Five Mile Beach weekly journal., 1914-11-06


Canal Tolls Came Near Causing Ma
lcrity to Observation-Disclosures Meas
urea of General Interest.
By ARTHUR W. DUNN.
I'VE have enacted more important
Legislation than any congress which
has assembled ia years"
That was a remark made by Hon
Oscar W. Underwood, chairman OF the
ways and means committee and ma
jority leader of the house of represent
atives, as the second session Of the
Sixty-third congress was about to close.
In a letter TO Mr.. Underwood, dated
Oct II, President Wilson said:
II cannot let this session OF congress
close without expressing my warm adj
miration for the fidelity and intelli-
gence with which the program outlined
In April and December Of last year has
been carried out and my feeling that
the people OF the country have been
served by the members of this con-
gress as they have seldom, II ever,
Dctu btfftu DciOfc. Lie piVBAam was
a great one, and 1t is a matter of deep
satisfaction to think Of the way In
which 1t has been handled"
The two sessions marked an impor-
tant political period. for It was the
first time in twenty years that the
Democratic party had been In control
Of all branches Of the legislative de-
partments OF the government. 1t may
be assumed that little will be done In
the short session OF congress, as every
effort viii be made to pass all the ap.
preparation bills and avoid an extra
session next spring and SUMMED Con-
sequently the legislation OF the Sixty
third congress. unless emergency
arises, may be considered practically
closed.
Tsrif Most Inportsnt Measure.
OF more Importance than all other
laws was the new tariff act passed at
the first session. The Underwood tar
LIZ law is important because It estab-
fishes a lower rate Of duties than had
been known In half a century and Gre
ates a free list which is more extensive
than ever proposed by any other Dem
ocratic congress since the civfl war. It
has provided an income tax which is
likely always to remain a part Of the
revenue raising system OF the gov
eminent. Practically the whole OF the
first session was devoted to the tariff,
although the house passed the curren-
cy bill, and 1t was under considera-
ton In the senate when the first ses-
sion merged into the regular session on
Dec. 1.
New Currency Law.
The currency law when in complete
operation may become equally impor-
tant as the tariff bill. 1t Is the first
comprehensive currency act that has
been passed in more than fifty years.
It establishes what are known as fed
eral reserve banks under the control Of
a federal reserve board. In fact, the
government has assumed the direction
OF banking and under the new law has
the power to provide an elastic curren-
cy bill and win have a much larger su-
pervision of the currency of the coun-
try.
Just how f~arreaching the Legislation
may prove to be M one at this time
can say. 1t has taken time to select
the federal reserve board and the eight
federal reserve banking cities and to
divide the country into reserve dis
tricts; consequently the new law win
allow a greater latitude In the issue
OF money by the banks and is expect
ed to AFFORD a better system and easier
method OF obtaining loans on CONNER
cial paper than have heretofore existed
In connection with the currency law a
bill was passed later which extended
for q year the Aldrich-V reeland act In
order to meet a possible money strin-
gency.
Free Tolis and Mar Resolution.
An act that caused an acrimonious
discussion and threatened for a time
30 disrupt the Democratic party con
tanned but a few lines. 1t repealed the
provision for free tolls to American
ships passing through the Panama ca
nal. Long and earnestly the contest
waged, and much Ill feeling was dis
played
In spite of the opposition of leading
Democrats. such as Speaker Champ
Clark and Majority Leader Under
wood. the repeal bill was passed.
enough Republicans In both houses
coming to the aid Of the president to
insure a majority,
What might have been the most Inn
portant measure OF the entire congress
was a short joint resolution authorix-
ing the president to make war o. Mex
leo. Under the terms Of that resosu-
ton the president was given practical
~ a free hand and no further action
by congress. which is charged with the
responsibility of declaring war was
necessary to begin war against Maxi
go. The outcome Of this. however. IL
well known.