Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1914-11-27


way President Wilson summed up
his view of the business prospect the
other day in letter to Secretary Nc
Adoo, of the treasury department,
congratulating him upon the opening
of the new federal reserve bank sys-
tenn.
The presidents letter, which was
in reply to one from Secretary Nc
Adoo announcing the opening of the
reserve banks said:
my Dear Mr.. Secretary: / warmly
appreciate your letter of yesterday,
for l share your feeling entirely
about the significance of the opening
of the federal reserve banks for bust
ness.
Gives Credit to 1iany.
Il 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 ii
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 jeal-
Gus of the distribution of the praise
fn tho nioon Of 1ouic1 ot
which the new system rests; they will
only rejoice unselfishly to see the
thing accomplished upon which they
had set their hearts, because it has
ACCOMPLISHED and its accomplishment
is of the deepest significance, because
of the things it has supplied that the
country lacked and had long needed.
''It has done away with agitation
and suspicion, because it has done
away with certain fundamental
wrongs. 1t has supplied means of
accommodation in the business world
and an instrumentality by which the
interests of all, without regard to
class, may readily be served.
1--WE have only to look back ten
years or so to realize the deep per-
plexities and dangerous ill-humors
out of which we have now at last is
sued, as If from a bewildering fog,
noxious miasma. Ten or twelve
years ago the country was torn and
excited by an agitation which shook
the very foundation of her political
life, brought her business ideals into
question, condemned her social stan
dards, denied the honesty of her men
of affairs, the integrity of her eco
nomic processes, the morality and
good faith of many of the things
which her law sustained. Those who
had power. whether In business or
politics, were almost universally
looked upon with suspicion. and little
attempt was made to distinguish the
just from the unjust.
Ominous Glass Antagonism.
"They, in their turn, seemed to dis
trust the people and to wish to limit
heir control. There was an aminous
antagonism between classes. Capital
and labor were in sharp conflict with
out prospect of accommodation be-
tween them. Interests harshly clash
ed 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 were
living under tariff which had been
purposely contrived to confer private
favors upon those who were contriv-
ing to keep the party which original
ed it in power; and in all that too fer
tile soil the bad, interlaced growth
and jungle of monopoly had sprung
up. Credit, the very life of trade, the
very air men must breathe If they
would meet their opportunities. was
too largely in 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 -teeI was for the
most part potentially, If 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 done away with these
things. With their correction, sus-
picion and i'll will will pass away.
For not only have those things been
righted, but new things have been
put into action which are sure to
prove the instruments of new life,
in which the mists and distempers
which have so embarrassed us will