South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-08-08
Cox Speech of acceptance

to orders. The control OF money and
interest rates had long been held
b. favored groups who were thus
able 20 dominate markets, regulate
prices favor friends, destroy rivals,
prCcipitate and end panics and In
short through their financial, social
and POLITICAL outposts. be the real
rulers Of America. The federal re-
serve act was originated, advocated
ard made a law by democratic
president and congress, against the
bitter protests OF the republican
stand-T alters who almost without
exc option voted against a. Among
these men are the familiar names
or Sens. Lodge, Penrose and Smoot.
tn INSIDE senate cabal responsible
for the existing status IN the leader
ship OF their party. The federal re-
serve act Is admitted 20 be the most
constr Uctive monetary legislation IN
h.s.Jry. At a stroke II transferred
the power over money and credit
and all they represent, from one
financial district out into the keep
ing Of the people themselves and in
stoad o. enc center 10 which all paid
tribute, there are II citadels OF
financial freedom where every cit
ize1 has an equal right and where
the principle that the credit OF
American business shall be free is
the basis OF administration. Every
citizen should be alert 70 guard this
great institution which is his guar
antee Of credit independence. II
should be kept from the hands OF
those who have never been It's
friends. and who by changes in
few obscure phrases could translate
IL into a greater power for evil than
10 ever has been for good. 1t is al
most unnecessary 20 speak or the
federal reserve system in connec-
ton with the winning OF the war,
as. next 10 the conservation OF our
manhood and womenhood itself. the
greatest factor was the marsballinS
into one unit through the federal
reserve banks OF the stupendous
wealth OF America, To those of
vision who look out beyond our
shores into that commercial domain
, where we are so Justly entitled 10
enter IN a time OF peace. latent
power OF the federal reserve system
can be seen promoting in every
| quarter OF the globe an ever-widen
| ing how OF American commerce. We
will soon have a merchant marine
/ fleet OF 100000 tons aggregate.
every ship flying the American flag
and carrying IN American bottoms
/ the products OF mill and mine and
/ factory and farm. This would seem
/ 10 be a guarantee OF continued pros
perity, Our facilities for exchange
aud credit, however. in foreign
parts. should be enlarged and under
/ the federal reserve system, banks
should be established IN important
/ trading centerA am impressed
also, with the Importance Of improv-
/ ing, II not reorganiztng our consular
service, The certain increase IN for
/ elgn trade would seem 10 demand
| it, This suggests another change.
/ Our ambassadors TO foreign coun-
/ tries have had assigned 10 them a
/ military and naval attache, The
star should be enlarged so as 20 In
| cludo IN officer OF the government
whose exclusive duty would be TO
make observation and report de-
valapmant and Improvement IN edu-
oatianal and social problems gen
! orally,
dovsrnment bureaus during the
war had close contact with the bust
meas organization OF the country.
That experience revealed the modern
need OF reorganization along purely
/ husinera lines. The advantages OF
democracy in government need not
/ no Teoounted, II has been held by
/ experts that IL involves the disad-
vantage af disbursements, authorized
] Ly the lRw-making power without
sufficient knowledge of the need OF
the service, or the possibilities OF
extrRVRgance, Tho answer TO this Is
tho budget sSstem. No successful
business enterprise Of any sire can
operate without Il, For hundred
years. the federal unit, and the states
az we'll made appropriations with
out determining the difference be-
/ 1cnNrINuED on PAGE lSl