency arises, may be considered practically closed
 Tariff Most Important Measure.
 Of more importance than all other laws was the new tariff act passed at the first session. The Underwood tar iff law Is important because it estab- fishes lower rate of duties than had been known in half century and ere ates a free list which Is more extensive than ever proposed by any other Dem ocratic congress since the civil war. It has provided an income tax which is likely always to remain a part of the revenue raising system of the gov ernment- Practically the whole of the first session was devoted to the tariff. although the house passed the curren- cy bill. and it was under considera- ton in the senate when the first ses- sion merged into the regular session on Dec. 1.
 New Currency Law.
 The currency law when in complete operation may become equally impor- tant as the tariff bill. It is the first comprehensive currency act that has been passed in more than fifty years. It establishes what are known as fed eral reserve banks under the control of a federal reserve board. In fact, the government has assumed the direction of banking and under the new law has the power to provide an elastic curren- cy bill and will have much larger su- pervision of the currency of the coun- try.
 Just how farreaching the legislation may prove to be no one at this time can say. It has taken time to select the federal reserve board and the eight federal reserve banking cities and to divide the country into reserve dis tricts: consequently the new law will allow greater latitude in the issue of money by the banks and is expect ed to afford better system and easier method of obtaining loans on conner cial paper than have heretofore existed. In connection with the currency law a bill was passed later which extended for year the Aldrich-vreeland act in order to meet possible money strin- gency. n
 Free Tolls and War Resolution.
 An act that caused an acrimonious discussion and threatened for a time 10 disrupt the Democratic party con tained but few lines. It repealed the provision for free tolls to American ships passing through the Panama ca- nal Long and earnestly the contest waged, and much III feeling was dis played.
 In spite of the opposition of leading Democrats. such as Speaker Champ Clark and Majority Leader Under wood. the repeal bill was passed, enough Republicans in both houses coming to the aid of the president to insure majority.
 What might have been the most i'm portant measure of the entire congress was a short joint resolution authoriz- ing the president to make war on Mex ieo. Under the terms of that resolu- ton the president was given practical ly a free hand and no further action by congress. which is charged with the responsibility of declaring war. was necessary to begin war against Mexi- co. The outcome of this, however. is well known
 Trust Law and Trade Commission.
 Two of the three proposed bills deal ing with corporations became laws. The bill giving the government super vision over railway capitalization was passed by the house. but was not