The Missouri herald., 1922-05-12
LOBBY INVESTIGATION.


The President charged that there
existed In Washington corrupt lobby.
The charge was true but the Presi-
dent was without evidence to sus-
tain 1t. served on the Committee
Of Investigation. Without claiming un-
due credit, l may say that largely
conducted the examination of wit
nesses, gathered the evidence and mar
shalled the facts which demonstrated
the truthfulness Of the charge made
by President Wilson. received a let.
ter Of congratulation and thanks.
CLAYTON ANTITRUST ACT.
The next great measure was the
Clayton Antitrust Act.
Against an organized effort that was
made to emasculate that bill l con-
tended with every power possessed.
The record will show that succeeded
in retaining some Of the strong provi-
sions of the bill. It was under one of
the provisions, which was inserted at
my demand, that the shoe machinery
trust was recently convicted.
THE RESERVE BANK BILL.
The Banking and Currency Bill had
been hurriedly rushed through the
House Of Representatives.
The banks of the country were
alarmed; many Of them threatened to
leave the national banking system.
Students and professors of finance
We're in CONSERVATION. 1t seemed to
me hearings were imperatively neces-
>sary. contended for them. The
President insisted that hearings should
be denied and the bill put on imme-
diate passage. Over this my first clash
with President Wilson came.
The hearings were held, and the bill
was amended 563 times. During its
progress in the Senate, and before the
Democratic caucus, Secretary McAdoo
himself began to suggest numerous
amendments, some Of them Of the most
vital character. AS the result of these
labors, the bill, In Its perfected form,
reached the President, and he declared
1t to be the best piece Of legislation
adopted in so wears.
After the hearings had been complet-
ed and the bill had begun to take final
form, gave an interview to the New
York World pointing out some of the
grave defects Of the bill and suggest
ing further amendments but stating
that the bill would be perfected and
passed. Thereupon, the President,
upon his own motion, wrote me let
ter in which, among other things, he
said:
II want to thank you very warm
ly and sincerely for your state
ment through a New York news
paper. l have felt all along the
sincere honesty and independence
Of judgment you were exercising in
this whole matter, and you may be
sure that there has never been in
my mind any criticism except nm
occasional difference Of judgment.
I think that things are now shap-
ing themselves admirably, and
! am quite willing to admit that
the processes upon which you have
insisted have contributed to that
result"
In the campaign of 1916, when the
President and myself were each rum
ming for reelection and our political
interests were In a sense mutual, was
authorized to print this letter for the
purpose Of rebutting statement which
had been circulated to the effect that
I had fought the Banking and Cur
rency Bill. Tens of thousands of
facsimile copies Of the letter were dis
tributed.
Moreover, the Democratic State plat
form of 1915 expressly commended my
work. 1t declared:
"In the framing of the federal
banking bill his (Senator Reed's)
work was that of constructive
statesman, and many Of the most
salutary provisions of that law are
I,,@ % hi vI~A
Notwithstanding this record and un-
provoked by any act Of mine, MIR. Will
son has recently seen fit to thrust HIM
self into the Missouri campaign, by a
letter written to the Globe Democrat,
in which. among other things. he
states:
clearly remember
that Mr.. Reed, as q member of the
Committee on Banking and Cur.
rency, interposed every possible
objection to the completion and
adoption of the bill. His objections
were SO many, SO varied, and ST.
inconsistent with one another,
that I recall speaking to him
about them In conversation"
That Mr.. Wilson is a man of domin-
ating temperament and impatient Of
opposition is conceded by his most
ardent admirers. His feuds with one
time friends are many. But man
should be just even In his feuds and
hatreds. 1t Is for him to explain his
thorough commendation In 1913 Of my
position on the banking bill and his
wholesale condemnation Of that posi-
tion in 1922. can stand his failure
to explain the manifest injustice he
has done me better than can he.
The former President, now a pri-
vate citizen, Is endeavOring to do In
Missouri that which he was able to
accomplish In other states when he
occupied the office of President; that
is to say, he is seeking to destroy me
because did not agree with him, just
as In the past he sought to destroy
other members of Congress who ven
tured to follow their own judgment as
to what was right.
Mr.. Wilson issa very sick man. My
sentiments toward him are not those
of animOsity but of profound SYM