South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-06-14

I
democracy has kept the faith To-
day the gates of opportunity are
| open: the hosts of special privilege
stand disarmed. Today the forces of
government are encouraging. not
blocking the fun expression of the
nations progress. Today the bust
ness man. the artisan and farmer
/ find themselves free to enjoy the
! fruits of their labors, unhampered
| by the sinister power of special priv
| lege or the selfish oppression of in
visible government
OF the federal reserve act Mr..
! Glynn had this to say:
In the panic of 1907, under the
I old system. New York could not lend
a country bank $4,000 with which
to meet factory payrolls; in 1915 un-
/ der the new system, inaugurated by
| this democratic administration. New
York loaned Europe $500, 1000. 900
even though the financial centers of
+ the world were disrupted by the
! world war. and there were still left
in New York the largest bank de-
! posts in its history.
/ IF this democratic administration
/ ha6 performed no other public ser
( vice than the enactment of the fed
! eral reserve act, il would deserve the
| unStlnted approval of a grateful ma
| ton. Thanks to democracy and to
! democracy's great leader, the bust
| ness man who is struggling to estab-
| llSh himself may now work out his
| destiny without living in terror of
! panics and hard times. The toiIeTs
/ in the factory may ply his tasks in
| security. knowing that his employ
! er's business is safe from assault.
! The farmer who must borrow to
move his crops may do so without
/ spending in nightmares of foreclos
1 ure and disaster"
The Underwood tariff. declared
/ the speaker. enacted by this admin
! istration has banished greed from
| the gates Of our ports and written
/ justice into our tariff schedules.
| or all the tariffs we ever enact
| ed this is the fairest and the best.
Until the foreign war reduced
| importations no new tariff was eva,
! more satisfactory. The highest pro-
tecuve tariff ever written would
! probably have given us no more rev
enue during this European war and
I a higher tariff on raw material
! would have hampered our manufac-
! lures; higher tariff on the necessi-
ties of life would have placed a woe
fUl burden on the poor man In the
| conditions which the war abroad has
brought about.
/ BY the Underwood law this ad-
ministration has taken the tari'f cut
of politics: by the new tariff commits
sion 1t proposes to take politics cut
of the tariff"
Discusses Prosperity.
In the discussion of prosperity Mt
! Glynn made particular reference to
! our Industrial condition.
To-day prosperity shines from
I blazing furnaces and glowing FORCES.
II echoes from busy docks and from
thronged emporiums of trade Its
message Of plenty fills the land With
the chant of the spindle and f
loom. lifting the mortgage from the
poor mans home and promising his
I children a future that seemed i'm
possible before.
During the past four years this
country has experienced a steady
/ and continuous Improvement in bust
ness. Wealth has increased 21 per-
! cent. the value of manufactured pro-
ducts 80 percent capital AZ percent
| wages "a percent and exports II
percent The fiood-tide OF our pros
perity has risen 10 such an unpre-
! cedented height that the only Emit
to trade is our ability 10 make and
transport the commodities demand
ed at home and abroad. Our fields
and our factories CRY aloud for men
and unemployment has ceased TO be
I n problem. Wages have advanced
! building operations have resumed
/ real estate has recovered it's worth
There is not an idle car on our
/ railroads or an idle ship at our
docks. For the first time in history
| Americas greatest port has become
the wC~ld'S greatest port.
The purchasing power Of our
people is greater than that Of any
other people on the globe. Never
was there as much money i'm our
| vaults as today The aggregate re-
| sources Of our national banks are
! three hundred millions more than
the aggregate resources of the bank
| OF England. the bank OF France. the
! bank OF Russia. the Reichbank Of
Germany. the bank OF the Netner-
/ lands. the Swiss National bank and
the bank Of Japan. We have four
! hundred and one millions Of money
more than we had a year and a half
ago and our gold supply exceeds 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
resources and our fidelity TO peace