Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-12-31
CHAPTER XXI
Reforming the Currency

Self-Willed and SO welded TO MS own
ideas that he not only does not in
vite suggestion from the outside but
that he resentS it and refuses to be
guided by it.
I feel that my daily intimacy with
him for eleven years gives me the
right to speak frankly in the mat
ter. Of course, like every great
man, he is firmly set in his op1n-
ions. He holds and cleaves to them
with a passionate devotion and ten
acity, but only after the fullest con-
sideration of all the facts and in
formation upon which he bases a
final conviction. Time and again l
have seen him CALAMITY retreat I'M
der the fire of better argument
in a matter that he had been prev
iously disposed to favor.
And what of his attitude toward
those who came to the executive Of
fees to argue with him on some VI
tai matter in which he had formed
what appeared to be an unalterablo
judgement? Never did be assume
the unfriendly or unyielding atti-
tude of the doctrinaire or the man
of single idea. recall case in
point. He was discussing the reye-
nue. situation with Representative
Claude Kitchin, of North Carolina,
at a time when it was the, subject
Of bitter controversy in the ranks
of the Democratic party. The presi-
dent and Mr.. ,Kitchin held radically
divergent ciews on this matter; the
president sought to lead the party
in one direction and Mr.. kltchln
farnkly and openly pursued an op-
posite course. I was present at this
conference. No warm friendship
ever existed between these two
men; but there was never any evil
dence of hostility in the president s
attitude toward Mr.. Kitchin. He lis
tened politely and with great deal
of patience to every argument that
Mr.. Kitchin vigorously put forward
to sustain his contention in the mat
ter, and took without wincing the
sledge-hammer blows often dealt by
Mr.. Kitchin. The president replied
to Mr. Kitchin's arguments in an
open, frank manner and invited him
to the fullest possible discussion of
| the matter.
How He Took a Defeat
recall the conclusion of this in
terview, when it seemed that, haV'
| ing driven the president from point
to point, Mr.. Kitchin was the vic
tor. There was no disappointment
or chagrin evident in the president
manner as he faced Mr.. Kitchin to
accept his defeat. He met it III
true sportsmanlike fashion. At the
conclusion of Mr.. Kitchin'S argu
ment the president literally threw
up his hands and said, quietly, with
out showing a trace Of disappoint
ment: 81 surrender. Mr.. Kitchin
You have beaten me. 1 shall in
| form my friends on the bill that !
was mistaken and shall instruct
them, Of course, to follow you in
this matter"
I could crowd this chapter with
similar incidents, but it would be a
work of supererogatfon.
Never before was Mr.. Wilson 5
open-minded desire to apply in prac,
tice the principle of common coun
] sci better illustrated than in his
handling of the important work in
connection with the establishment
of the federal reserve act, the key
stone of the great arch Of the Dem
ocratic administration. 1t was the
first item in his program to set
business free in America and to es.
tablish it upon a firm and perma'
nent basis. He aptly said to me.
when he first discussed the basic
reason for the legislation, he wished
not only to set business free in
America, but he desired also to take
away from certain financial inter
ests in the country the power they
| had unjustly exercised OF ''hazing'
the Democratic party at every presi
Dental election.
Shortly after the presidential cleo.
ton in 1912, while he was burdened
with the responsibilities of the ex
ocutive office at Trenton, N. j., he
quickly began, in collaboration with
that fine, able, resourceful Virginian,
Representative Carter Glass, then
chairman of the banking and cur
rency committee of the house, the
| preparation of the federal reserve
thanking currency act. For hours al
the executive Office in Trenton the
Virginia congressman conferred with
! the governor of New Jersey over the
! preliminary drafts Of the most vital
piece of legislation. For days the
work of preparation was carried on
so that, when Mr.. Wilson arrived in
| Washington to take up, the duties OF
| the presidency, the banking and cur
rency bill was in shape and ready for
| immediate introduction in the senate
and house.
No Vacation, No Recreation
Looking back over the struggle
that ensued from the time this meas
ure was introduced into the senate
| and house, often wonder if the PEG
pie "back home" especially the varl
Gus business interests of the country
who have been saved from financia
disaster by this admirable and whole
some piece Of legislation, ever real
lied the painstaking labor and in
dustry, night and day, which Wood
row Wilson, in addition to his other
mUltitudinous duties, put upon this
task. Could they but understand the
character of the opposition he faced
even in his own party ranks, anC
| how in the midst of one of Washing
toms most trying summers, withou,
vacation or recreation of any kind
he grappled with this problem al
most single-handed, they would, per
haps, be willing to pay tribute to the
earnestness and sincerity of this mar
who finally placed upon the statute
books one of the greatest constructive
pieces of legislation of half a cen
| tuIy. Having given his heart to this
important task, whose enactment
into law was a boon to business anc
established for the first time II
America a democracy of credit" as
he was pleased to call it, he relent
lessly pursued his object until sena
tors and representatives yielded tt
his insistent request for the enact
ment of this law, not under the
stress of the party whip, but through
arguments which he passionately
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