The Bridgeport evening farmer., 1916-09-29
(By VANCE c. MCCORMICK, Chair man Democratic National
 COmmittee.)

Committee.)
 While the Republican Party as an organization did not dare assail the Federal Reserve Act in it's platform at Chicago. and while few responsible public men in the party have ventur- ed to criticise the Act, the Republican candidate for President tries to adjust himself to an awkward situation by claiming credit for this great construc- tive legislation. MT. Hughes is not willing to impute any degree of right eousness to the Democratic Party, all belt he knows, of course, that Con Ngreas Democratic in both branches passed the Federal Reserve Act and a Democratic President not only approv- 7 cd 1t. but led tho fight for it
 In his speech at Peoria, Illinois, last Tuesday, the Republican candidate as- serted that 1t was through Republi- can efforts and under a Republican commission that the foundations were laid for the Federal Reserve system. He declared that without, the assist l1nce given by the Republicans through, their commission and their proposed legislative action, the Re sexve Act would be nothing at all"
 T. am unable to conjecture exactly how Nnr1ch Mr. Hughes knows about Federal legislation on banking and currency matters; hence cannot tell whether in this campaign he is giv- ting his own conceptions of the Federal Regerve System or Is merely repeating the mnmmery of his Congressional tom tit4 But do know that MT. Hughes ahou1d knDw that tho plan of banking and currency reform proposed by the .A1drich Monetary Commission is as Atnerent from the Federal Reserve syntem put tnAo effect by this Demo tczax1c Adminiafrat5on as day fs differ sent from night. Tho A1drich scheme ,ras for a central bank owned and operated and exc1uAivefy controlled by bn11ners for han1ce1z, into whose hands twas to be committed for an apparent period of nfty yenrz, but really for all <. ttzne, monopo7y of the currency and icreait of the United states- Ex- preniay contrary to this conception, sthe Federal Resaxve System provides irex1ona1 bank0rz, which enectual1y break the monopoly of both currency iiiszues and cEedlks, the whole system heinz cornrzitted to the supervising ,cou1hui of q central board at Washing ton representing the people of the Unttcd States and not a select group of great bapksex
 As to the indebtedness of a Demo Gratic CongresB Rnd Democtatic ad- nfnistration to the Republican party for the baaac ideas of the Federal Re serve sysoem. I am content to set lover against MT. Hughes superficial assertions the deliberate statements Sf the Chairman of the Banking and Currency Commfttee of the House of Representatives I am told that MT. G1aas personally 1xuttnized every sen- ,tenoe of tho Fedeza1 Reserve Act from 1ts inception to the moment of its pas sage and was a participant in every d1scusdon affecting any provision of fhe Act Speaking in the House re- csntty, Mn G4ass made the unchA1- t1enged aseart1on that:
 The A1dr1ch Monetary Commission bhzed no way and furnished no pat tern for banking and currency reform under the Wilson administration The Monetary Commission cost the Gov srnment nearly 3sse, ,0c0-the exact Amount beanS $7s7, s7,25s-S5-and delay cd the enactment of comprehensive bszarfng and currency legislation for five years and a halt
 Aof the expenditure indicated, $1o2,-