The Washington times., 1914-12-31
CONGRESS ABOUT TO
CLOSE BUSY YEAR
New Banking and Currency
law Considered Most I'M
portant Legislative Action.

The history OF American Congressman
ended today. Except for 2 six weeks
sdIoIrnrnent, the nat onal legislators
were in continuous session from Janu-
sry u, 1914 until today. Furthermore,
prior TO January Il. Congress had been
IN session since the incoming Of the
Wilson Administration March (, 1913.
What is generally considered the most
important piece of legislation enacted
during the year was the Law providing for
The new banking and currency system.
creating from eight TO twelve regional
reserve banks. later fixed at twelve. uu-
der The direction of Federal Reserve
Board, and providing for the reserves
OF all the national banks, and many of
what had previously been State banks.
20 be kept with the Federal banks, in
!, stead or with correspondent banks i'll
central reserve cities, as previously,
this probably was the most radical re-
form in the currency system OF the
country ever put into effect. The pro-
vision for the oiscountlnC OF CONNER
cial paper by the member BANKS, and
the issuance OF new currency TO cover
this diseountinS b. the reserve banks.
provided what vas thought to be
strong preventive Of pan!cs, and pro-
Nided also a sure remedy against tenn
porary stringencies in the amount OF
actual currency on hand, especially at
such times as when the crops are
moved
Another act OF the year. that proyid-
ing for the construction OF 4 railroad
in Alaska at a cost of S., 051. Co., and It's
operation after completion by the Gov
eminent, was most important from two
different viewpoints. Il provided for
the opening OF for use by the people OF
what President Wilson is fond of call
ing that storehoUse OF riches" Incl
dentaily, il is regarded by come as q
long step toward Government owner
ship of ell of the railroads. As it is
operated year by year, II is expected to
form al least the basis OF a comparison
Win the privately owned railroads in
the United States.
Fight Over Canal Tolls.
One OF the bltterest fights of the wear
vas over the repeal of the tolls exemp-
ton clause for AInerican-owned coast
wise ships passing through the Panama
Canal. The passage OF this act means
that every coastEise ship passing
through the big ditch will have TO pay
It's way, just as though it were an
american ship in the foreign trade. or
Tor that matter, g foreign-oTned ship.
Two important measures of the So
cslled antitrust program were en-
acted during the year. One OF these
created the Federal trade commits
sion, which Will exercise much the
same sort OF power over Industrial
corporations as is exercised over the
railroads by the Interstate Commerce
Com mission, thus bringing both sorts
OF companies under Federal control
4 number of important bills were
passed by the House which were not
enacted because OF the failure OF the
Senate TO pass them. These include
Inc immigration bill, including the
famous hteracy test, which would
restrict immigration, and modify tire
rules regarding II tc meet the opin-
ION OF a number Of authorities on
immigration. Two OF the most i'm
portant of the conservation bills, ths [
providing for the leasing OF water
power sites now withheld from entry
and the general Jam bill we're also
PASSED by the House, but not by the
Senate, while one bill, the La Toilette
.eamen's bill, passed both houses. the
Senate prior to this year. however,
but in such different forms that 10
agreement was reached during the
Year between the two houses.
Congress passed 2 resolution justi-
y ing the Presidents action in order
I1S an invasion OF Mexico al Vera
TUX. following t1e insult to The
ttncrican flag a. Tan1pico by soldiers
directly responsible 10 Hucrte. at thai
lime dictator OF Mexico.
I~eEty-siH peace treaties, most OF
them providing for one year 10 inter
pose after any overt SCt before anE'
hostilities should occur, were ratified
by the Senate. The upper house aiao
reccived more than 5000 nomina lions
rom the President. and ratified most
OF them.
There were b'Sler fights over many
u them. especially Paul NJ Warourg
and Thomas d. Jones, for the Fedora
reserve Board. the first OF whom Was
confirmed and tho second withdrawn:
Attorney General AIcRcynolds. TO be
Justice OF the Supreme Court: John
5kelton Williams, TO be Comptroller OF
he Currency; Interstate Commerce
Commissioner Daniels. and Henry NJ
Pindeh' 10 be ambassador to Russia.
Help Americans. Home.
Some Of the most important pieces Of
legislation OF the year we're those re-
Lifting from the European war-the
var emergency Bills. ono o. these puc
nc Government into the insurance
Isiness, when private corporations
culd not undeIwrite business al rcs-
sO1zOle terms. This has proved a Srcat
loon 90 chipping since the outbreak OF
'hc war. Congress made two distinct
aopropriauons 70 bring stranded Aneri-
Europe.
Enother emergency var measure Wa
Rat sweeping aside the tariff dutioS
md other restrictions which had hith-
u 70 pfSFEnlEu inc Bla1llE OF lOEelBI-
quilt ships under tie American flag
The same measure also lodged with the
PRESIDENT discretion TO T-aive the re-
str1ctions regarding ali the officers OF
hlcn ships being American citizens,
ta06 laying The foundation during the
4" AZ FOR an American merchant marine,
Inch would carry American products
broad regardless Of the var conditions.
congress also so amended the AldTich-
Nfeelano emergency currency act dur
iu: the early days OF the war, but be-
ore the Federal reserve banking sys-
lem had gotten Into operation. 50 a.
70 make that 1-OrksDie. and II -a5
Fvsiled o. tor the tIrst tiG.lc since its
passage rearo ago. The senate passed
> cotton ysrchousiuS biz. during The
ssriy DAYS o. the . D.. providing Tor
Government inspection and .suDel- s'o:i
~ inc warehouses. b-i tbs g-as loE. "a
,hc House. : stirring dSht 20 have the
Government buy cotton from the south
rrI planters 81 % cents 2. pound sd
defeated
Another result OF the var, and for it,
-ttIr cow Of import from foreign
-"untries with s0cCg1paIs iree reduction
-u the tariff duties. "a IA" -sr t.
Oil This measure, providing Tor -.
-aisiu2 o. more than s5o. $4,000 snnus ~
- internal taxation. vas put through
CCth houses only after . most bitter
-iElIt, virtually all the Republicans vot-
-Hs against IT.
experimenting tie Alaska rsilroad
bin passed early in the year. another
measure passed late in the fall, pro-
Nided for the leasing OF Government