Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-11-18
Writes Glowing Letter TO Sec
retary Of Treasury McAdoo
Regarding Laws Passed by
Democrats.
MONOPOLY ERADICATED
FROM AMERICAN SOIL
Tariff, Currency and Trust
Measures Long Needed by
United States, Is Emphatic
Declaration.

Washington, Nov. IA future
clear and bright with promise OF the
best things" was the way President
Wilson summed up his view OF ths
business prospect tonight in letter
10 Secretary McAdoo. OF the treasury
department. congratulatng him upon
the opening OF the new federal re-
serve hank system.
Fundamental wrongs once righted
an they may now easily and quickly
be-" wrote the president. eall differ
ences will clear away. We are all IN
the same boat though apparently we
had forgotten H. We now know the
port for which We are bound. We
have. and shall have more and more
as our new understandings ripen. "A
common discipline Of patriotic pur-
pose. We shall advance aud advance
together with a new spirit. a new en-
thuslasm. new cordially of spirited
cooperation. II Is an inspiring pros
peot,T
10 E;radicaic Monopoly.
Mr.. Wilson referred 10 the new
tariff law. tho now currency law. tho
new trade commission law and the
labor provisions OF the new antitrust
law, aa the means through which ''ihc
soil has everywhere been laid hare
out Of which monopoly y slowly to bc
erndleated."
lie added that undoubtedly the
means by which credit has been set
FREQ is at the heart of all these things;
is the key piece OF the whole struc-
ture.r
Referring to the Opportunities" ot
the currency law the president said.
''the war which has involved the
whole OF the heart OF Europe has
made II necessary that the United
States should mobilize Its resources
in the most effective way He spoke
of the difficulty OF marketing tho
cotton crop of the country and added
that mo doubt In the light of the
new day with Its new UNDERSTANDINGS,
the problems of the railroads Will also
be met and dealt with in spirit OF
candor and Justice"
The presidents letter. which was
in reply TO one from Secretary Me-
Adoo, announcing the opening of the
reserve banks. said:
Tho Presidents Letter.
my dear Mr. secretary warmly
appreciate your letter Of yesterday
for | share your feeling entirely
about the significance of the opening
of the federal reserve banks foy
business.
II do not know that any special
credit belongs to me for the part [
was privileged to play in the estab-
lishment of this new system OF whicn
we confidently hope SO much; In II
the labor and knowledge and fore
thought and practical experience and
Of many men are embodied
who have co-operated with unusual
wisdom and admirable public spirit.
None Of them. ] nm sure. will be jeal-
)us of the distribution Of the praise
'or the great piece OF legislation upon
which the new system rests: they will
,nly rejoice unselfishly To see the
hing accomplished on which they
,ad set their hearts II has been ac-
and It's accomplishment
5 OF the deepest Significance both
ffNhuSt VI tiliiibS y mas abh' away
With and because of the things II has
npplled that the county lacked and
lad long needed. 1t has done away
With agitation and suspicion be-
ause 1t has done awny with certain
wrongs. 1t has supplied
means of accommodation in the husi
ess world aud an fundamentally by
phich the interests of all. without re-
ard TO class. may readily be served.
PerpIexitics solved.
we have only to look bnck ten
ears ar 80 10 realize the deep per-
textiles and dangerous ill-humors
ut Of which We have now At last is
ued as IL from q bewilderlng fog. a
oxious mlasma Ten or twelve years
go the country was torn and excited
Y an agitation which shook the very
of her political life.
rought her business ideals into ques-
on, condemned her social standards.
ened the honesty or her men of at
lirs, the integrity Of her economic
rocesses, the morality and good
nth Of many of the things. which her
" sustained. Those who had power.
neither in business or in politics.
ere almost universally looked upon
ith suspicion ana little attempt was
Iade 10 distinguish the just from the
MUST They, in their turn, seemed
, dlstrust the people and to wish to
nit their control There was an omi~
GUS anthgonism between classes.
apita and labor were In sharp con.