The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-10-28

men VINO omcer IL. ana So dlI dlouS
the line: Monopoly is to be cut off at
the roots.
Incidentally, justice has been
done the laborer. His labor is no
longer to be treated as If 1t were
merely an inanimate object Of COM
merce disconnected from the for
tunes and happiness of living hu-
man being, to be dealt with as an OBJ
ject of sale and barter. But that,
great as it is, is hardly more than the
natural and inevitable corollary Of a
law whose object is individual free
dom and initiative as against any
kind of private domination.
"The accomplishment of this legis-
lation seems to me a singularly sig
nificant thing. If our party were to
be called upon to name the particu-
lar point of principle in which it diff
fers from its opponents most sharply
and in which it feels itself most def
nitely sustained by experience, we
should no doubt say that it was this:
That we would have no dealings with
monopoly, but reject it altogether;
while our opponents were ready to
adopt it into the realm Of law and
seek merely to regulate it and moder-
ate it in it's operation. 1t is our pur-
post to destroy monopoly and main
tain competition as the only efectual
instrument of business liberty.
eve have seen the nature and the
power Of monopoly exhibited. We
know that it is more apt to control
government than to be controlled by
it, for we have seen it control govern
ment, dictate legislation and domi-
nate executives and courts. We feel
that our people are safe only in the
fields of free individual endeavo1
where American genius and inltia.
tive are not guided by few men as
in recent years, but made rich by the
activities of a multitude, as in days
now almost forgotten. We will moi
consent that an ungovernable giant
should be reared to full stature IN
the very household Of the govern
ment itself.
Democracy of Credit.
"In like manner by the currency
bill we have created democracy Of
credit such as has never existed II
this country before. For a genera
ton or more we have known and ad
mitted that We had the worst banking
and currency system in the world
because the volume of our currency
was wholly inelaStic; that is, because
there was more than enough at Ger
tain seasons to meet the demands o'
commerce and credit, and at otnel
times far too little; that we ccule
not lessen the volume when we need
ed less nor increase it when we need
ed more. Everybody talked abou
the absurd system and its quite un
necessary embarrassments, sure tt
produce periodic panics; and every
body said that it ought to be changed
and changed very radically; but no
body took effective steps to change i
| until the present congress addressed
itself to the task with genuine reso
luton and an intelligence which ex
pressed itself in definite action. Ant
now the things is done.
LET bankers explain tho technica
features of the new system. Suffice
it here to say that it provides a cur
rency which expands as it is needed
and contracts when it is not needed
) a currency which comes into exist
ence in response to the call of ever!
| man who can show going business
and a concrete basis for extending
| credit to him, however obscure o.
prominent he may be, however .biI
or little his business transactions.
more than that, the power to di
| rect this system Of credits is put int
| the hands of g. public board OF dis
interested officers of the governmen
itself who can make no money out o
anything they do in connection Will
it. No group Of bankers anywher
can get control; no one part of tn
country can concentrate the advan
tages and conveniences Of the system
upo itself for it's own selfish advan
tage. The board can oblige the bank
| of one region to go to the assistanc
of the banks of another. The who'll
resources of the country are mobil
lied, to be employed where they ar
most needed. I think we are justifie'
| in spaking of this as a democracy o
credit. Credit is at the disposal o
every man who can show energy ant
assets. Each region of the country i
set to study its own needs and oppor
tunities and the whole country stand
by to assist. It is self-governmen
as well as democracy.
81 understand why it was not pos
sible at this session to mature legls
lation intended pecially for the devel
rural, or rather, agricultural credits
but the federal reserve act itself facil
itates and enlarges agricultural credi
in an extraordinary degree. TIL
| farmer is as much a partner in tn
new democracy of credit as the mer
chant or manufacturer. Indeed, spe
cial and very liberal provision i
| made for his need, as will speedil.
appear when the system has been
little while in operation. His asset
are as available as any other mans
and for credits of longer term.
| There have been many othe
measures passed Of extraordinary i'm
portance, for the session has beer
singularly rich in thoughtful and con
structive legislation; but I have men
toned the chief acts for which thi
congress will be remembered as yer.
| notable, indeed. I did not meal
when l began to write to make thi
letter so long, and even to mention
the other legislation that is worth!
| of high praise would extend it to al
inordinate length. My purpose il
| writing was merely to express m!
own great admiration by the industr.
and the leadership, as we'll as tht
| wisdom and constructive skill, which
has accomplished all these things.
81 wish I could speak by name o
the many men who have so honor
ably shared in these distinguished
| labors. I doubt if there has evel
been a finer exhibition Of teamwork
or of unhesitating devotion to the full
fllment of party pledges-and ye