Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-10-19

ADMITTED that we had the wors
banking and currency system In tn,
world, because the volume of oul
currency was wholly inelastic. Every
pody talked about the absurd system
and its quite unnecessary .embarras SIS
ments sure to produce periodi,
panics; and everybody said that /
ought to be changed, and changed
very radically; but nobody took effec
! tive steps to change 1t until the
present Congress addressed itself t.
the task with genuine resolution ant
an Intelligence which expressed itsel
In definite action. And now the thins
is done.
New Currency System.
Let bankers explain the technica
features of the new system. Suffic,
1t here to say that 1t provides a cur.
rency which expands as 1t Is needed
and contracts when 1t is not needed
a currency which comes into exist
ence 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 OF
prominent he may be, however big OIL
| little his business transactions.
| More than that, the power tt
direct this system of credits is put
into the hands of a public board Of
disinterested officers of the govern.
ment itself who can make no none,
out of anything they do in connec.
ton 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. The board can
oblige the banks Of one region to &c
to the assistance of the banks OF
another. The whole resources of the
country are modified to be employed
where they are most needed.
II understand why it was not pos
sible at this session to mature legis-
lation intended specially for the de-
velopment of a system for handling
rural or, rather, agricultural credits;
but the Federal reserve act Itself
facilitates and enlarges agricultural
credit in an extraordinary degree.
The farmer Is as much partner In
the new democracy of credit as the
merchant or manufacturer Indeed
special and very liberal provision is
made for his need as will speedily
appear when the system has been q
little while in operation. His assets
are as available as any other mans,
and for credits of a longer term
There have been many other meas
ures passed of extraordinary import
ance for the session has been singu-
! larly rich in thoughtful and construc-
| tive legislation; but l have mentioned
! the chief acts for which this Con-
gress will be remembered as very
notable. indeed.
81 wish l could speak by name of
| the many men who have SO honorably
shared in these distinguished labors.
| I 10 hao
exhibition Of teamwork or of unhesi-
tating devotion to the fulfillment of
party pledges-and yet the best of 1t
| is that the great measures passed
! have shown, l venture to say, no par
tisan bias. but only spirit of serious
craftsmanship. I am proud to have
| been associated with such men, work
| ing In such a spirit through 50 many
months of unremitted labor at trying
| tasks of counsel. 1t has been a priv
| ilege to have share in such labors.
! wish I could express to every one
/ of the members who have thus CO.
! operated together my personal appre-
| citation of what he has helped to do.
This letter may, l hope, serve in some
| sort as a substitute for that.
Confident About Elections.
81 look forward with confidence to
| the elections. The voters of the
| United States have never failed to re-
ward real service. They have never
failed to sustain Congress and ad-
ministration that were seeking, as
| this Congress and, I believe, this ad-
ministration, have sought, to render
them permanent and dislnterested
| benefit In the shape of reformed and
rectified laws They know that,
4 49,. a lw l..
| / have recited, our task is not done:
that a great work of constructive de-
velopment remains to be accomplish
| ed. in building up our merchant ma
| rine, for instance, and in the CON-
pletion of a great program for the
! conservation of our natural resources
| and the development of the water
| power of the country-a program
which has at this session already been
| carried several steps toward consum
nation. 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, can not do that
| and with so clear q record no mem.
Der of Congress needs a spokesman
| What he has done speaks for itself
| THE Democratic party is now In
| fact the only instrument ready to the
| country's hand by which anything car
| be accomplished. 1t is united, as the
Republican party is not; 1t is strong
and full of the zest of sober achieve.
ment, and has bsen rendered confident
by carrying out a great constructive
| program such as no other party has
attempted; It is absolutely free from
the entangling alliances which made
the Republican party, even before 1t!
| rupture, utterly unserviceable as al
instrument OF reform; its thought, it.
ambition, its plans are Of the vita
present and the hopeful future. A