Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1920-08-09
Candidate COx'S
Speech Of Acceptance
CONTINUED from PAGE Fivel

less the cost of transportation. The
routing Of these commodities by Wa
ter would effect saving of approx
mately eight cents a bushel, which
means that American grain would
net just that much more.
For N ore Than Forty Years be-
lore woodrow Wilson was elected
president in 1012, a reform of our
banking and currency system had
been almost universally demanded
and had been year after year de-
ferred or refused by 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 to dominate markets,
regulate prices. favor friends, de-
stroy rivals, precipitate and end pam
les and in short through their finan-
cial. social and political outposts, be
the real rulers Of America The Fed
eral Reserve act was originated. ad-
Vocated and made law by a Demo-
ciatic President and congress.
Nro~'tA't VIZ blttCi pIOt6StS OF the
Republican stand-patters. who al
most without exception voted against
1T. Among these men are the fami-
liar names of Senators Lodge. Pen
rose and Smott. the inside senate
cabal responsible for the existing
status in the leadership of their
party. The Federal Reserve act is
admitted to be the most constructive
monetary legislation in history. At
stroke it transferred the power
over money and credit and all thcv
represent, from one financial district
out into the keeping of the people
themselves and instead of one centar
to which all paid tribute, there were
IL citadels of financial freedom
where every citizen 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 10
guard this great institution which is
ms guarantee OF credit independence.
1t should be kept from the hands
or those who, have never been its
Trends, and who by changes in a
few obscure phrases could translate
~ into greater power for evil than
1t ever has been for good. 1t is almost
unnecessary to speak of the Federal
Reserve system in connection with
the winning of the war, as, next to
the conservation of our manhood
and womanhood itself. the greatest
FACTOR was the marshalling 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 to enter in a time of
peace. latent power of the Federal
Reserve system can be seen promot-
ing the American flag and carrying
IN American bottoms the products of
mill and mine and factory and farm.
This would seem to be a guarantee
Of continued prosperity. Our facili-
ties for exchange and credit. how
ever, in foreign parts, should be en-
larged and under the federal reserve
system, banks should be established
in important trading centers. am
impressed also. with the importance
OF improving, if not recognizing our
consular service. The certain in
crease in foreign trade would seem
to demand it. This suggests an
other change. Our, ambassadors to
foreign countries have had assigned
to them a military and a naval at
tache. The staff should be enlarged
so as to include an officer of the gov
eminent whose exclusive duty would
be to make observation and report
and improvement in
educational and social problems
generally.
Government Bureaus during the
war had close contact with the
business organization of the country.
That experience revealed the med
ern need of reorganization along
purely business lines. The advan-