Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1914-10-23

tdDle COrOIlary OF q law whose OBJECT Il
individual freedom and initiative as agains
any kind of private domination.
THE accomplishment of this Legislation
seems to me singularly significant thing
If our party were to be called upon to name
the particular point of principle in which
it differs from its opponents most sharply
and in which it feels itself most definitely
sustained by experience, we should nc
doubt say that it was this: That we would
have no dealings with monopoly, but reject
it altogether while our opponents were
ready to adopt it into the realm of law
and seek merely to regulate it and moder-
ate it in its operation. 1t is our purpose
to destroy monopoly and MAINTAIN compe-
tition as the only effectual instrument Of
business liberty.
I'VE have seen the nature and the power
of monopoly exhibited. We know that il
is more apt to control government than to
be controlled by it; for we have seen it
control government, dictate legislation, and
dominate Executive and courts. We feel
that our people are safe only in the fields
of free individual endeavor where Ameri-
can genius and initiative are not guided
by few men as in recent years. but made
rich by the activities of multitude, as in
days now almost forgotten. We will not
consent that an ungovernable giant should
be reared to full stature in the very house,
hold of the Government itself.
in like manner by the currency bill we
have created a democracy Of credit such as
has never existed in this country before.
For generation or more we have known
and admitted that we had the worst bank
ing and currency system in the world. be-
cause the volume of our currency was
wholly inelastic; that is. because there
to meet the demands of commerce and
credit, and at other times far too little
that we could not lessen the volume when
we needed less nor increase it when we
needed more. Everybody talked about the
absurd system and its quite unnecessary
endorsements. sure to produce periodic
pancs; and everybody said that it ought
to be changed and changed very radically !;
but nobody took effective steps to change
it until the present Congress addressed
itself to the task with genuine resolution
and an intelligence which expressed itself in
definite action. And now the thing is done.
Let bankers explain the technical fea-
lures of the new system. Suffice it here to
say that it provides currency which ex-
pands as II is needed. and contracts when
1t is not needed; currency which comes
into existence in response to the call of
every man who can show going business
and concrete basis for extending credit
to him. however obscure or prominent he
may be. however big or little his business
transactions.
More than that, the power to direct this
system of credits is put into the hands of
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 cOnven-
fences Of the system upon itself for its own
selfish advantage. The board can oblige
the banks of one region to 90 to the assist
ance of the banks of another The whole
resources Of the country are mobilized to
be employed where they are most needed
| think we are justified in speaking of this
as democracy Of credit Credit Is at the
disposal of every man who can show energy
and assets. Each region of the country is
set to study its own needs and Opportuni-
ties and the whole country stands by to
assist 1t is self-gOvernment as well as
democracy.
81 understand why ii was not possible at
this session to mature legislation intended
specially for the development 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
90 iiuNh q PuihhCi lCW uCiiiOIidIy
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 a little while in
operation. His assets are as available as
any other mans. and for credits of longer
term
There have been many other measures
passed Of extraordinary importance. for the
session has been singularly rich in thought
full and constructive legislation but have
mentioned the chief acts for which this
Congress will be remembered as very nota-
BILE. indeed. did not mean when began
TO write to make this letter so long, and
even to mention the other legislation that
is worthy of high praise would extend it
TO an inordinate length. My purpose in
writing was merely to express my own
great admiration for the industry and the
leadership. as well as the wisdom and con
structive skill. which has accomplished all
these things.
Il wish could speak by name of the
many men who have so honoraby shared
in these distinguished labors doubt il
there has ever been finer exhibition Of
team work or Of unhesitating devotion to
the ful6ment Of party pledges and yet the
best Of it is that the great measures passed
have shown. | venture TO say. no partisan
bias, but only spirit of serious statesman
ship. am proud to have been associated
with such men, working in such spirit
through so many months Of unremitted
labor at trying tasks Of counsel II has
been privilege to have a share in such
lab0rs. wish could express to every
one Of the members who have thus CO.
operated together my personal apprecia-
ton Of what he has helped to do. This
letter may, hope. serve in some sort as q
substitute for that.
81 look forward with confidence to the