The Washington herald., 1914-11-30

Another "capacIty'' audience greeted
Miss Janet Richards at her weekly taik
on Current History Day-by-Day, last
Monday in the large auditorium at Wood-
ward & Lothrop's. Many being again
turned away for lack Of room.
BY q change in the seating arrange
ments today there viii be increased
floor space, which will permit the piac-
ing OF more chairs. SO II Is hoped all can
be comfortably accommodated.
The subjects under discussion last Mon
day were the latest phases OF the pro-
posed cotton pool-the effect upon the
business OF the country Of one week un-
der the operations of the newScurrency
law; and some of the political aspects
OF the latest war moves.
In explaining the workings Of the new
Federal Reserve Act Miss Richards
quoted the assertion of Mra Paul War
burg, a member OF the reserve board.
who recently declared that ''the 18th OF
November should In future be considered
the fourth of July Of financial emancipa-
ton"
Striking Facts Emphasized.
November 16," said the speaker. 'is
as you will recall-the date upon which
the twelve new regional banks opened
their doors to do business, this being one
OF two striking facts which should be
especially emphasized. The first Is, that
whereas the new currency law gave it.
self two years in which to get in motion,
IL was really ready for operation in
less than one year The second is, that,
whereas many bankers looked askance
at the law in the beginning and seemed
reluctant to subscribe for the stock OF
the regional banks. today this stock has
been oversubscribed almost five times.
and many large business concerns
throughout the country are increasing
| their forces and many wheels Of indus
| try, which for months have been stag
nant, are again turning-stimulated, II
is claimed, by the confidence in the new
law"
Returning to Mr.. Warburgs statement
that November 16 marked the beginning
of the new era OF financial emancipa-
| tion,'' Miss Richards explained that the
purpose OF the new law is to delegate to
the twelve new reserve. or regional,
banks the business formerly transacted
behind closed doors by Wall street
group.
I'm other words, II is an attempt to
break up the possibility of money
| monopoly prevent money being cor
| nered' and used for selfish advantage by
the powerful few.
Under the old system it was just as
| possible to manipulate the money sup
ply of the country as the supply Of wheat,
corn. cotton. beef or hides.
Under the new system the government
itself, through the Federal Reserve
Board keeps its hand upon the ma
chInery of credit, and is in a position.
IL the law is always properly admins
tered by the seven men constituting this
board TO broaden the channels Of credit
under proper security, and to prevent
the shrewdness and cupidity OF the few
from juggling the money supply of the
country for their private advantage.
Hence we see clearly that new period
OF financial freedom is about to dawn.
because no individual or business con-
Germ need now go down to failure for
lack of a loan-provided always that
proper security can be offered.
Credit Won't BE Refused.
''In other words. credit will no longer
be arbitrarily refused by a few magnates
OF finance because they have decreed the
failure of a rival or wish to put some
competing chain Of banks. for example,
out OF business. And We also are told
that the new system will erase the wOrS
panic from the books Let US hope so.
For even IL We women don't know
much about high finance-indeed, hardly
understand the terms of the trade at
times-still, We can safely extend our best
wishes to our brothers in finance, and
hope they have at last found a financial
panacea for all the ills that the business
world is heir to-"
After the usual intermission. Miss Rich