The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1920-08-07

~ 80 PAGE FIVE ];
railroads have had ter lesson. G
eminent regulation is accepted now
not onIy~a safeguard to the public, !
at a conserving process to the utif
Financial credit is necessary to pl
steal rehabilitation and it should
sufficient for the periods of Inaximt Il
demand. We should not lose sig
! however of the vast possibilities
supplementary service by water. 7 /
Great Lakes and St Lawrence ma
! CATION project, particularly, shou
claim the interest of the goVernmer
About one-third of our states Won
be supplied with an outlet for eve;
! ton of their exports. The opportunf
to make the lake harbors great ocet
ports of entry is inspiring to confer
plate. In all the crop-moTing perio
the call ON the railroads is Stage
ing Grain piles up in the elevator
With stagnation moresor less genera
the farmer sells his product undo
the most unfavorable conditions. III
trackage and terminals in midd
states particularly, are cIogged wit
this traffic and interference with Il
! cal movements of freight is inevis
able. The solution would be sfnpl
fled by utilizing the waterways. AsId
from this, the accruing gain frof
every crop would BIO consfderatio
for the reason that the price OF grab
in this country Is made by the CilIca
go market andfft IS determined by thr
London quotations. The, price in tn
! British metropolis is "A stated flgurS
less the cost of transportation The
! routing OF these commodities by wat
er would effect a savingsof approxf
mateiy eight cents bushel, which
means that American grain would nee
! just that much more.
! Banking Reform.
For more than forty years before
Woodrow Wilson was elected presi1
dent In 1912, reform of cur banking
and currency system had been almost
universally demanded and had been.
year after year deferred or refused
by the stand-pat element Of the re-
publican party in obedience to orders
The control of money and interest
rates had long been held by favored
groups who were thus able to donai..
nate markets, regulate prices, favor
I friends, destroy rivals, precipitate
and end panics and in short through.
their financial, social and political
aoutposts, be the real rulers or Amer
lea The federal reserve act was
originated, advocated and made law
by a democratic president and con-
gress. against the bitter protests OF,
the republican stand-patters, who all
most without exception voted against
it. Among these men are the familiars
names of Senators Lodge, Penrosel
and Smoot, the inside senate cabail
responsible for the existing status in
the leadership of their party, The
federal reserve act is admitted to be
the most constructive monetary legis-i
llation in history. At q stroke It
transferred the power over money
and credit and all they represent.
from one financial district out into
the keeping of the people themselves
and instead of one center 10 which
all paid tribute, there are twelve cita.
dels of financial freedom where every
citizen has an equal right and where
the principle that the credit Of Amer
lean business shall be free is the basis
of administration. Every citizen
should be alert to guard this great
institution which is his guarantee OF
credit Independence. 1t should be
kent from the hands of those who
have never been its friends, and why
Iby changes in a few obscure phrases
could translate it into greater power
for evil than it ever has been for
good It is almost unnecessary no
sneak of the federal reserve system
s,,-~ -
in connection with the winning or
the war, as, next to the consecrat1on
of our manhood and womanhood IT.
self, the greatest factor was the mar
tshalling into one unit through the
federal reserve banks Of the stupea-
dous wealth of America. To those.o or
vision who look out beyond our shores
into that commercial domain Whefet
we are so Justly entitled to enter in
a time Of peace, latent power Of the
federal reserve system can be seen
promoting in every quarter OF the
globe an overwhelming flow of Amer,
lean commerce. We will soon have
merchant marine fleet Of Il 100000
tons aggregate, every ship flying the
American flag and carrying in Ameri-l
can bottoms the products. Of mill and
mine and factory and farm. This
would seem to be a guarantee of con-
tinued prosperity. Our facilities for
exchange and credit, however. in
foreign parts, should be enlarged and
under the federal reserve system,
banks should be established in 1mpor-
tant trading centers. | am impressed
also, with the Importance Of improV-
ing, If not reorganiZing our consular
service The certain Increase in
foreign trade would seem to demand
it This suggests another change.
Our ambassadors to foreign countries.
have had assigned to them military
and a naval attache The staff should
he enlarged so as TO include an officer,
Of the government whose exclusive
duty would be to make observation
and report development and improve
ment in educational and social PROP
lens generally.
. Government bureaus during the
war had close contact with the busi-
ness organization Of the country,
That experience revealed the modern
need of reorgan fzation along purely