Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-11-19
SAYS RESERVE
BANKS, TARIFF AND OTHER
LAWS INSURE FUTURE.
DOOMED ~
LEGISLATION, PRECEDENT SAYS
9plisvss Suspicion, Agitation and Dis
trust Have Been Swept Away and
All Business and Al People Will Re.
esivs Justice Under New condi-
lions.

%
land bright with promise Of the best
things" was the way President Wilson
summed up his view Of the business
prospect in letter to Secretary Nc
Adoo, Of the treasury department. con-
graduating him on 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 difference
will clear away.
I'VE are all In the same boat, tho
apparently We had forgotten 1t. We
| now know the port for which we are
bound. We have. and shall have, more
and more as our new understandings
ripen, common discipline of patriotic
purpose.
I'VE shall advance, and advance to-
gether with new spirit, new en-
thusiasm, a new cordially of spirited
cooperation. 1t is an inspiring pros
pect."
Says Laws Doom Monopoly.
Mr.. Wilson referred to the new tariff
trade commission law and the labor
provisions Of the new antitrust law
as the means thru which 'tne soil has
everywhere been laid bare out of which
monopoly Is slowly to be eradicated."
He added that Undoubtedly the means
by which credit has been set free is at
the heart Of all these things: Is the
keynote of the whole structure.
NJ NJ
the currency law. the president said
"the war which has involved the whole
Of the heart Of Europe, has made 1t
necessary that the United States should
mobilize its resources in the most ef-
fective way. possible" He spoke Of the
difficulty Of marketing the cotton crop
Of the country and added that mo
doubt in light on the new day. with
it's new understandings, the problems
Of the railroads will also be met and
dealt with in a spirit Of candor and
Justice"
Full Text Of Letter.
The presidents letter, which was In
reply to one from Secretary McAdoo.
announcing the opening of the reserve
banks, said: ssGN
my dear Mr.. Secretary: warmly
appreciate your letter Of yesterday. for
/ share your feeling entirely about the
significance Of the opening of the fed
eral reserve banks for 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 which
we confidently hope so much: in 1t
the labor and knowledge and fore
thought and practical experience and
sagacity Of many men are embodied
who have co-operated with unusual
wisdom and admirable public spirit
"None Of them, am sure, will be
jealous Of the distribution Of the praise
for the great piece of legislation upon
which the new system rests; they will
only rejoice unselfshly'to see the thing
accomplished upon which they had set
their hearts.
Finds Agitation Is Ended.
1T has been accomplished and its
accomplishment is Of the deepest sig
niflcance, both because Of the things
it has done away with and because Of
the things it has supplied that the
country lacked and had long needed.
1t has done away with agitation and
suspicion, because 1t has done away
with certain fundamental wrongs. It
has supplied means Of accommoda-
ton in the business world and an In
stfumentality by which the interests
Of all.-without regard to class, may
readily be served.
I'VE have only to look back ten years
or so to realize the deep perpleNties
and dangerous ill-humors out Of which
we have now at last issued, as * from
a bewildering fog, noxious miasma.
Recalls Distrust Of Past.
Ten or twelve years ago the coun-
try was torn and excited by an agita-
ton which shook the very foundations
of her political life, brought her BUSH
ness ideals into question. condemned
her social standards. denied the homes
ty Of her men Of affairs. the integrity
Of her economic processes, the moral
ity 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
the just from the unjust.
They in their turn seemed to dis
trust the people and to wish to limit
their control. There was an ominous
antagonism between classes. Capital
and labor were In sharp conflict with
out prospect Of accom- notation be-
tween them. interests harshly clashed
which should have o-operated.
Wrongs That Needed Remedy.
This was not merely the work OF ir-
responsible agitators. There were real ,
wrongs which cried out to be righted,
and fearless men had calle1 attention
to them. demanding that they he dealt
with by law.
I'VE were living under a tariff which
had been purposely contriycd to confer
private favors upon those who were