Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1914-10-28

be treated as it it were merely an in.
T. animate object Of commerce d1scon.
Injected from the fortunes and happi-
ness Of a living human being, to be
dealt with as an object of sale and
barter. Blu that, great as it is, is
= hardly more than the natural and in
Ievitable zcorollary of a law whose OBJ
lject is individual freedom and Initial
live as against any kind of private
domination.
The accomplishment Of this legis-
: ~llationt seems to me a singularly sig
Inificant thing. If our party were to
be called upon to name the particular
fpoint Of principle in which it differs
from. its opponents most sharply and
in which it feels. itself most definite
ly sustained by experience, we should
mo doubt say that it was this: That
we would have no dealings with mon
opoly, but reject it altogether; while
our opponents were ready to adopt 1t
J q Into the realm of law, and seek mere
lily to regulate it and moderate 1t in
its operation. 1t is our purpose to de-
stroy monopoly and maintain compe.
tition as the only effectual instru-
ment of business liberty.
Il We have seen the nature and the
power Of monopoly exhibited. We
know that it is more apt to control
government than to be controlled by
it; for we have seen it control gov
eminent, dictate lgislation, and
dominate executives and courts. We
feel that our people are safe only in
the fields of free individual endeav-
or where American genius and initia-
tive are not guided by a few men as
in recent years, but made rich by the
activities Of a multitude, as in days
now almost forgotten. We will not
consent that an ungovernable giant
should be reared to full stature in
the very household of the govern
ment itself. 90.
The Currency Bill.
In like manner by the currency bill
we have created a democracy Of cred
it such as has never existed in this
country before. For a generation or
more we have known and admitted
that we had the worst banking and
currency system in the world, because
the volume OF our currency was Who'll
ly %inelastic; that is, because there
was more than enough at certain sea-
sons to meet the demands Of COM
MERGE and credit, and at other times
far too little; that We could not les
sen the volume when we needed less
nor increase it when we needed more.
Everybody talked about the absurd
system and its quite unnecessary en-
barrassments, sure to produce peri
odic panics; and everybody said that
It ought to be changed and changed
very radically; but nobody took effec-
tive steps to change it until the pres
ent Congress addressed itself. to the
task with genuine resolution and an
intelligence which expressed itself in
definite action. And now the thing is
done. j'" r..
Let bankers explain the technical
features Of the new system. Suffice
It here to say that it provides a cur
rency which expands as it is needed,
and contracts when it is not needed;
a currency which comes into exist
enFce in response to the call of every
man. who a show a growing bGsi-
ness and a concrete basis for extend (
ing credit to him, however obscure or,
prominent he may be, however big or
little his business transactions.
More than that, the power to di-
rect this system of credits is put in
to the hands Of a public board Of
disinterested officers of the Govern
ment itself who can make no money
out OF anything they Go in connec-
ton with it. No group. Of bankers any
where can get control; no one part OF
the country can concentrate the adj
vantages and cOnVeniences Of the
system upon itself for its own selfish
advantage. The board can oblige the
banks Of n region to 60 to the as
~sistance of the banks OF another.
The whole resources of the country
are modified, to be employed where
they are most needed, l think we
are Justified in speaking Of this as
a democracy of credit. Credit is at
the disposal Of every man, who a
show energy and assets. Each region
! Of the country is set to study its
own needs and opportunities and the
whole country stands by to assist. 1t
is self-government as well as de-
mocracy.
I understand why it was not pos
siblc at this session to mature leg
~islation intended specially for the DEP
velopment of a system for handling
rural, or rather, agricultural credits;
but the Federal Reserve Act itself IA
cilitates and .enlarges agricultural
credit in an extraordinary degree.
The farmer is as much a partner in
the new democracy Of credit as the
merchant or manufacturer. Indeed,
special and very liberal provision is
made for his need, as will speedily
appear when the system has been a
little, while in operation. His assets
are as available as any other mans,
and for credits Of a longer term.
Other Important Measures.
There have been many other meas
ures passed of extraordinary impor-
lance, for the session has been sim
gularly rich in thoughtful and con-
structiye legislation; but I have men
toned the chief acts for which this
Congress will be remembered as very
notable. indeed. l did not mean when
l began to write to make this letter
so long, and even to mention the
other legislation that is worthy of
high praise would extend it to an
inordinate length. My purpose in
writing was merely to express my
own great admiration for the indus
try and the leadership, as well as
the wisdom and constructive skill,
| which has accomplished all these
things.
l wish, I could speak bv name of
the many men who have SO honora-
bly, shared in these distinguished Ia !
bors. I doubt if there has ever been
a finer exhibition Of teamwork Or of
u~nhesitating devotion to the fulfil
ment of party pledges1cand yet the
best of it is that the great measures
- , -, c10rrr r yynnfnVn tN cav |
no partisan bias but only a spirit of
serious craftsmanship. I am proud
have been associated with such
men, working in such a spirit
through so many months Of unremit-
ted la hor at irving tasks of counsel. |