New-York tribune., 1914-11-18
Reserve Banks Opening
First Break in Clouds
of Depression.
CHANGE IN RAILROAD
POLICY INTlMATED
President Gives LegiSla-
ton by His Party Credit
for Change.

Wash ngtuN. .N'N-
.s,, tbe future is clear and bright with
.s, rrorise Of the bes, things. Presi-
i.ot Wilson .n letter 90 Secretary
veAdoo tonight held up She Federal
psservs banks as the principal agency
10, tbe be'ated return Of normal 5usl-
.ss. conditions and reviewed the sit
,.,;op before and after he became
Chief Executive OF the nation.
The President makes IL plain that
.a,;,ess legislation of a far-reGching
..,ure Is s. an end and that the
fgture wall be given to healing the
wounds
Praise is bestowed on the bankers Of
ne country for the way in which they
40 meeting conditions which have
risen Sc a resul, Of the war. the
President pointing out that one OF the
,sesssities Of this situation was the
mobilization Of resources.
Needs Of Railroads.
There is hint that increased ire'gHt
-s,ss for the railroads would not be OBJ
.o,tionable. Although no specific ref
.-sncs is made 90 this particular sub
.eet bv the President there Is not
nucb doubt but that he rad il in mind
rber be wrote: "With its new under
.,sn6inrs the problems Of the rail-
-,sds viii also be met and dealt win
spjr;t Of candor and Justice
Speaking OF the federal reserve act'
.sa President saws that It's accomplish
nsnts are Of the deepest significance
both because Of The things IT has done
away with and the things il has sup
slied that the country lacked and had
org needed
Secretary McAdoo's letter. 20 which
President Wilson replied. informed
him Of the opening Of the twelve Fed
,rsl Reserve banks and congratulated
te President on their establishment
The Presidents letter follows.
81 warmly appreciate your letter OF
Yesterday. for share your feeling en-
.jrslv about :he significance OF the
opening o. the reaeral NeeetFe
for business.
.,.-.....t.... anu. snecial credit
90 Ao' Aio" ''" '''' ....
belongs % me for the pari was pi
eyed 10 play in the establishment OF
his new system Of which we confident
rv hone 81, much. I'm s. the labor
r..o+t,.,,,h. and
ana knoNiease "Io 'O-
practical experience ana sae"c"| O-
many mon AFRO embodied Who have CO.
...1 .-;..l,,, and adj
operated "ila ui'"S'"'
nirsb.e public spirit. none oi men, e
sn sure. viii be Jealous Of the dlstrl-
..,..,- ,f .L.. ,....ise Ger tho great piece
.[.,. ...t...t .t.. .,..,. sy.-
1s'''"'' .-... ......,
-em rests. tneE VIII Only icJ"4O' ~''0-
esi- +o SEQ -he thing accomplished
.,...t,.5 .,+ .t.;. bear+e
300" ".''.'' ''
ut has been accom- 4iisAec' @t" --' -~
comUIshmCrt ir OF the deepest slgnlA-
..,o. i...,r, t.c.i,.c Of the things il has
.... &c Ella
cone away "''- o"U
things lt has supplied thal me touH'l|
.acke0 and aad long necoed. il mas
p0.t -w.E with agitation ana .la PlCIoiL'
because DC has done away win certain
fundamental wrongs. lt mas supplleu
means of accommodauon lh lhS Du3i-
ness world and an iumehlS"1g Dy
which .ne interests ol am Wllao'. I'
gard TO class. may feadiil oe aei'e''
Issuing from the Fog"
-Wo have ONLY 20 look back ten wears
.r s., ,r -eaI;ze the deep pcrplexties
end ds.oe~ous IN humors out Of which
ue bav, now at last issued. as if f.Om
bewilderir.. foe. nOXiOus miasma
Ten OBJ twelve wears ago the country
was tom and excited by an agitation
which shook the very foundations Of
her poIflcaI life. brought her business
deals ,rfo question. condemned her So
cial s+.rdards denied the honesty Of
ber mo-. ~ ,Fairs The integrity Of hel.
econoroi, procosses. the morality and
GOOD faith of many of the things which
her iav sustained Those who had DOW
sr rbe.-er i'm business or In politics.
we're almost universally looked upon
with suspicion. and little attempt was
made 20 distinguish the just from the
unjust. They in their turn seemed TO
s.l1'' 'De peopie. anu ~ o,,,;,o,,s
ta.tK0niSm between cldS'eH. ~"P' 'o'
20 "..H H .