Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1916-05-06

a judiciOIs way upon a fUll nearing
and proof with respect to the items
and schedules thought necessary to be
modified, and upon such hearing ana
proof referred again to the congress
or one oil It's standing committees 50
That by separate bills such modiliea-
lions can be made as are found nee
essary without throwing the business
OF the country into the confusion and
alarm incident to a general discus
sion which has always attended a
discussion of the tariff to De modified
by one general bill
Reserve Banking Law.
Taking up the Reserve Banking
law Mr.. Woods said that the party in
power would reform the banking and
currency laws of the country and put
an end to the periodic panics, which
had hitherto characterized the tlnan-
cial system which for two generations
obtained in this country, that it was
not right under the present money
system to allow the money and cred
its of the country to flow en- masse
to the single city of New York and to
fall into the hands of a small body
of capitalists and bankers so that no
enterprise could be set on foot, no
new developments could be made and
no new great undertakings could be
financed without going to that city
to beg for money and credit, which
was never granted except upon terms
unreasonable and ofttimes oppressive
to the borrower and the business of
the country.
They did reform the banking laws
and decentralized the money system
of the country" said Mr.. Woods, and
instead of one money system they
provided for twelve central banks to-
ward which and into which the cred
its and currency of the country might
be conferred, and they set free the
millions of dollars which had been
hidden in the country and kept out of
circulation, and they provided an elias
tic currency supply so that panics and
destruction OF credit would be I'M
possible, and that the fear of panics
which used to characterize our bank
ing system has beon banisacd. This
now system has sustained the test oc-
casioned by the European war and
y
of that awful contest without impair
ment Of our credit or embarrassment
to our business or credit, and has re-
vealed to the world that we have more
money in banks and trust companies
available in this country, than all the
banks of England, France and Ger
many combined. and nearly as much
more as the banks of Russia. So that
we are able now to lend money and
give credit to every legitimate enter
prise at home and abroad.
This new law provided also for
the establishment of branches Of ma
tiona! reserve banks in foreign coun-
tries. 80 that our expanding com
MERGE in Central and South America,
in China, Japan and the Philippine Is
lands may be enlarged and facilitat-
ed by banking institutions. conduct
ed in those countries anu for the en-
largement there OF American trade
and commerce.
Parcel Post.
THE party IN power moreover en-
larged the facilities of the parcel post
system and the rural mail depart
ment OF trade and commerce and the
dissemination of intelligence and in
formation"
Bureau of Labor.
And it created and established for
the benefit of labor and industry"
he continued, "a cabinet position
called the commissioner Of labor. and
for the first time in the history of
government in this country or am
country labor has a place in the Off
cial family of the President OF the
United States, and its voice Is heard
at his counsel table This department
Of government has organized under 1t
a department Of Cancellation whereby
industrial controversies between en-
Oloyers and employees may be peace,
fully and lawfully adjusted without
the Intervention Of the courts. iniunc-
tons and restraining orders, and has
been instrumental in settling innum-
cradle industrial controversies. and
IN the avoidance of many threatened
strikes and disagreements between
employer and emRoye This depart.
ment OF our government has also ere.
ated a bureau of information ami EN-.
2loyment whereby the man without
job and the job without a man may
be brought together. thus serving
Doth laborer and capital the one to
ind employment and the other to find
the employee
Workmen'a Compensation Law.
Mr., Woods also said among other
things that he had been active as q
member OF the state senate in secur.
ing the passage Of the Workmen's
Compensation law whereby the men
engaged in extra hazardous employ.
ment in case OF injury, accident or