The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1914-11-20
future IS BRIGHT
DECLARES WILSON
The President Sums Up His
View on Business Prospects.
COMMENTS ON NEW LAWS.
COngratulates McAdoo Upon Open
ing of the Reserve Bank
System.

ture clear and bright with promis
sf the best things was the wa!
President Wilson summed up h;
view Of the business prospect tonigh
in letter to Secretary McAdoo O
the treasury department, congratu
lating him upon the opening OF tn,
new federal reserve bank system.
Fundamental wrongs once right
ed, as they may now easily ant
quickly be- wrote the Pres dent
"all differences will clear away. We
are all in the same boat, though ap
parently we had forgotten it. We
now know the port for which we are
bound We have, and shall have
more and more as our new under
takings ripen, a common discipline
of patriotic purpose. We shall ad-
vance together, with a new spirit, \
new enthusiasm, a new cordiality of
spirited cooperation. 1t is an in
spiring prospect.
REFERS TO NEW LAWS.
Ntis "ilooh lSlSllSu W lue HeW
tariff law, the new currency law,
the new trade commission law and
the labor provision of the new anti
trust law as the means through
which 1.-The soil everywhere has been
laid bare out of which monopoly is
slowly to be eradicated." He added
that undoubtedly the means by
which credit has been set free is at
the heart of all these things: is the
keynote of the whole structure"
Referring to the "inopportune-
ness" of the currency law the Presi-
dent said, The war which has in
volved the whole of the heart of Eu-
rope has made it necessary that the
United States should mobilize it's re-
sources in the most effective way
possible He spoke of the difficulty
of marketing the cotton crop of the
country and added that mo doubt
In the light Of the new day with its
new undertakings the problems OF
the railroads will also be met and
dealt with in a spirit OF candor and
Justice"
PRESIDENTS LETTER.
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: | warm
ly appreciate your letter OF yester-
day for I share your feeling entire
ly about the significance of the open
ing of the federal reserve banks for
business.
Il don OF know that any special
credit belongs to me for the part I
was provided to play in the estab-
lishment of this new system of
which we confidently hope so much ::
In the labor and knowledge and
forethought and practical exper-
ence and sagacity of many men are
embodied who have co-operated with
unusual wisdom and admirable pub.
lie spirit. None of them, l am sure
will be jealous OF the distribution OF
the praise for the great piece of leg
lslation upon which the new system
rests; they will only rejoice un-
selfishly to see the thing accomplish
ed upon which they had set their
hearts.
DEEP SIGNIFICANCE.
1t has been accomplished, and its
accomplishment is OF the deepest
significance, both because of tn,
things it has done away with and be
cause OF the things it has supplied
that the country lacked and haC
long needed. 1t has done away will
agitation and suspicion, because i
has done away with certain funda
mental wrongs. 1t has supplied
means of accommodation in the bus
mess world and an instrumentaIity
by which the interests OF all, withou
regard to class, may readily b,
served.
1--WE have only to look back ter
years or so to realize the deep per
plexities and dangerous i'll humor.
out OF which we have now at last is
sued, as II from bewildering fog, 4,
nonous miasma. Ten or twelv,
years ago the country was torn anC
excited by an agitation which shool
the very foundations OF her poIitaca
life, brought her business ideals into
question, condemned her socia
standards, denied the honesty of hel
men OF Affairs, the integrity of her