The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1916-06-02
BAKER ON ISSUES
OF The CAMP AIGN
Delivers Keynote at Ohio Dem
OCTatiC Convention
UpHOLOS THE ADMINISTRATION

Discusses the Work Of Congress, the
Presidents Attitude in the European
and Mexican Difficulties and Con-
cludes with Reference to State
Problems--Hioh Spots in the TEN.
porary chairman's Address.
Newton d. Baker, temporary chair.
man of the Ohio Democratic conven-
ton. delivered the party keynote at
the opening session of the convention
at Columbus.
Mr.. Baker stated at the outset that
he carried from the White House the
presidents appreciation Of the TN
swerving loyalty and support he had
received from Senator Atlee Pome-
reno
Turning to a discussion OF the is
sues Of the approaching campaign,
Mr. Baker declared that among the
leaders Of the Republican party there
is at present confusion of counsel
both on the question of candidates
and upon principles. What used to be
the strong, coherent organization
known as the Republican party, said
the speaker, is now, so far as the
leaders are concerned, an aggregation
OF factions, agreeing upon no set Of
principles and advocating no national
policy Mr.. Baker proceeded
| shall not attempt to discuss with
statistics and In detail the great con.
structive measures which have al.
ready been enacted or are under pres.
ent consideration in congress. AS
the campaign goes on, literature and
speeches will impress the merits OF
these measures upon the mind OF the
country, and the questionings of all
will be satisfied as to the results
which have been attained. There are
however, several of these laws tn
which | DC sire to draw for few nit
utes your attention, and of these
take the largest first
Financial Legislation.
Four years ago the Democratic
party declared In its national plat
form 1--WE oppose the so-called AL.
drich bill or the establishment OF a
central bank, and we believe the peo
pie of the country will be largely
freed from panics and consequent un
employment and business depression
by such systematic revision OF our
banking laws as will render temper
ary relief in localities where such re
lief is needed with protection from
control or domination by wnat Is
known as the money trust"
The Republican party, realizing tbs
necessity of action, had in the Sixty
flrst congress, put the whole matter
in the hands OF its chief financial
doctor, and he, having once more con
suited the oracles, presented as the
Republican remedy for financial pan
ics and depresslons the theory of
central bank. In favor of his plaT
we're the combined interests OF the
country. some voluntary. becaus,
they understood others hypnotizet
into sympathy with the plan by tn,
great weight OF the names which ap
proved It,
But the steady common sense OF tn,
country saw that in this age of credi
the control of the credit system o
the nation meant the mastery OF tn
nations life. II saw that a centra
bank not managed by the govern
ment, would manage the government
Il named this menace the "mone.
trust" and In the election II commits
stoned the Democratic party to saw
the country from the domination o
its business and It's life by the con
centration OF financial power into tn
hands OF few bankers in a singl
street In single city.
Federal Reserve Bank Law.
The Giass-Owen Federal Reserv
: Bank law was the answer os the DEN
ocratlc congress and president to thi
4 situation. II rests upon this fundl
. mental principle-that any powe
which controls the economic an
financial destiny of all the people q
the United States can be safel
: trusted only to the government OF tn
j. people oe the United States sna
+ not undertake to review the terms q
y that law nor dwell long upon tn
/ struggle to secure It's enactment.
3 was bitterly opposed. II was a lon
and hard struggle, but ultimately, $
convincing was the demonstration
the bill was adopted, The law wa
Immediately put into operation, tn
federal reserve bank organized, an
i from that hour to this, under COZ
ditions which might we'll have snake
any less stable financial structure, II
/ bank has steadied the business au
d commerce of the country. There hi
4 been no cornering of the money ma
. ket since the establishment Of Il
bank There has been elasticity
- the currency shrinking where the
y was no need for a large volume al
o. expansion when aud where the tran
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