Cresco plain dealer. (Cresco, Howard County, Iowa) 1913-1945, 1914-08-14
Issued on Friday Of Each Week.
Our Washington Letter.

Our Washington Letter.
President Wilson's administration has
added to its achievements of q construct
i've nature by the statesmanlike course
followed in the financial crisis precipi-
tated by the European war. By
moving swiftly and firmly to meet each
crisis as it appeared, the administra
ton brought order out of financial chaos
in manner that won the confidence OF
the business world and prevented
threatened disaster. BY these acts,
President Wilson and his official
advisers gave added proof that the
Democratic party has justified its
claim to being constructive party.
And in the face of this showing it will
be difficult for opponents to deny this
claim.
The war crisis, so far as it affected
this country's finances, was precipitated
over night. From a condition Of view
ing the European war as one which
would not affect this country, other
than to bring a larger market for
American goods and produce, the break
down of European credit brought about
q situation which threatened ruin.
The dumping of foreign owned secur.
tiles into the market when the sudden
descent Of war plunged the European
financiers into panic forced the closing
Of the stock exchange and made an
added drain on the nations gold supply.
President Wilson and Secretary McAdoo
promptly stepped into the breach.
The banks were notified that the $780,
600, 600 issue of emergency currency
notes stored in the treasury vaults were
to be made Immediately available.
Amendments to the currency law to
place this issue Of currency within the
reach of the banks was rushed through
Congress. Millions of this fund were
sent to subtreasuries for immediate
use OF the banks Immediately calm
was restored. Manufacturing indus.
tries which were threatened with sus-
pension, not through any domestic
causes, but because the European war
had threatened the world with financial
chaos, were able to continue operations
secure in the knowledge Of an abund.
ant money supply.
At the same time, Secretary of State
Bryan took prompt steps to relieve the
distress Of the $50, 900 American tour.
lists marooned abroad. They have
found themselves hemmed in in coun.
tries infamed over night with war
spirit. The letters of credit, drafts
and checks they carried were valueless
because they could not be casheG.
Those with ready cash were unable to
return home because steamship sailings
were cancelled. Congress- was asked
Immediately for an emergency appro-
priation. A naval vessel was dispatch
ed with millions in gold to meet the
needs of American refugees. Boats
were supplied to bring the Americans
home. Legislation was pushed through
Congress to permit foreign owned
vessels to be placed un1er American
registry so that the millions Of tons Of
grain and cotton tied up in American
port cities could be transported. Com
prehensive plans for re-establishing
international credits, which had COM
pletely broken down. were made so
that the crops bound for foreign desti-
nations could be paid for.
Financial panic was prevented at
home; = threatened tie.up of foreign
transportation was averted; the safety
and welfare of Americans abroad was
looked after. 1t was q wonderful con.
Btructive program which gave al
demonstration Of true craftsmanship.
At the same time, President Wilson
was successful in averting q strike on
lll Of the western railroads which
industrial paralysis to the
Il
colntry. After . complete failure had
been encountered in plans to bring
The railroads and employees together.
The President by an appeal to the
patriotism Of the railroad managers
induced them to grant the demands Of
The men and to arbitrate the question
II wages, move which automatically
the threat Of strike as both
tide were bound to agree to the arbitra-
lion findings. A year ago, the Presi-
lent was successful in settling strike
IN the eastern roads.
Not since the Civil War has Presi-
lent been called upon to deal with prof.
ems SO vital to the interests of the
people of the United States. In the
natter of legislation, the President has
o his credit the tariff and currency
avs, now in operation, and the trust
eyislation partially completed. In
.oreign affairs, he has to his credit the
|attlement of the Mexican trouble with.