The Washington herald., 1914-10-19

creates a distinct issue with the Repub-
lican party, declaring:
The accomplishment Of this legislation
seems TO me a singularly signih
cant thing. II our party were to be called
upon to name the particular point OF
principle in which it differs from its op-
ponents most sharply and in which II
feels itself most definitely sustained by
experience, We should no doubt say that
II was this: That We would have nc
dealings with monopoly. but reject Il
altogether; while our opponents were
ready to adopt it into the realm Of law,
and seek merely to regulate it and mod
crate 1t in its operation. II is our pur-
pose to destroy monopoly and maintain
competition as the only effectual instru-
ment of business liberty"
"A democracy Of credit" is the Presi-
dents characterization Of the Federal
Reserve act. Replying to technical criti-
cisms OF the act. he says:
Let bankers explain the technical fea-
lures Of the new system. Suffice it here
to say that il provides a currency which
eXpapds as II Is needed, and contracts
when 1t is not needed; a currency which
comes into existence in response to the
call OF every man who can show a going
business and a concrete basis for extend
ing credit to him. however obscure or
prominent he may be, however big or lit
tie his business transactions.
More than that the power to direct
this system of credits is put into the
hands Of a public board Of disinterested
officers of the government itself who can
make no money out Of anything they do
in connection with it No group of
bankers anywhere can get control: no
one part of the country can concentrate
the advantages and conveniences of the
system upon itself for its own selfish
advantage"
Law VIII Aid Farmers.
Until it is practicable to enact a rural
credit law, the President declares, the
Federal Reserve act will be found Of
great help TO the farmer.
Expressing his appreciation Of the work
accomplished and his admiration for the
men who Nave done the work in Congress,
the President writes:
Il wish / could express to every one
OF the members who have thus cooper
ated together my personal appreciation
Of what he had helped to do. This letter
may, 1 hope, serve in some sort as as
substitute for that
the forthcoming elections, the President
outlines briefly the work he still mas
in view, including the conservation pro-
gram and the upbuildnig OF the mer-
chant marine.
Believes Members Will Win.
"I would like" he writes. ito go into
the district of every member Of Con-
gress 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 a record no member of Congress
needs a spokesman. What he has done
speaks for itself. II it be a mere Ques-
ton Of political fortunes, I believe the
immediate future of the party to be as
certain as the past is secure"
The letter concludes: The Democratic
party is now in fact the only instrument
ready to the country's hand by which
anything can be accomplished. II Is
united. as the Republican party is not;
II is strong and full of the zest of sober
achievement, and has been rendered con-
fident by carrying out a great construc-
tive program such as no other party has
attempted; it is absolutely free from
the entangling alliances which made the
Republican party, even before its rup-
ture. ute rly unssrviceable as an instru-
ment OF reform; its thought, its ambition,