East Oregonian : E.O. (Pendleton, OR) 1888-current, 1916-04-17

very great extent, If you please, tht
bread and butter of s5,OOO,OOO Of
people.
Under the old financial system OF
the United States, Morgan, Rockefei-
Ter and few other great financiers
exercised control over $40. 900. 900, ,00O
of wealth, or one third the entire
wealth of the United States.
1T devolved upon a democratic ad-
ministraion to redeem the situation
\ by the passage of what is known as
the federal reserve act This is con-
ceded to be the most constructive
piece of financial legislation that ever
passed an American congress. 1t pro-
vides for an elastic currency to be is
sued upon the security of commercial
paper. 1t provides for a federal re-
serve board empowered to fix dis
count rates. 1t inaugurates system
under which we began banking busi-
ness with millions Of capital directed
by the government itself. 1t ushers in
new era of financial freedom, and
makes impossible another articifial
panic.
international Affairs.
Under the wise and sane leadership
of President Wilson, reforms have
been instituted which the people have
demanded for two decades and more,
and for which heretofore they have
appealed in vain l have tried in "a
general way to outline the great
things that have been accomplished,
but the review would not be complete
without a survey of the residents po-
sition as it relates to the chaotic con-
dition of international affairs.
This nation has never had pres
ident whose ideals have been higher,
or who has been actuated by loftier
impulses than Mr.. Wilson None has
had a deeper conception of American
nationalism-a more conscientious re-
gard for the sacred rights of human
ity. That has been his guiding star
in the conduct of affairs at home and
abroad. He has placed clearly before
the American people, as no president
since Lincoln has done, their duties
and responsibilities as citizens: and
in his dealings with the nations in
volved in war, he has shown that
what applies to the individual should
with equal force, apply to nations in
their dealings one with the other.
No president has been so burdened
with the cares of state. or has been
called upon to solve such perplexing
problems affecting the welfare ana
prosperity of the people-the very ex-
istence of the nation, and the main
tenance of its sovereign position
Preserving Peace.
With more than half the civilized
world war-crazed, through the clash
of arms unprecedented In the history
of mankind-when international law
has been ruthlessly overthrown. and
the contempt for human rights and
the laws of both God and man has
been marked. Mr.. Wilson has not
been swayed from the right. He has
kept his poise and has been the one
outstanding figure TO urge the rule of
reason and of humanity. No one has
been able to force him into a step
which would violate the declared neu-
trality of this country He has been
buided by an Unborn instinct of justice
and right. and this has been the secret
of his dignifled and firm courage,
Defends American Rights.
At times of jingo counsel and bitter
partisan attack. he has deliberately
and when once his course
was made clear, he has pursued it;
and the dignity and honor of the ma
ton have been preserved without re-
sort to arms. He has succeeded by
peaceful means in maintaining Amer
lean rights and privileges, and today
in Europe he is recognized as the
foremost figure in the world.
As result of his firm stand. We
are at peace with ourselves and the
world. while the continent of Europe
is torn asunder. and the carnage of
of war is resulting in the greatest
slaughter in the history of the human
sumily
diplomacy and appeals to humanity
are settling great International ques-
tons and they will be the guide
posts for the maddened monarchs in