Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-11-18

fbest things was the way President
Wilson summed up his view of the
business prospect tonight in letter to
Secretary McAdoo OF the treasury de-
!partment, congratuiating him upon
.the opening of the new federal reserve
rbank system.
7 Fundamental wrongs once Mghted
Jas they may now easily and quickly
sbe," wrote the President, ALI differ
sences will clear away. We are all in
sthe same boat, though apparently we
had forgotten 1t. We now know the
bort for which we are bound. we
shave, and shall have more and more
sas our new understandings open. a
common discipline of patriotic pur-
pose. In it is an inspiring prosect."
Mr.. wileon referred to the new tar
riff law, the new currency law, the
new trade commission law and the Ia
bor provisions of the new antitrust
law as the means through which the
soil has everywhere been laid bare out
sof which monopoly is slowly to be
eradicated." He AIDED that 'undoubted-
az 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"
|, Referring to the opportuneness OF
rhe new currency law, the President
said:
"The war which has involved the
whole of the heart of Europe has made
1t necessary that the United States
.hould mobilize it's resources in the
most effective way possible He spoke
bf the difficulty of marketing the cot
ton crop of the country and added that
no doubt in the light Of the new day
with its new understandings the prob
aenas of the railroads also will be met
and dealt with in a spirit of candor
and Justice
I The Presidents letter read in part:
| II warmly appreciate your letter OF
YESTERDAY for / share your feeling en-
tirely about the significance of the
opening of the Federal Reserve Banks
for business
IT dot know that any special credit
belongs to me for the part / was privi-
legged TO play in the establishment 0.
this new system. In it the labor ana
knowledge and forethought and pfae-
teal experience and sagacity OF many
men are embodied, who have cooper
-ated with unusual wisdom ana aofni-
rable public spirit. None OF them
am sure, will be jealous OF the oistIi-
button of the praise for the great piece
.of legislation upon which the new sys-
tenn rests; they will only rejoice I'M
selfishly to see the thing accomplished
upon which they had set their hearts.
I'VE have only to look back III
years or so to realize the deep per
plexities and dangerous iil-humofs out
of whicl, we have now at last issued,
as il from a bewildering fog Ten OF
~ years ago the country was torn ana
excited by an agitation which shook
the very foundations of her political
life, brought her business ideals into
question, condemned her social stand
ards, denied the honesty of her men
of affairs, the integrity of her eco
nornic processes, the morality AMI
good faith of many things which her
law sustained. Capital and labor wer,
in sharp conflict. Interests harshiy
cIashed which should have co-operat-
ed
This was not merely the work OF
irresponsible agitators. There were
real wrongs which cried out to he
righted We were living under a tar
if which had been purposely contriv-
ed to confer private favors upon those
who were cooperating to keep the
party that originated it in power, and
in their all too fertile soil FL the bad,
interlaced growth and jungle of mon
opoly had sprung up. Credit, the very
life of trade, the very air men must
breathe If they would meet their OPP
portunities 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 consequence Of all little business
too, was for the most part potential
ly, IL not actually. in their hands.
3 And the thing stood so until the
Democratic party came into power last
year. The legislation of the past
year and a half has in very large
measure done away with thesa things.
With their correction. suspicion and
Ill will pass away. For not only have
these things been righted, but new
things have been put into action. That
Is the main ground of my own salts
faction.
The tariff has been recast with a
view to supporting the government
father than supporting the favored
beneficiaries of the government. a
system of banking and currency issues
has been erected which puts credit
within the reach of every man who
can show going business; and the
supervision and control of the system
Is IN the hands of responsible
agency of the government itself y
trade tribunal has been created N
which those who attempt unjust and
oppressive practices in business can
pc brought to book. Labor has been
made something else in the view of |
the law than a mere mercantile COM
modify. The soil has everywhere
been laid bare out of which monopoly
y slowly to be eradicated and un-
poubtedly the means by which credit
has been set free is at the heart of
al these things.
This is the more significant be-
cause OF its opportunities. The war