Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-10-28
APPEAL MADE
TO LIBERALIST
BY E. WOOLLEN
Blame for Panic of 1907 Laid
at Door of Republican
Party.
MONEY ACT IS PRAISED

Reviewing the achievement of the
Democratic party under President VII
son, Evans Woollen, president of the
Fletcher Savings and Trust Company, in
a speech at the odd Fellow Hall last
night made an appeal to the liberal voters
to support the Democratic ticket.
He said:
Prior TO the first Wilson administra-
been urgently needed in this country for
fifteen years The Republican party
failed to meet that need.
One of the penalties We paid for its
failure was the panic Of 1907.
Thereafter the Republican party, under
the leadership of Senator Aldrich. gave
attention to the subject, but without
legislative result.
1t remained for the Democratlc party
under the leadership of Woodrow VIII
son. to give US real banking and currency
reform.
This wss accomplished by the passage
of the Fedora! Reserve act. The banking
system established under that act is I'M
surpassed.
Indeed, England's foremost banker, Sir
Edward Holden. has said that 1t sur
passes in strength and excellence any
other banking system In the world. 49,
Without it the financial burden OF the
war could hardly have been sustained
With it this country alone OF the being
erents came through the war free from
banking or currency disorder. and win
the gold standard maintained.
This was in the face of the fGct too
that besides carrying our own burden, we
lent ten billions to the allies
We owe it also to this great piece OF
Democratic legislation that tie country
is free from any fear Of panic as that
OF 1907.
There can be no more currency fam
ines, for the law has provided the ready
- oil a r.
rency the country's business may need.
Now, the enactment of that law and
the esta bliShment hereunder of bank
ing system surprising in strength anu
excellence any other system In the
world" was, an accomplishment OF su-
preme Importance, one for which the
Democratic party should have grateful
commentator.
And Republican partisanship which
withholds that commendation is mean
Httleness.
Another important accomplishment in
progressive legislation is the Federal
farm loan act.
1t has provided long term money for
borrowing farmers at reasonable rates.
The loans already made total over
$500, 900 600.
Being for terms ranging up to forty
years, these loans avoid for the farmer
the expense of five-year renewals and
any apprehension about being able to
get renewals.
They have been especially attractive
and helpful to tenants and others In
acquiring farm land and the law is
having its effect in solving the problem
of tenantry, and consequent soil depre-
citation and low productivity.
Other items to the credit Of the Demo
cratic party are child labor legislation
the establishment Of a nOnpaFtisan tar
III commission and OF the Federal trade
commission. the inclusion of the income
tax as a permanent part of our national
system. the creation of the Department
of Labor.
1dvse are but examples of the pro-
greSs!ve legislation the Democratic party
las enacted since 1912, legislation for
the protection of human rights not less
than for the protection of prOptrty
rights, legislation to eradicate privilege
and assure equality Of opportunity.
For the man and the woman who toll
with their hands the Democratic party,
during these eight years has done much
10 promote the realization thet labor Is
not a commodity Of the market place.
For men and women and children
everywhere the Democratic party and its
great leader have done much to promote
the realization that human liberty and
the right to live in peace are more
to make war.
And when it came to the making OF
the platforms it was natural that the re-
dictionary party should wobble and strad-
die about Il league to protect human
liberty and the right TO live In peace
natI ral that the progressive party should
dee lare outspOkenly for such league
he mind of reactiOnary type turns
away from new solutions for the new
problems
Rather and more naturally the MIND
Of reactiOnary type is looking backward
70 the good old times Of Mckinley ant
Mark Hanna and high tariff.
The mind Of progressive type on the
other hand looks the new problems IN
the face and is unafraid of new solu-
tiOns. unafrsid of a joint effort to hold
steady world wrenched from it's old
moorings.
The mind of progressive type yield,
tional pride, and yet is unafraid of inter
national cooperation, unafraid to join the
other civilized nations in a league t
promote the common good.
And whence came this idea of a league