The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-08-07
LAAzC N. cox

had been almost universally demanded and
had been year alter year deferred or refused
hy the stand pat element Of the republican
party In obedience to orders. The control
OF money and interest rates had long been
held by favored groups who were thus able
10 dominate marketA, regulate prices, favor
friends, destroy rivals, prccipitate and end
panics and In short through their financial,
social and political outpOstA be tho real
rulers Of Amrricn. The federal reserve act
was originated, advocated aud made a law
by q Democratic president. ead congress,
stand patters. who almost without exception
voted against u. Among these men are the
familiar names Of Lenators Lodge, PeErose
Sible for the existing status In the leader.
ship Of thetr party. Tit federal reserve act
IL admitted 20 bc the most constructive
monetary Legislation In history. A. q struka
Il transferred the power over money and.
credit and all they represent, from ona finan-
clal district out into the keeping Of the peo-
lhe theliselves and ins'ead OF one center 20
which all. paid tribute. there arc ~ citadels
Of financial freedom where every citizen has
an equal right and whore the principle that
the credit OF American business shall be free
4. the basis OF administration. Every citizen
should be alert 10 guard this great %institu'
ton which Is his guarantee OF credt indie
pendencc. Il 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 n into . greater power for
evil than It ever has been for good IS
NNHuHN NulittfhoANA 10 HlNNh OF inc icutfAl
reserve system In connection with tho win
Ming Of the war, ~. next TO the conservation
~ our manhood and womanhood Itself, tho
greatest factor was the marshalling into one
unit through the federal reserve banks Of
tho stnpendous wealth Of America. 10 THOSE
~ vision who look out beyond our shores
into that commercial domain whrro We are
30 justly entitled 10 enter In q time Of
peace, latent power Of the federal reserve
system can be seen promoting In every quar-
ter Of the globe an ever Widening flpw Of
American commerce. We will soon have a
merchant marine fleet OF II, OOO 900 tons
aggregate, every ship flying the American
flag aud carrying IN American bottoms the
products Of mill and mine and factory and
farm. This would seem to BE- IA guarantee
OF continued prosperity. Our facilities for
exehAnge and credit. however, In foreign
federal resnrve systepA banks should be es.
inhlished In important trading centers. L
AM impressed Rlso, with the Importance Of
improving, n not reorganixing our consular
service. The certain increase IN foreign
trade would seem TO dcmand ~ This aug
geats another change. Our amhaasadors to
foreign countries hsgc had assigned 10 them
D military and n naval atiacho. The staff
should be ENLARGED 20 A. 20 include an off
ccr Of the government Whosc e1elraive duty
would be TO make observation and report
development aud improvemtnt In educational
aud social problems generally.
O%oyerunient hureAns during The war had
vlaAe e0niaci viii tho business organization
OF The country That experience revealed tho
laodrrn need Of reorganization nlung purely
business lines. The advantages Of q de-
moeraey In government need not be seeounl