Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1914-10-29
BY ARTHUR w. DUNN.

BY ARTHUR w. DUNN.
1--WE have enacted more important
legislation than any congress which
has assembled in years"
That was remark made by Hon.
Oscar W. Underwood, chairman Of the
ways and means committee and ma.
jority leader of the house of represent
ativcS, rs the second session of the
SiXty-third congress was about to close.
In letter to Mr.. Underwood, dated
Oct. II, President Wilson said:
81 cannot let this session of congress
close without expressing my warm ad-
miratiOn for the fidelity and intelli
gcncc with which the program outlined
in April and December of last year has
been carried out and my feeling that
the people of the country have been
served by the members of this con
gresS as they have seldom, If ever,
been served before. The program was
Il great one, and it is II matter of deep
satisfaction to think of the way in
which it has been handled
The two sessions marked an impor-
tant political period, for it was the
first time in twenty years that the
Democratic party had been in control
of all branches of the legislative de
partments of the government. 1t may
be assumed that little will be done in
the short session of congress, as every
effort will be made to pass all the ap-
preparation bills and avoid an extra
session next spring and summer. Con
sequcntly the legislation of the Sixty
third congress, unless emergency
arises, may be considered practically
closed
Tariff Most Important Measure.
or more Importance than all other
laws was the new tariff act passed at
the first session. The Underwood tar
iff law is important because it cStab-
fishes Il lower rate Of duties than had
been known i'm half a century and ere
atcs a free list which Is more extensive
than ever proposed by any other Dem
ocratic congress since the civil war. 1t
has provided an income tax which is
likely always to remain a part of the
revenue raising system of the gov
eminent. Practically the whole of the
first session was devoted to the tariff
although the house passed the curren-
cy bill. and it was under considera-
ton in the senate when the first SEES
sion merged into the regular session on
Dec. |.
New Currency Law,
The currency law when in complete
operation may become equally impor-
tant as the tariff bill. 1t is the first
comprehensive currency act that has
been passed in more than fifty years.
1t establishes what are known as fed
eral reserve banks under the control of
a federal reserve board. In fact, the
government has assumed the direction
OF banking and under the new law has
the power to provide an elastic curren-
cy bin and will have II much larger SUI
pervision of the currency of the coun
try.
Just how farreaching the legislation
may prove to be no one at this time
can say. 1t has taken time to select
the federal reserve board and the eight
federal reserve banking cities and tC
divide the country into reserve dis
tricts: consequently the new law will
allow greater latitude in the issue
of money by the banks and is expect
Ell to afford Il better system and easier
method of obtaining loans on CONNER
/ pipl finn hnIa hApAtnforo ytSt.N
In connection with the currency law q
| bin was passed later which extended
for year the Aldrich-Nrecland act IL
order to meet Il possible money strin
| genCy.
Free Tolls and War Resolution.
An act that caused an acrimonious
discussion and threatened for time
Ia disrupt the Democratic party con
tanned but fow lines. 1t repealed the
| provision for free tolls to American
ships passing through the Panama ca
| nal Long and earnestly the confess
waged. and much i'll feeling was dis
played.
In spite of the opposition of leading
Democrats, such as Speaker Chaml
Clark and Majority Leader Under
wood, the repeal bin was passed
enough Republicans In both houses
coming to the aid of the president t,
insure majority.
What might have been the most i'm
portant measure of the entire congress
WAS short joint resolution authoriz
ing the president to make war on Mex
leo. Under the terms of that reSolu
ton the president was given practical
ly free hand and no further actor
by congress- which is charged with tn
responsibility Of declaring war, wa
necessary to begin war against Mex
CO The outcome of this, however |
we'll known,
Trust Law and Trade Commission.
Two Of the three proposed bills dea'
iprr with COrDOr1 tiOuS hppouC In ws