The Penn's Grove record., 1914-10-30
A new NATIONAL ERA
Woodrow Wilson The Great Emanci-
patOr
GREAT LEGISLATION ENACTED

LII
The 63d Congress adjourned last Sat-
urday after being in session almost
| continuously for ninete> n months, dur
| ing which time more important historic
legislation has been enacted than WAS
passed by any Congress since the first
in the nations history.
In 1912 Woodrow Wilson was elect
ed p resident with a House of Repre-
sentatives consisting of 29I Democrats,
I27 Republicans and IL Progressives.
The Senate consists of 81 Democrats,
A Republicans and / Progressive.
THE NEW TARIFF Law
Being elected on the issue to revise
the tariff Congress was called into
extra session in a month after the
| Inauguration of President Wilson and
has been in almost continuous session
ever since, making the longest record
in history.
The tariff was revised in the interest
of the people, being the first time such
| revision was made since the Democrats
| enacted the Walker tariff i'll 1916, which
| remained practically until. the Civil
War. The first Republican Congress
| elected in 1858 lowered the Walker
| tariff.
Thousands expected to- see a panic,
hard times aud soup-houses if the
| Democrats gained control and revised
the tariff. There has been great disap-
pointments, but most agreeable One to
many who have seen industries continue
to exist, to prosper and in some lint S to
increase. While some industries have
slackened during the legislative
changes; yet, considering the whole,
there has been general prosperity. In
fact, times have been better than
thousands expected.
THE NEW CURRENCY LAW
is the greatest act of legislation ON
finance since President Andrew Jack
son brought to an end the U. S. Bank
which monopolized the currency and
controlled industry. Excepting the
stealthy act which demonetiZed silver
i'll 1871
1t has been said that they who COLI
troll the currency Of the country control
the industries. Ii has been said that
this country has been made like a jug
thru the currency laws of the past
fifty years and New York City was the
mouth thru which most commerce had
to go. 1t was made this W y.
A person deposited 500 in a country
bank. The law required SIS of that to
be kept i'll reserve, but So of the SIS
| could be kept in Il reserve bank, leaving
| only IS actual cash to meet withdraw
ais. ALI cash not ustd down to Sc
| could be kept i'll a reserve bank in
large cities, which are required to hold
I $25 reserve of every 500 deposited.
The remainder could be he sent to New
York City and was usually done So,
where the captains of finance controlled
the loans and the loans controlled
commerce and industry.
When the country bankers needed
more money they had to go to Wall
Street, New York, aud do as told OF
they got no loan, because most of the
money was loaned to spectators il
bonds and stocks which were raised
and lowered as those i'll control desired
10 dehorn the bulls or fleece the
innocent lambs. sessuss,
The new currency law makes twelve
regional banking centers instead of II
in New York which has controlled the
U. s. Treasury for fifty years. The
banks III each region deposits the sur
plus money not needed III the reserve
centre bank and gets more currency
when needed from the reserve center by
endorsing the notes Of good debtors.
These regional reserve banks will be
controlled by the National Currency
board in Washington under appoint
ment and authority Of the President
and Congress.
In 1898 the money power centered in
New York bankrupted more than 600
country banks in the South and West
in order to cOerce the bankers and
their patrons into the repeal of the
Sherman silver purchasing law and to
kill the coinage of silver. That was
the cause Of the panic in 1894, a
repetition Of which 50 many looked for
if Woodrow Wilson and a Democratic
Congress were elected. The panic has
not arrived to the disappointment OF
many, Notwithstanding the change in
the tariff and currency laws.
ANTITRUST LAW
In 1890 the Sherman antitrust law
was pa ssed. During the % years after
Its passage more gigantic trusts and
milliOnaires were made than in all the
previous history of the world and little
was done TO enforce the law because
the miniOns of the trusts were admins
t. atOrs of the law. When foun
guilty the corporation paid the fine.
The supplement of the Sherman law
passed by the 63d Congress makes the
official personally guilty who performs
the illegal act.
The ANTITRUST law also exempts
labor organizations from the tyranny
of the law put in there by judges. 1t
was never intended to apply to such
organizations.
THE LOBBY ABOLISHED
The lobby, which has been the third
house to stop and control legislation for
special privileged interests during the
past fifty years, has been broken up.
The administration of these laws
will effect some favorabIy, others ad-
versely, especially the income tax OH
those who earn more than 81, ZOO. But
they were made in the spirit of De-
mocracy, for the greatest good to the
greatest numbers in these United
States.
THE GREAT EMANCIPATION
Under Woodrow Wilson the New
Jeroey Legislators and also Congress
men were emancipated from the bane-
full influence Of lobbiests. The manu-