Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1914-11-18
PRESIDENT SEES
DAWN|NG OF new
DAY FOR NATION
New Banking System Be-
gins When Need Is Most
Imperative.
TAKES OPTIMISTIC VIEW
OF BUSINESS PROSPECT
Future Is Clear and Bright,
With Promise of Best
Things.
WRITES LETTER TO M'ADOO
Deep Ferplexities and Dangerous
Ill-Humors Cured by Recent
Legislation.
WHITES LETTER TO MADoo
Deep Perplexities and Dangerous
Ill-Hunors Cured by Recent
Legislation.

WASHINGTON, November ia
future clear and bright. with promise
OF the best things" was the way Presi-
dent Wilson summed up his view OF
the business prospect tonight In 4 let
ter 80 Secretary McAdoo, Of the Treas-
ury Department, congratulnting him
upon the opening of the new Federal
Reserve Bank system.
Fundamental wrongs once righted.
as they may now easily and quickly
be-" wrote the President. "all differ
onccs Will clear away. We are all in
the same boat though apparently VIC
had forgotten IL. We now know the
have. and shall have more and more as
our new understandings ripen, a com
mon discipline of patriotic purpose. We
shall advance. and advance together.
with "a new spirit, new enthusiasm.
ncT cordially Of spirited opera
tion 1t is an inspiring prospect"
AIR. Wilson referred TO the new
tariff Law, the new currency Law, the
now trade commission law, and the
labor provisions Of the new antitrust
law as tho means through which the
soil has everywhere been laid bare.
out OF which monopoly is slowly to
be cradicated."
He added tha, undoubtedly the
means by which credit has been set
free Is at the heart Of all these things;
ture'
Referring To the "opportuncncss" of
tho currency law. the President said.
The war which has involved the whole
Of the heart Of Europe has made It
necessary that the United States should
mobilize it's resources I'm the most ef-
icctiye way possible"
lie spoke OF the difficulty in market
Ing the cotton crop OF the country. and
added that mo doubt in the light Of
new understandings the problems of
the cailronJs wili also he met and
: dealt withNin ii spirit OF caudor and
t'nEsIDENI-S LET-rER
IN REI'LY no McADOO
The Presidents letter. which was in
reply to one from Secretary McAdoo.
announcing the opening Of the reserve
banks, said:
My Dear Mr.. Secretary:
Il warmly appreciate your letter OF
yesterday, for j share your feeling
entirely about tho Significance OF the
opening of the Federal reserve banks
for business.
II do not know tina, any special
credit belongs TO me for the part I
was privileged to play in tho estab~
l!shment OF this new system, of which
we confidently hope so much; in II the
labor and knowledge and forethought
and practical experience and sayacity
Of many men arc embodied who have
co-opcratcd with unusual wisdom and
admirable public spirit None OF them.
am sure. will bc jealous of the dis
tributiop of the praise for the great
piece of legislation upon which the
new system rests: thcy. will only re-
joicc unsclnshly to sec the thing ac-
fcomplishcd upon which they had set
their hearts.
1T has been accomplished. and its
Accomplishment Is OF the deepest sig
nitfcance, both because of the things
II has done away with and because
Of the things II has supplied that the
country lacked and had long needed.
II has done away with agitation and
suspicion, because 1t has done away
with certain fundamental wrongs 1t
has supplied meane of accommodation
in the business world. and an instru-
mentality by which the interests OF all.
without regard to class. may readily
be served.
DEEP PERPLEXITIES
or iiN YEARS AGO
we have only to look back ten
years or so to realize tho deep per-
pleNities and dangerous Ill humors out
of which wo have now al last Issued
as IL from bewildcrinE fog, n noX-
ious miasma. Ten or twelve years ago
the country was torn and excited by an
agitation which shook tho very foun-
dations OF her political life. brought
her business ideals into question, de-
MED her social standard. denied the
honesty of her men Of affairs the
integrity of her economic processes,
the morality and good faith of many
OF the things which her law sustained.
Those who had power, whether In
business or in politics. were almost
universally looked. upon with suspicion.
and little attempt was made to dis
tlngush the just from the unjust.
They, in their turn, seemed to distrust
the people. and to wish to limit their
control There was an ominous an
taSonism between classes. Capital
and labor were in sharp conflict. with
out prospect OF accommodation be-
tween them. Interests hnrshly clashcd
which should have co-operated.
"This was not merely the work OF
Irresponsible agitators. There were
real wrongs which cried out to be
righted. and fearless men had called
attention to them, demanding that
they be dealt with by law. We wern
living under u tariff which hnd been
pnrposely contrivcd to confer private
favors upon those who were co-ope-
rating to keep the party that 'origi:
! mated it in. power; aud In that all too
fertile soil all the bad, interlaced
growth and jungle OF monopoly had
sprung up. Credit. tho very life of
trade, the very air men must breathe
if they would meet their, opportuni-
ties. Was too largely in the control OF
the same snall groups who had plant
ed and cultivated monopoly. The con-
tie business. too, was for the most
part potentially, &c not actually In
Stheiy hands, :.
REGENT LEGISLATION
s CGNi:S THESE Things
And the thing stood so until the
Toemocraiic party came I into power
Inst wear The lcEislatioil of the nnst