The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1914-11-18

Austrians apparently are making
marked progress and again are threat
ei;ing Belgrade.
The Germans have captured in the
battle of Kutno. Governor Won korff Of
| Warsaw and his staff.
The British government is to raise
a loan of $3.50 100000 for war pur-
roses and the chancellor of the ex-
chequer has arranged a schedule of
row taxes which include an increase
in the income tax and special taxes on
beer and tea
In the opinion OF the chancellor one
bad, interlaced growth and jungle mo-
| ncpo1y had sprung up. Credit, the very
| life of trade the very air men must
breathe IL they would meet their OPP
portunities, was too largely in the con-
| troll of the same small groups who
| had planted and cultivated monopoly
'che control of all big business, and by
| consequence of all little business, too.
| was for the most part potentially, II
| not actually in their hands.
| "And they stood until the demo-
cratic party came into power last year.
The legislation of the past year ano
a half has In very large measure dono
away with these things. With their
correction. suspicion and ill-will will
lrass away. For not only have these
things been righted, but new things
have been put into action which are
sure to prove the instruments or a. new
life in which the mists and distempers
| which have so embarrassed us Will be
cleared away; the wrongs and misun-
/ Gerstandings corrected which have
brought distrust upon SO many honest
4 men unjustly. That is the main grouni
i of my own satisfaction
"The tariff has been recast with
view to supporting the government,
i rather than supporting the favored
beneficiaries of the government.
system of banking and currency issues
Il has been created which puts the credit
within the reach of every man who can
show a going business: and the super
4 vision and control of the system Is Inc
hands of responsible agency OF the
4 government itself. trade tribunal
has been created in which those wno
i attempt unjust and oppressive i.ractices
in business can be brought 10 doom
: Labor has been made something else
in the view of the law than mere
mercantile commodity, something hus
man and linked with the privileges OF
life itself The soil has everywhere
lbeen laid bare out of which monopoly
Is slowly to be eradicated. And I'M
doubtedly the means by which creols
has been set free Is at the heart OF All
these things, is the keypiece or tns
whole structure.
Il Final Accomplishment
: This is the more significant because
| of It's opportuneness. 1t is brought TO It's
final accomplishment just as 1t is most
4 imperatively needed The war which has
5 involved the whole of the heart OF Eu-
/ rope has made it necessary that the Uni
) ted states should mobilize its resources
in the most effective way possible ano
make her credit and her usefulness good
! for the service of the whole world II
t has created too, special difficulties pc
culiar situations. to be dealt with, ike
the great embarrassment in selling our
immense cotton crop, which all the world
} needs, but against which, for the time
being the markets of the world are In
3 danger of being artificially shut That
} situation the bankers of the country are
{ meeting so far as possible in a business
? like fashion and in the spirit or the new
}, time which is opening before us. The
E ra 'lroads of the country are almost as
, much affected, not so much because theii
] business is curtailed as because theii
9 credit is called in question by doubt al
| to their earning capacity. There is M
other interest so central to the business
welfare of the country as this. No doup
: new understandings, the problems OF IN.
: railroads will also be met and dealt VIII
nj in a spirit of candor and justice.
e For the future is clear and bright Wit
IL promise of the best things. While Their
II was agitation and suspicion and distrus
n and bitter complaint of wrong, group
and classes were at war with one an
| other, did not see that their interests wer
n common and suffered only when separ
s ated and brought into conflict. Funda
8 mental wrongs once righted, as they ma,
|, now easily and quickly be- all difficultie
will clear away. We are all In the sam
boat, though apparently we had forgot
ten It. We now know the port for whic
we are bound. We have, and shall hav
: more and more as our new understand
ings ripen, common discipline OF pa
| triotic purpose. We shall advance, an
| advance together, with new spirit
new enthusiasm, a new cordially OF spir
e tied cooperation. 1t is an inspiring pros
,e pect Our task is henceforth to work. no
e for any single interest, but for all tn
d interests of the country as unite
s. WHOLE
e 1.-The future will be very different fror
II the past, which we shall presently loo
It back upon, venture to say. as II upo
W a bad dream The future will be dill
l. ferent In action and different In spirit,
d time of healing because time of jus
dealing and cooperation between me
> made equal before the law In fact a
J. well as In name. / am speaking OF thl
Is because the new banking system seem
IS to me to symbolic all of 1t. The oper
d ing of the federal reserve banks seem
y to me to be the principal agency we hay
1t created for the emancipation we seel
all The 10th of November. 1914, will be moi
J. able as marking the time when we wer
n best able to realize just what had har
ts pened