Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-11-18
NATION ON EVE
or GREATEST ERA

| Continued from PAGE One
Ing Of the Federal Reserve Banks for
business
Il do not know that any special credit
belongs to me for the part was previ-
legged to play In the establishment OF
this new system, OF which we confidently
hope so much. In 1t the labor and knoyl-
| edge and forethought and practical ex-
perience and sasacity OF many men are
embodied-men who have co-operated
with unusual wisdom and admirable pub
| lie spirit
None Of them, 1 am sure, will be jeal-
Gus OF the distribution Of the praise for
the great piece OF legislation upon which
the new system restsi they will only re-
| ioice unselfishly TO see the thing ac-
complished upon which they have set
their hearts.
1T has done away with agitation and
suspicion, because It has done away with
certain fundamental wrongs. II has sup
piled means Of accommodation in the
business world and an instrumentality
by which the interests Of all, without re-
gard to class, may readily be served
MoNoPoLIEs CONTROLLED
BUSINESS.
Credit, the very life OF trade, the very
air men must breathe II they meet their
opportunities, was too largely in the con-
troll OF the same small groups who had
planted and cultivated monopoly. The
control of all big business, and by con-
sequence Of all little business too, was for
the most part potentially IL not actually,
in their hands.
LABOR CONDITIONS IMPROVED.
Labor has been made something else
in the view Of the law than a mere mer-
camille ommodity-somethins human and
linked with the privileges Of life Itself.
The soil has everywhere been laid bare, |
out of which monopoly is slowly to be |
eradicated. And undoubtedly the means |
by which credit has been set free is at !
the heart OF all these things, is the key
piece Of the whole structure.
This is the more significant because
of its opportuness 1t is brought to its
final accomplishment Just as 1t is most
imperatively needed. The war, which has
involved the whole OF the heart of Europe.
has made It necessary that the United
States should mobilize It's resources in the
most effective way possible and make her
credit and her usefulness good for the
service of the whole world.
ut has created, TOO, special difficulties,
peculiar situations to be dealt with, like
the great embarrassment In selling our
immense cotton crop. which all the world
needs, but against which, for the time
being, the markets of the world are in
danger of being artificaly shut.
THAT situation the bankers of the
country are meeting, so far as possible.
in buslnesslike fashion. and in the
spirit of the new time which Is opening
before us.
THE railroads OF the country are al
most as much affected, not so much be-
cause their business is curtailed, as be-
cause their credit is called in question
by doubt as TO their earning capacity
There Is no other interest so central TO
The business welfare of the country as
This. No doubt in the light of the new
lay, with it's new understandings, the
problems OF the railroads will also be
net and dealt with in a spirit OF candor
and justice,
For the future is clear and bright with
promise of the best things. While there |
vas agitation and suspicion and distrust
md bitter complaint of wrong, groups
md classes were at war with one an
,ther, did not see that their interests
we're common, and suffered only when |
eparated and brought into conflict.
ASSURES SUCCESS.
Fundamental wrongs once rIghted, as
hey may now easily and quickly be- all
differences will clear away We are all
n the same boat, though apparently we
lad forgotten 1t. We now know the port
or which we are bound. we have, and
hall have more and more, as our under
landings rlpen, a common discipline of ,
atriotic purpose. We shall advance, and
dvance together with new spirit, a !
ew enthusiasm, a new cordiality of spir- !
ed cooperation. 1t Is an inspiring pros
ect Our task is henceforth to work
ot for any single interest, but for all the
ltorests of the country as a united
,hole.
'The future will be very different from n
he past, which we shall presently look
ack upon, I venture to say, as II upon
bad dream The future will be different
action and different In spirit, a time !
T healing, because a time OF just deal S
lg and cooperation between men made O
lual before the law in fact, as well as h
name. !
"I am speaking of this because the
ew banking system seems to me to I
ymbolize all OF It, The opening of the q
ederal Reserve Banks seems to me to .
8 the principal agency we have created G
,r tho emancipation we seek. November b
/, 1914, will be notable as marking the s
me when we were best able to realize n
lst what had happened. 4
''In the anxious times through which o
e have been passing, you have, my
EAR Mr.. Secretary, been able to do many
things TO strengthen and IA
litate the business operations OF the
,untry. Henceforth, you have a new in /,
rument at hand, which will render many Il
lrts of your task easy. I heartily con- ri
'atulate you upon the part you your 81
IL have played in it's conception and Il
cation, and upon the successful COM 81
elton OF the dificult work of organiza- P
on. A new day has dawned for the be- 81
we'd country whose lasting prosperity
I'd happiness we so earnestly desire cl
Sincerely yours, OF
WOODROW WILSON" X