The Detroit times., 1914-11-18
President, in Letter to McAdoo,
Sees Dawn Of New Era In
Business
WILL REGARD PAST
AS BAD DREAM
Congratulations Sh0wered Upon
President For Optimistic
Statement

WASHINGTON, Nov. 18.-Presf
dent Wilson was today showered with
congratulatory letters and telegrams
from party associates and business in
terests In sympathy with his admin
istration over his ''clean bill OF
health" given trade conditions. The
presidents letter to Secretary OF the
Treasury McAdoo, administration
leaders declared, meant that the trade
commission soon to be appointed
could be depended upon to solve the
problems of "big business without
any rigid or radical application Of the
antitrust laws In manner that
would disrupt business.
As a subject for the letter the pres
ident took the operation Of the new
currency laws which. he said. ARE
undoubtedly the means by which
credit has been set free," and by
which "the soil has been everywhere
laid bare out Of which monopoly II
slowly to be eradicated.s =
The closing paragraph Of the let
ter. ofYIcials here say, sums up the ad-
ministration attitude toward business
conditions. The president says:
1--WE are facing a prospect clear
and bright with promise OF the best
things"
The letter follows:
my Dear Mr.. Secretary
II warmly appreciate your letter OF
yesterday. for I share your feeling en-
tire1y about the Significance Of the
opening OF the federal reserve banks
1T do not know that any special
credit belongs to me for the part
was privileged to play In the establish
ment OF this new system OF which we
confidently hope 20 much in II the Inc
and practical experience apd sagacity
OF many men are embodied who have
co-operated with unusual wisdom and
/ am sure will be Jealous Of the dis
tribution OF the praise for the great
piece of legislation upon which the
new system ya.r,s fest: they Will .Siny only M ss-
oomplished upon which they had set
their hearts.
sit has been accomplished and Its
nificance, both because of the things
Il has done away with and because of
the things II has supplied that the
country lacked and i.s had long m needed; ID
suspicion, because II has done away
with certain fundamental wrongs. ~
has supplied the means OF accommoda-
strumsntaiity by whioh the interests
Of an. Without regard TO class. may
we have only 20 look back ten
piexities and dangerous iii-humors out
Of which we have now at last issued.
as II from q bewildering fog. noxious
laam noSnInS wa. Ten torn 1l and saait.d S By ss
agitation which shook the very founda-
tions Of her political life. brought her
business ideal. into question, as IA con. q.
honesty OF her mon OF Affairs. the In
tegrity Of her economic processes, the
morality and good faith OF many OF
Those who had power. whether In
business or In politics. were almost
universally looked upon with suspicion
sna little ,ss sste%es ss sm made sSs to na. as
They In their turn seemed TO distrust
the people and TO wish to limit thalr
control There was an ominous an
labor were In sharp conflict without
prospect OF accommodation between
them, interests harshly ciashed which
shorid have eo,operatsd' p' ,s ..x :,
irresponsible agitators. There were
real wrongs which cried out to- be
rightod. and fearless men had o>fled
they be dealt with by law. We were we're
living under tariff which had been
purposely contrived 20 confer private
favOrB upon thOse VINO were cooper
ating TO keep the party that originated
II I'm power, and In that all too fertile
soil all the bad. interlaced growth and
Jungle OF monopoly had sprung up.
Credit, the very life OF trade, the very
air men must breathe IL they would
meet their opportunities, was too
largely I'm the control OF the same
small groups who had planted and
cultivated monopoly The control OF
all big business, and by consequence
OF all little business. too, was for the
most part potentially, IL not actually.
In their hands.
And the thing stood so until the
Democratic party came into power last
year, The legislation Of the past year
and a half has In very large measure
dohe away with these things. With
their correction. suspicion and il-wiil
will pass away For not only have
these things been righted. but new
things have been put into action which
are sure TO prove the instruments "
distempers which have 80 embarrassed
us will be cleared away; the wrongs
and misunderstandings corrected which
have brought distrust upon SO many
honest men unjustly, That . the
main ground OF my own satisfaction.
The tariff has been recast with a
view 20 supporting the government
rather than supporting the favored
benenciaries Of the government; A
system OF banking and currency issues
has been created which puts Credit
within the reach OF every man who