The Detroit times., 1914-10-19

ing out Of the present war in Europe,
which affects almost every route Of
trade and every market In the world
outside OF the United States.
The Tariff.
1t Is fortunate that the reduction
OF the duties came first. The i'm
port duties collected under the old
tariff constituted a much larger pro
portion of the whole revenue OF the
government than do the duties under
the new. A still larger proportion OF
the revenue would hSve been cut on
by the war had the old taxes stood.
and larger war tax would have
been necessary as q consequence. No
characterization, no lack of foresight.
has created the necessity for the
taxes, but only great catastrophe
worldwide In its operation and ef-
fects.
with similar purpose and In q
like temper the congress has sought.
In the trade-commission bin and in
the Clayton bill, to make men In q
small way or business az free to sue
Iceed as men In big way. and to kill
monopoly In the seed.
Incidentally, justice has been done
the laborer. His labor Is no longer
to be treated as Ii IL were merely an
inanimate object Of commerce discon-
nected from the fortunes and happt
ness OF living human being, to be
dealt with as an object OF sale and
barter. But that. great as II Is. 10
hardly more than the natural and In
eyitable corollary OF a law whose OBJ
ject Is individual freedom and initia-
tive as against any kind OF private
domination.
.The accomplishment OF this legis-
lation seems To me singularly sig
nificant thing. II Ia our purpose to
destroy monopoly and maintain COM
petition as the only effectual instru-
ment OF business liberty.
I'VE have seen the nature and the
power of monopoly exhibited. We
know that II is more apt to controI
government than to be controlled by
It.: for we have seen II control gov
eminent. dictate legislation. and DOM
mate executives and courts. We viii
not consent that an ungovernable
giant should be reared to full stature
In the very household OF the govern
ment itself.
The Currency Bill.
+In like manner by the currency bill
we have created democracy Of cred
1t such as has never existed In this
country before. For q generation or
more we have known and admitted
that we had the worst banking and
currency system I'm the world, be-
cause the volume of our currency was
wholly inelastic. Everybody talked
about the absurd system and Its quite
unnecessary endorsements, sure To
produce periodic panics; and every
body said that IL ought TO be changed
and changed very radically; but mo-
body took effective steps TO change Il
until the present congress addressed
itself TO the task with genuine reso-
luton and an intelligence which ex-
pressed itself in definite action. And
now the thing is done.
Let the bankers explain the techni-
cal features OF the new system. Suf
fee II here to say that II provides a
currency which expands as Il Is need
ed. and contracts when II 10 not need.
ed.
More than that, the power TO d.
rect this system Of credits Is put into
the hands OF a public board OF disin-
terested officers of the government IT.
self. who can make no money out OF
anything they do in connection with
II. No group OF bankers anywhere
can get control; no one part OF the
country can concentrate the advan-
tages and conveniences OF the system
upon itself for It's own selfish advan.
tage. The board can oblige the banks
Of one region to got the assistance
of the banks OF another. The whole
resources Of the country are modified
to be employed whore they are most
needed. II is self-goyernment as well
as democracy.
II understand why II was not posi-.
BILE al this session 10 mature legisla-
ton intended specially for the devel.
opment OF system for handling ru-
raj. or rather. agricultural credits;
but the federal reserve act itself IA
cilitates and enlarges agricultural
credit In an extraordinary degree.
There have been many other mea-
sures passed, OF extraordinary import.
ance. for the session has been singu.
larly, rich In thoughtful and construc.
| tivf legislation: but I have mention
led 1.-THE chief acts for which this con-