The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1920-06-29

! System. thcro WAS an average OF one
! bank failure every ~ days fpr Il
/ period ~ nearly 80 years. After
tho passage ~ the federal resorve
system, there were, In 1915, four
/ bank failures. IN 1915 and 1917,
three bank failures, In 1918, one
bank failure, and IN 1919, no bank
! failures AZ all The federal reserve
ayatcu, passed ovor tho opposition ~
the leaders ~ tho republican party,
enabled America tu Withstand the
strain Of war without shock or
panic. and ultimately made our
country the Kreatost credit nation Of
tho world.
Achievements In War.
And then the great war came on.
! Ultimately. by the logical steps of
| Inoccaflty our poaco-lnvlng nation
was drawn into the conflict Tho
necessary war legislation was quick.
| ~ supplied.
a war finance corporation was
created. War risk lnnurance was
provided Shipbnilding laws re-
cHta blishod Americas supremacy
upon the seas, 4 war lndustri's
board was established A war trnde
! board was created Food and fuel
regulations we're formulated Vast
Z
cationnl training was provided A
national council OF defense was Gro.
nted Industry was succesgfully
modified
Almost ovcr night the factories OF
the nation were made u part OF tho
war machine. and tho miraculous 70
vival uf the shipping Industry filled
tho ocean lanes with our Transports
Our flcot laid the North sea bar
rage. We sent fighting craft TO
every sea and brought new courage
and inventive genius TO the crucial
fight against tho U-boat
In Transporting our troops 10
France. We never lost n man con
yoyed by tho American navy.
one Of the first decisionH was be-
tween the volunteer systom" and
tho sclcctivc draft Many patriotic
citizens strongly deprecated con-
scription and dreaded It's possihili-
ties Tho administration. however.
placed It's influence behind tho
measure. secured its passage. and
made posaible the winning Of tho
war.
II proved a democratic system as
surfing equal service, equal danger
and equal opportunity At one
stroke OF the pen. bounty jumping.
and the hired substitutes that had
diHgraced the management OF tho
civil war were made impossible
The selection OF men 20 10 10 tho
front was placed not merely in tho
hands Of tho civil authorities. but
actually In the hands Of the friends
ana ncighhors Of men eligible for
service. No fundamental law was
ever administered with such -cru-
nIIlnIu hnnAE Nnt hR.aVA. AF
scandal touched this legislation: and
40 chcerfully was II accepted that
today. tho term draft dodger" is
an epithet OF reproach In any com
munlty. sxV4y
Pcrshing Chosen.
Pnrtisanship was put aside in the
selection OF General pershinR ns
leader Of our forces and no mill
tary commander In history was ever
given u freor hand or more unfiag-
eing support. The policy Of select
Ing officers through training camps
avoided the use OF political favor
ties and guaranteed competent lend
ership for the youths OF the land.
Ten million men were rcgistered
within three months from the dec
laration Of war ana 80 camp cities.
complete In every municipal detail.
were built In 30 days.
In France, we had to construct
our own docks. railroad lines, stor-
age depots. hospitals and ordnance
bases. We had TO cut down the for
ests for our barracks. In June, two
months after the declaration OF war.
our fighting mon were In France,
In october, Americans were on the
firing limo; In scarcely more than
q year. we had two million men In
France, had whipped the enemy at