New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-11

/ fundamentally in the new banking law
I such as they never had before Tor tne
ebb and flow and free course OF the
natural processes Of credit.
For the first time we are not bouno
up in an inelastic currency. Our cream
{ is current apd that current will run
| through all the channels Of commerce
in every part of the world.
Currency Now Elastic.
"A gentleman present here to-day
! told me that he had done what ! trus,
it is not his habit 70 do; he said n:
/ had been looking up an old speech OF
mine and that when ] addressed the
American Bankers Association in Den,
yer some years ago | said that | hsd
| been called upon a little while before
to speak to the bankers of New Iors
on the elasticity of the currency ana
that / had replied that ! spoke upon
it with the more freedom because /
knew nothing about it. Being pro-
lessor at that time on Salary, was
not in a position TO know anything Ol
the elasticity Of the currency. | nope
that he is ready TO believe that III
the time that has intervened J have
taken pains to find out something
about the elasticity of the currency.
for ] was an enthusiastic supporter o.
the bill which finally established inc
Federal Reserve system, and ! thlhh
that understand it. -.
"At any rate, gentlemen, testing
apart, il does furnish the business
men Of this country with an lnstru,,
ment such as credit never possessed
before. Credit is a very spontaneous
thing It's excursions ought not TO Dc
personally conducted. There have been
times in this country when the expe-
ditions Of credit were personally con
Quoted. could name some OF inc
agencies where guides were prOVlueu'
But If you are starting an enterprise
in one part of the country you 90 hot
want any guides; you rather resent
guidance from another part oil the
country.
Dynamic Force of Democracy.
"Tbe vision of a democracy that
have is this, that you must not De Pr
sumptuous enough to deterHlhe
foreband where the vitality is going TO
come from The beauty OF democIscs
is that YOU never can tell wneh
,ounosteT is born what he is gong 70
DO with YOU, and that 10 matter now
bumbly he is born, no matter where NJ
is horn. no matter what circumstances
hammer him at the outset, he mas goi
n chance TO master the minds and iea1
tbe imaginations of the whole country
"That is the beauty of democracy
that YOU 90 not beforehand pretend 10
nick out the vital centres, but they
nick themselves out. The men who are
going TO lead you and dominate you
pick themselves out and elect them-
selves by an electoral process over
which legislation can have no controi
whatever / like to think that the
Youngsters now playing somewhere
perhaps in a gutter, are some t'me
or other going to stand up and SPEAK
the voice of America for all the world
to hear. -
$50 | want YOU to share with me TINS
vision of the future of American bust
ness-of q cosmopolitan spirit OF d
spirit of enterprise out OF which the
old timidity has gone. For you VIII
have to admit, gentlemen, that Ameri-
can business men have been tlmid'
They have constantly run to Washing
ton and said: 1T looks like rain; Tor
Gods sake give us shelter You 40 not
need Washington. There is genlus
enough in this country to master the
enterprise of the world, and it ought
not to ask odds of anybody.
"Whom would you pick out among
the early Americans as the typical
American? You know that for more
than a hundred years after the settle
ment of this country-for nearly a
hundred years after tn establishment
of the Union-there was always a from
tier on this continent, and the typical
American was the man who did not
need any assistance from anywhere or
anybody, but who went out into new
country. made his own hone for him
sell, established his own government,
arranged everything to suit himself,
and then occasionally went back to his
old home rich and powerful and con
tented.
jackson sent them very proper
reproof. He said that they were the
first Americans he had heard OF who
didn't know how 10 set up a govern
ment for themselves and take care Of
themselves. The characteristic Amerl-
can community for long time was the
frontier community made on the spot
and made according to the local pat
tern.
$50 that When I hear Americans beg
Ring 70 be assisted by authority won
.er where they were born. wonder
how long they have breathed the air
Of America. | wonder where their pa
pers Of spiritual naturalization are.
Different World After War.
For America now may make peace
full conquest of the world, and ! say
that with all the greater confidence,
gentlemen, because ! believe and hope
that the belief does not spring merely
from the hope that when the present
great conflict in Europe is over the
world is going to wear different
aspect. DO not believe that there is
going to be any patched up peace. .,
al believe that thoughtful men OF
every country and of every sort will
insist that when we get peace again
we shall have guarantees that 1t VIII
remain and that the instrumentalities
Of justice will be exalted above the in
I hn1t