The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1914-01-02
MONEY AND BANKING SYS EM
OF NATION CHANGED BY FEW
STROKES OF PEN.
NOT IN EFFECT IMMEDIATELY
President Thanks Men Who Made
the Bill Possible-The Statute
VIII Not Be in Force
Immediately.

democrats Vi SeudIS anu LooSS 100000
ed about the broad desk in his oval
office. President Wilson sat down
moment after 6 o'clock Tuesday
evening and made the currency bill
the law of the land by affixing his sig
nature to it, using in the operation
four gold pens, three of. which he
Immediately thereafter presented TO
Chairman Glass Of the house commit
tee, Chairman Owen OF the senate
committee and Secretary OF the
Treasury McAdoo, the distinguished
audience manifesting by vigorous ap-
plause it's qualification at the COM
pletion of the second great legisla-
tive achievement of the democratic
administration within ten months OF
it's taking control Of the government.
President Wilson then made
brief and happy-phrased speech TO
those about him, warmly congfatulat-
ing the leaders in congress on whom
fell the chief burden of the struggle
thus brought to successful issue,
and pointing out that the new act
was the first number OF a program
of constructive legislation whereby IL
was hoped all the people of the coun-
try would be benefited and new era.
of business peace and prosperity IN
augurated that would realize to the
fullest the ideals of real democracy,
The presidents remarks were repeat
eddy interrupted by applause and
when he concluded there was a gen.
eral interchange of handclasps and
congratulations.
81 need not tell YOU" said the pres
ident to the assembled group as he
took up his pen, that | feel very
deep qualification at being able to
sign this bill, and | feel that | ought
to express very heartily the admira-
ton have for the men who have
made it possible for me to sign TINS
BILL There have been currents and
counter-currents, but the stream has
moved forward / think we owe spe-
cial admiration to the patience and
the leadership and skill and the force
of the chairman of the two commit
tees, and behind them have stood the
committees themselves, exercising a
degree of scrutiny and of careful
thought in this matter which I'M
doubtedly has redounded to the bene7
fit of the bill itself"
CAS- for the bill itself, I feel that
we can say that it is the first OF a
series of constructive measures by
which the democratic party will show
that it knows how to serve the coun-
| try.
SIN calling it the first of a series
| of constructive measures, | need not
/ say that | am not casting any reflec-
tons on the great tariff bill which
preceded it. The tariff bill was
meant to remove those impediments
4 to American industry and prosperity
which had So long stood id their way.
1t was a great piece of preparation
for the achievements of American
commerce and American industry
which are certain to follow. Then
ghere came upon the heels of it this
bill, which furnishes the machinery
for free and elastic and uncontrolled
credits, put at the disposal of the mer-
chants and manufacturers OF this
country for the first time in fifty
years.
81 was refreshing my memory on
the passage of a national bank act
which came in two pieces, as you
know. in February of 1883 and in June
of 1864; it is just fifty years age
since that measure, suitable for that
time, was passed, and it has taken
up more than a generation and hall
to come to an understanding as tc
the readjustments which were neces
sary for our own time. But we have
reached those readjustments now
The signing of the currency bill
came at the close of a day of rejoic
ing in the national capital, for con
gress had recessed for two weeks
for the first time since it convened
last April The democratic leaders
were jubilant because they had com
pleted two big pieces of legislation
the tariff and the currency reform
in nine months, a performance which
they considered unprecedented in tn
history of the country.
Aside from some bitter speeche
J from republicans like Bristow of Kan
sas, the closing debate in the senat
on the conference report on the cul
rency bill was not notable and the re
port was adopted by vote of 43 to 81
Two republicans, Weeks of Masss
chusetts and Jones of Washington
and two progressives, Norris of M
: braska and Poindexter Of Washing
ton, voted with the democrats.
Senator Hitchcock Of Nebrask
: voted for the conference report, a
: he did for the final passage of tn