Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-06-14

the temporary chairman pointed out
that the promise made by democracy
four years ago had been faithfully kept.
To-day the prosperity which the ma
ton enjoys bears witness that democ-
racy has kept the faith. Today the
gates Of opportunity are open; the hosts
day the forces of government are en-
couragfnS, not blocking, the full express
sion of the nations progress Today
the business man, the artisan and farm :
fruits Of their labors, unhampered by
the sinister power of special privilege
or the selfish oppression of invisible
government.
Reform in Banking Laws.
OF the federal reserve act, Mr. Glynn
had this to say:
In the panic of 1907, under the old
system. New York could not lend a
country bank $4,000 with which to
meet factory pay rolls; in 1915. under
the new system, inaugurated by this
democratic administration. New York
loaned Europe five hundred millions,
even though the financial centers of the
world were disrupted by the world war.
and there were still left in New York
the largest bank deposits in its his
tory.
IF this democratic administration
had performed no other public service
than the enactment of the federal re-
serve act. it would deserve the I'M
stinted approval of a grateful nation.
Thanks to democracy and to democ-
racy's great leader, the business man
who is struggling to establish himself
may now work out his destiny without
living in terror of panics and hard
times. The toiler in the factory may
ply his tasks in security. knowing that
his employers business is safe from as
sault. The farmer who must borrow
to move his crops may do so without
spending his days in anxiety, his
nights in Nightmares of foreclosure
and disaster"
speaker. enacted by this administra-
ton has banished greed from the gates
of our ports and written justice into
our tariff schedules.
"Of all the tariffs we ever enacted
this is the fairest and the best.
Until the foreign war reduced i'm
portations no new tariff was ever more
satisfactory. The highest protective
tariff ever written would probably have
given US no more revenue during this
European war. and higher tariff
on raw material would have hampered
our manufacturers: a higher tariff on
the necessities of life would have
placed a woeful burden on the poor
abroad has brought about.
Tariff Out of Politics.
by the Underwood law this admin
istration has taken the tariff out of
politics; by the new tariff commission
it proposes to take politics out of the
tariff"
In the discussion of prosperity, Mr..
Glynn made particular reference to our
industrial condition.
To-day prosperity shines from blaz-
ing furnaces and glowing FORCES. 1t
echoes from busy docks and from
thronged emporiums of trade. Its
message of plenty fills the land with
the chant of the spindle and of loom.
mans home and promising his children
a future that seemed impossible before.
During the past four years this
country has experienced a steady and
continuous improvement in business.
Wealth has increased 81 per cent, the
value of manufactured products 80 per
cent. capital 43 per cent, wages "a per
cent and exports II per cent. The fool
tide of our prosperity has risen to such
an unprecedented height that the only
limit to trade is our ability to make and
transport the commodities dema nded at
home and abroad. Our fields and our
factories cry aloud for men and un-
employment has ceased to be problem.
Wages have advanced, building opera
lions have resumed. real estate has re-
covered its worth.
There 10 not an idle car on our rail-
roads or an idle ship at our docks. For
the first time in history America s
greatest port has become the world
greatest port.
The purchasing power of our peo-
pie is greater than that of any other
people on the globe. Never was there
as much money in our vaults as today.
The aggregate resources of our national
banks are three hundred millions more
than the aggregate resources of the
Bank of England, the Bank. or France,
the Bank Of Russia. the Reichbank of
Germany. the Bank of the Netherlands,
the Swiss National Bank and the Bank
of Japan. We have four hundred and
one millions of money more than we
had year and half ago and our gold
supply exceeds by many hundreds Of
millions the gold supply of any other
nation on earth.