Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1920-08-10

'GUUltul 10 transport troops ana sup
plies, at the same time according. ul-
der great stress, a satisfactory OUT
let for our industries.
1t should he remembered in this
connection that except for the motor
truck which supplemented transpor-
tation by rail, and except for tho
great pipe lines which conveyed OH
for commercial purposes. we should
not, in all probability, have been able
to throw out deciding strength into
the balance and win the war Any
attempt to discredit the federal
operations of railroads during the
years of grave emergency is unfair.
In the case of those who know the
facts it is insincere Too much can
not be said in praise Of those who
directed this work, nor OF the men
who physically operated the lines
under the discouraging conditions OF
poor equipment. But all of this is
water over the wheel. The problem
OF the railroads is still with us. The
government and the public should
render every cooperation in the ut
most good faith, to give thorough
test to private ownership. The rail-
roads have had their lesson. Gov
eminent regulation is accepted no v
as not only safeguard to the pub
| lie, but as conserving process to
the utility. Financial credit is neces-
sary to physical rehabilitation and it
should be sufficient for the periods
of maximum demand.
Water Service Available.
We should not lose sight, however.
of the vast possibilities of supple
mentary service by water. The Great
Lakes and st. Lawrence navigation
project, particularly. should claim the
interest of the government. About
One-third of our states would be sup
piled with an outlet for every ton of
their exports. The opportunity to
make of the lake harbors great ocean
ports of entry is inspiring to con-
template. In the crop-mOving period
the call on the railroads is stagger-
ing. Grain piles up in the elevators,
with StagnatiOn more or less general
the farmer sell his product under the
most unfavorable conditions. The
trackage and terminals in the middle
states particularly, are clOgged with
local movements of freight is in
evitable. The solution would be SIM
plifled by utilizing the waterways
Aside from this. the accruing gain
from every crop would be consid-
GRAFTON for the reason that the price
OF grain In this country is made by
the Chicago market and 1t is deter.
mined by the London quotations. The
price in the British metropolis is q
stated figure less the cost of trans.
portation. The routing of these com.
mOdities by water would effect q saw.
ing of approximately cents bushel
which means that American grain
would net just that much more.
For more than 40 years befor:
Woodrow Wilson was elected pres:.
dent in 1912. Q reform Of our banking
and currency system had been almost
universally demanded and he'd been
year after year deferred or refused BY
the stand-pat element Of the repub.
lican party in obedience to orders
The control Of money and interest
rates had long been held by favored
groups who were thus able to dom.
mate markets. regulate prices, favor
friends, destroy rivals, precipitate and
end panics and. In short, through
their financial, social and political
outposts. be the real rulers Of
America.
/ The federal reserve act was orig.
mated, advocated and made law by
q democratic president and congress
against the bitter protest of the re.
publican stand-patters, who almost
without exception voted against 1t
Among these men are the familiar
names of Senators Lodge, Penrose and
SmOot, the inside senate cabal re.
sponsible for the existing status in
the leadership of their party. The
federal reserve act Is admitted to be
the most constructive monetary legis.
latiOn,in history. At a stroke it trans.
ferred the power over money and
credit, and all they represent, from
one financial district out into tho
) keeping of the people themselves and
instead of one center to which all paid
tribute. there are ~ citadels of finan.
cial freedom where every citizen has
an equal right and where the prin.
ciple that the credit OF American
business shall be free in the basis OF
administration. Every citizen should
be alert to guard this great institu-
ton. which is his guarantee Of credit
independence. 1t should be kept from
the hands of those who have never
been its friends and who, by changes
ip few obscure phrases, could trans
late it into a greater power for evil
than 1t ever has been for good.
It is almost unnece ssary to speak
of the federal reserve system in con.
nection with the winning of the wa-
as, next to the conservation of OH,
manhood and womanhood itself, the
greatest factor was the marshalline
into one unit through the federal re.
serve banks of the stupendo us
wealth of America. To those of vision
who look out beyond our shores into
that commercial domain where VIC
are SO justly entitled to enter in q
time of peace, latent power of the
federal reserve system can be seen
promoting in every quarter of the
globe an ever widening flow OF
American commerce. We will soou
have merchant marine fleet of IL.
100000 tons aggregate, every ship fly.
ing the American flag and carryine
in American bottoms the products OF
mill and mine and factory and farm
This would seem to be a guarantee Of
continued prosperity.