New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-05

But he thinks the Wilson Administration
has been constructive beyond any other ad-
ministration for a generation, and cites the
Federal Reserve banking act as one of IT'S
achievements. Let US recall fact or two
about that.
About the time Senator Owen and an Ohio
member of the House spoke in our Chamber
of Commerce in advocacy of the Owen
Glass bill, then recently introduced in both
houses, President Wilson, in speech de-
ivered in indianapolis, denounced Repubi-
can Congressman for refusing TO vote for
that original, unamended bill Happily, the
denunciation did not disturb their equanim-
ty; they sought to get the proposed legis-
ation into practical, workable shape IN
order that it should not. from very crudity
and impracticability, injure where it was de-
signed to confer benefit. VIGOROUSLY, the
discussion was long, but after months OF
such discussion and of labor over its crude
provisions, and amending them, it was passed
and signed by the President, in a form
hardly recognizable for the thing it at first
was Republican Congressman, notably our
own Mr.. Root, helped in this, having before
them and being greatly inspired and aided
by the act framed years before by the
Aldrich Monetary Commission and submitted
with its report. Inevitably the Democrats
have ignored the crudity of the bill they
first tried to force through Congress; they
have as much as possible shut their eyes
to the services Republicans rendered in re-
modelling the act and making practical
measure of il, and their orators, OF the
stamp of former Governor Glynn and Sena-
tor Owen, in speeches intended to infame
the Democratic heart have claimed the en-
tire credit for the new legislation. "The
New York Times" which often discusses
finance with wisdom and poise, declared
that Mr.. Glynn was justified in his claim,
which declaration gave me the opportunity
TO quote that paper against itself and you
published a letter Of mine on April last
in which the quotation appeared. ! think |
am now justified in repeating that quota
ton and in pointing out that while, except
occasionally, the professor is limited in his
audience to his classes, "The Times" claims
a circulation of 100000, with list of read
ers very much more numerous. | commend
the declaration of "The Tines TO Profes-
sor Fishers attention, observing, incident
ally. that what il says in print Professor
Fisher himself should have known for there
is no justification in a professors shutting
himself away from generally known facts
closing his mind to accession of generally
disseminated knowledge.
"The Times" printed in its leading edi
tora of November Il. 1914. that editorial
entitled NELSON W. Aldrich," this valuable
~ -, 80, % =. h..
has relation to the bill that accompanied
the report of the Adrich Monetary Commits
sion. This is the quotation:
by whatever name we call il, that bill
was the source and origin it contained the
spirit and substance. Of the present Federal
Reserve banking act. Many provis-
ions, much Of the language. of the Aldrich
commission bill were embodied in the new
act. In any distribution of praise,
in any acknowledgment Of the country debt
to the building of the Federal Reserve bank
ing system, the name of Nelson W. Aldrich.
lately Senator from Rhode Island must and
will stand first on the list of those to whom
sredit is due"
Those are words of the paper that perhaps
S the most potent among the newspapers
advocating the reelection of Mr.. Wilson. a
paper, by the way, whose editorials on the
political situation exhibit, under the guise
OF an assumed pleasantly. great anxiety
and apprehension over the outcome next
November. But in the instance cited OBJ.
viously it traversed its own original plea; il
crossed its tracks; il said one thing when
II was cool-headed. with no exciting cam
paign pending. and exactly the opposite
under the stress OF an actual pending cam.
paign, when IL was frightened.
Professor Fisher also discusses the Next