The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1916-06-14

by tnlS uemOCTdllc duillnlSudllon
New York loaned Europe five hun
dred millions, even though the finan
rupted by the world war, and there
were still left in New York the lar
gest bank deposits in its history.
"If this democratic administration
had performed no other public ser
vice than the enactment of the fed
eral reserve act, it would deserve
the unstinted approval of a grateful
nation. Thanks to democracy and
to democracy's great leader, the bus
mess man who is struggling to estab'
lsh 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 Sc
curity, knowing that his employers S
business is safe from assault. 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 disas-
| ter.
"The Underwood tariff" declared
the speaker, enacted by this ad-
ministration 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.
In the discussion Of prosperity Mr.
Glynn made particular reference to
our industrial condition.
To-day prosperity shines from blaz-
ing furnaces and glowing forges. 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 the
loom, lifting the mortgage from the
poor mans home and promising his
children future that seemed impos-
sible before.
During the past four years this
country has experienced steady and
continuous improvement in business
Wealth has increased u per cent, the
value of manufactured products 39
per cent, capital 43 per cent, wages 54
per cent, and exports II per cent. The
flood-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 commodi-
ties demanded at home and abroad.
Our fields and our factories cry aloud
for men and unemployment has
ceased to be a problem. Wages have
advanced, building operations have
resumed, real estate has recovered its
worth.
There is not an idle car on our
railroads or an idle ship at our docks.
For the first time in history Ameri-
cas- greatest port has become the
worlds 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 to-
day. The aggregate resources of our
national banks are three thousand
millions more than the aggregate re-
sources of the Bank of England, the
Bank of France, the Bank of Russia,
the Reichsbank 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 ex-
ceeds by many hundreds of millions
the gold supply of any other nation on
earth.
This avalanche of money poured
into our pockets by the rest of the
world as a tribute to our national re-
sources and our fidelity to peaceful
industry is not the measure of our
prosperity. 1t is only the symbol.
Compared with our trade at home this
foreign trade is a mere pittance. Our
domestic commerce today is larger
than the foreign commerce of all the
nations of the world combined.
Chairman Glynn concluded with
praise for President Wilson, who, he
said. has measured up to the best ira
ditions of great office.
"He has been wise with wisdom that
is stepped in the traditions of his
country, with a wisdom that has been
disciplined by training and broadened
by instruction.
He has been firm with the firmness
that proceeds from deep conviction,
with the firmness that is grounded in
duty well defined.
He has been patient with the pa
thence which believes and trusts that
truth crushed to earth will rise again,
with the patience that can endure and
wait. watch, and pray, for the certain
vindication of justice, humanity and