The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-11-25
PRESIDENT WRITES
wilson SAYS CuURTRY'S FUTURE
IS BBlGkT WITH PROMISE
CONGRATULATE'S K'ADOO

CONGRATULATE'S NJ ADUU
Comments on improvements Certain
to Follow Inauguration Of Our Re-
formed Banking System-Points to
Reasons Why Country Is Bound to
Grow Greater.
"a future clear and bright with
promise Of the best things" was the
way President Wilson summed up his
view of the business prospect Tues
day night IN letter to Secretary Nc
Adoo, of the treasury department,
congratulating him upon the opening
Of the federal reserve bank system.
The presidents letter, which was
in reply to one frcm Secretary Nc
Adoo announcing the opening Of the
reserve banks, said:
"Mr. Dear Mr.. Secretary: warm
ly appreciate your letter Of yester-
day for I share your feeling entirely
about the significance of the opening
of the federal reserve banks for busi-
| ness.
81 do not. know that any special
credit belongs to me for the part I
was provided to play in the estab-
lishment of the new system OF which
we confidently hope so much; in the
labor and knowledge and forethought
| 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 jealous OF
the distribution of the praise for the
great piece of legislation upon which
the new system rests; they will only
rejoice unselfshly to see the thing ac-
complished upon which they had set
their hearts.
1T has been accomplished, and its
accomplishment is Of the deepest sig
nifcance, both because of the things
it has done away with and 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 wron5s. 1t
has supplied means of accommoda'
ton in the business world and an in
strumentality by which the interests
of all, without regard to class, may
readily be served.
1--WE have only to look back ter
years or so to realize the deep per
plexities and dangerous Ill humors
out of which We have now ct last Is
sued, as if from bewildering fog, q
noxious miasma. Ten or twelve years
ago the country was torn and excited
by an agitation which shook the very
foundations of her political life
brought her business ideals into ques'
ton, condemned her social standards
denied the honesty OF her men OF al
fairs, the integrity Of her economic
processes, the morality and gooo
! faith of many Of the things which hei
law sustained. Those who had pow
er, whether in business or in politics
were almost universally looked upoI
with suspicion, and little attempt was
made to distinguish the just from the
unjust. They il their turn seemed
| to distrust the people and to wish tc
limit their control. There was ar
ominous antagonism between classes
i CAPITAL and labor were In sharp con-
flict without prospect of accommoda.
ton between them. Interests harsh.
" ciashed which should have cooper.
ated.
"This was not merely the work Of
irresponsible agitators. There. were
real Hrongs which cried out to be
righted, and fearless men had called
attention to them, demanding tha,
they be dealt with by law. We were
living under a tariff which had been
purposeIy contrived to confer private
favors upon those who were cooper
ating to keep the party that origi-
mated it in power, and in that all toe
fertile soil all the bad, interlaced
growth and jungle of monopoly had
sprung up. Credit, the Tery life OF
trade, the very air men must breathe
if they would meet their opponents
was too largely In the control Of the
same small groups who had planted
and cultivated monopoly. The con-
troll of all big busine 4, and by conse-
quence of all little business, too, was
for the most part potentially, if not
actually, in their hands.
"And things stood so until the
Democratic party came into power
last year. The legislation of the past
l hoIf hoe In 1aroc
measure done away with these
things. With heir correction, sus-
picion and Ill will will pass away.
For not only have these 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
be cleared awar, the wrongs and mis-
understanding corrected which have
brought distrust upon so many hon
est men unjustly. That is the main
ground Of my own satisfaction.
"The tariff has been recast with a
view to supporting the government
rather than supporting the favored
benefciaries of the government. A
system of banking and currency is
sues has been created, which puts
credit within the reach of every man
who can show :: going business; and
the supervision and control Of the
system is in the hands Of respon-
sible agency of the government itself.
"a trade tribunal has been Great
ed in which those who attempt un-
just and oppressive practices in busi-
ness can be brought to book. Labor
has been made something else in the
view of the law than mere mercan-
tile commodity, something human
| and linked with the privileges of life
itself. The soil has everywhere been
laid bare out of which monopoly Is to
slowly be eradicated. And undoubt-
edly the means by which credit has
| been set free at the heart Of these
things, is the key piece Of the whole