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Show FEDERAL RESERVE i ACT ISSI0NE0 II With Few Strokes of Pen President Connects Measure Meas-ure Into Law. DELIVERS SHORT SPEECH Expresses Deep Gratification Over Passage of Bill and Admiration for Leaders. Washington, D. C. Dec. 24. With a few strokes of the pen. at 6 o'clock last evening, the president converted Into law the measure to be known as the federal reserve act. re-orgsn Izlns the nation's banking and currency curren-cy system and furnishing, In the words of the president, "the machinery machine-ry for free and elastic and uncontrolled uncon-trolled credits, put at the disposal of the merchants and manufacturers of this country for the first time In fifty years." An enthusiastic applause ran through the ceremony not only as tho president affixed his signature. Hn but as he delivered an extempora neous speocn cuaracterizing me ae-slre ae-slre of the administration to take common com-mon counsel with the business men cf the country and the latter's efforts ef-forts to meet the government's ad vances as "the constitution ol peace." The event came at the close of a day of rejoicing In the national capital capi-tal for congress had recessed for two weeks for the first time since it con vened last April The Democratic leaders were Jubilant because they had completed two big pieces of legislation leg-islation the tariff and the currency reform In nine months a perform ance which they considered unprecedented unprece-dented in the history of the country. Great Team Work Gratifying. "I need not tell you," said the president pres-ident to the assembled group, as he took up his pen. "that I feel a very-deep very-deep gratification at being able lo sign this bill and I feel that 1 ought to express very heartily the admiration I have for the men who have made it possible for me to sign this bill There have been currents and counter-currents but the stream has moved forward. I think that we owe special admiration to the patience and the leadership and the skill and the force of the chairman of the two committees and behind them have stood the committees themselves ex ercislng scrutin, and careful thought in this matter which undoubtedly has I redounded to the benefit of the bill I itself Then there has grown as we have advanced with this business aud the great piece of business which preceded it. evidences of team work that to my mind have been very no table indeed Only constructive ac tlon, only the action which accomplishes accom-plishes something fills men with the enthusiasm of co-operatUn and I think that at tins sesjs.on ot congress we have witnessed an accumulating pleasure and enthusiasm on the part of the membership of both houses in seeing substantial and lasting tluugs accomplished. , Praises Republican Action. it is a matter or real gratification j to me that in the case of this bid there should have been so consider able a number of Republican votes cast for it. Ml ?reat measures under un-der our system of government are of necessity party measures for the pat is o! the majority Is responsible for their origination and their passage but this cannot be called a partisan measure. It has been relieved ot all intimation of that sort by the rordial co-operation of men on the other side of the two houses who have acted with us and have given ,.-iv substantial reasons and very In telllgent reasons for acting with us So that I think we can go home With tne feeling thai we are in better spirit spir-it - for public service than we were irhen we convened in April Series of Constructive Measures. j 'As for the bill itself. I feel that we can say that It 16 the first of a series J of constructive measures by which the Democratic party will Bhow that i knows QOV to serve the country lu callliiK it 'he first of a series of. consecutive measures. I need not say ! that I am not casting any reflections ,,ii the great tariff bill which preceded It The tariff bill was meant to re- ; move those impediments to American industry and prosperity which had so long stood In their way. It VU n great piece of preparation for tho achievements of American ommerce LQd American industry which are certain cer-tain to follow Then came upon tho heels of It this bill which furnish- the machinery for free and elastic and uncontrolled credits put at the l Bp sal of fie merchants and manu- j f. - Hirers of this country for the first time in fifty years I was refresh in it) n memory on the passage of the National bank law which came In two pieces, as you know, in February, of 1868, and in June of 164; It is Just fifty years axo since that meas- jl iiro suitable for that time was paed, and it has inken us more than a generation and a half to come to an understanding as to the readjustments readjust-ments which were nwecssary for our j own time But we haV nBacJted 1 those readjustments 1. myself have ilways felt when the Democratic par- ffi tj was criticised as not knowing ho v j to serve the business interests of the i country that there was no use In replying to that in words. The only satisfactory reply wab In action. We u written the first chapter of that i P Favored by Circumstances. j We are greatly favored by the cir- B. HUB stances of our time We come it the end of a day of contest, at ihe end of a day when we have betn scrutinizing the processes of our busi (Continued on Page 5) FEDERAL RESERVE ACT ISMGNED (Continued from Pago l) nc-ss, scrutinizing thorn with critical and sometimes with hostile eye. We have slowly been coming to this time which has now happily arrived when there la a common recognition of the things that it Ib undesirable should be done In business. What we are proceeding to do now is tq organize our peace. Is to make our prosperity not ouly stable but fre to have an unimpeded momentum. It la so obvious that it ought not to neeo to be stated that nothing can be good for the country shlch is not good for all of the country. Nothing an b? for tho Interest of the coun try which Is not In the Interest ol everybody, therefore, the day of accommodation ac-commodation and of concession and of common understanding Is tho day i of peace and achievement 'of neces lty. We hae come to the begin nlng of that day. Men are no longer resisting the conclusions which tbe nation has arrived at as to the necessity ne-cessity of readjustments o; Its busi ness. Business men of all sorts are' """"'"B tueir wuungncss to come in to this arrangement which I venture to characterize as the constitution ol peace So that by common counsel and by the accumulating force of cooperation co-operation we are going to seek more and more to 3ene the country. Surprised at Public Opinion. "I have been surprised at the sud den acceptance of this measure bv public opinion everywhere I say surprised because it seems as if it had suddenly become obiious to men who had looked at It with too critical an eye that it was really meant In their Interest They have opened their eyes to see a thing which they had supposed to bo hostile to be friendly and serviceable exactly what we Intended it to be and what we shall intend all our legislation to be. The men who have fought for this measure have fought for these accommodations which are going to secure us In prosperity and peace Nobody can be the friend of any class In America In the same sense of be Ing the enemy of any other class. You ran only be the friend of one clas3 by following the lines by which it can accommodate itself to the other classes. The lines of help are always al-ways tbe lines of accommodation. It is in this spirit, therefore, that we rejoice together tonight and 1 cannot say with what deep emotions of gratitude I feel that I have had a part In completing a work which I think will be of lasting benefit to tho business of tho country " The scene at the signing of the measure was not unlike that which attended the completion of the tarifl law The conferonce report on the bill which had passed the house last night by an overwhelming vote, was likewise adopted by the senate this afternootn by a voto of 43 to 25 Republicans Re-publicans voting again with the Democrats Demo-crats Tho engrossed bill, with the signatures of the vice president and the speaker of the house, were finally brought to the White House shortly before 5 o'clock. Group Witnessing Signing, By 6 o'clock, the hour set for the ceremony, Speaker Clark Represen tative Underwood. Senator Owen and Representative Glass, Secretaries Mc Adoo. Garrison. Daniels and Lane, and Wilson, and Postmaster General Bur leson were grouped around the president pres-ident s desk, and In front of him crowded members of congress and many government officials. The group also Included Mrs Wilson and her daughters, Mrs McAdoo and Mrs Owen. There was an atmosphere of Joyousnesi! rather than solemnity ap parent Tbe president Inquired i( Senator James had come The husky form of the Kentuck senator appeared appear-ed from behind the crowd and some one remarked" Four Gold Pens, "A majority of the senate has now-arrived. now-arrived. ' Four gold pens were used by the president in writing the bill Into law He wrote the words '23 December. 1913, approved' with ouj and used three pens In writing "Wood-row "Wood-row Wll9on:" splitting the first name Into two syllables. The last thret pens he presented to Senator Owen. Representative Glass and Secretary Mc idOO, co-authors of the measure The president answered the curiosity of the crowd as to the disposition ot the fourth with the laughing rc mark : "This is the forty per cent goid reserve." re-serve." Later it developed that Senator Chilton of West Virginia had sent up a gold pen of his own to be used in writing the date of the law. The president was in a happy humor as he slowly wrote his name. "I'm not accustomed," he said, "to j write my name In a series." "Well, the bill was made In Install S ments." suggested Senator Lewis or Illinois "Isn't that a reflection on the senate." lnqulrod Representative Glass with a laugh Senator Lewis retort was lost In the applause that followed the completion of tbe presi dent's signature as he reached his desk. The president paid tributes to the heads of the congressional com- j mittees by writing each a letter. To ' Representative Qlass he wrote. Letter to Glass. "May I not express my admiration for the way in which you have carried car-ried the fight for the currency bill to an extraordinarily successful Issue, I hope and believe that the whole country appreciates the work you have done at something like Its real value, and 1 rejoice that you have so established yourself in its confidence. lie wrote Senator Owen; "Now that the fight has come to a successful Issue Is-sue may I not extend to you my most sincere and heartfelt congratulations ; and also tell you how slncerojy I admire ad-mire the way In which you have con ducted a very difficult and trying piece of business? Tbe whole coun try owes vou a debt of gratitude aud r , admiration It has been a pleasure j to be associated with you in so great a piece of constructive legislation. Merry Xmas To All When the president concluded his speech thero was a general reception and a round of handshaking The president extended the compliments of the season to his visitors. When eervbodv had gone he cleared up hU I desk and sat thoughtfully Tor a mln ute Then he walked to the corrl I dor of bis office "Where's Pat?' he inquired and the individual ad ,'ressed. Patrirk McKenna. veteran Ororkeeper, stepped forward blushing with surprise as the president seldom comes out in the corridors. The doorkeeper looked up inquiringly. "Merry Christmas." said the pres: M dent and ho walked slowly over tc the White Mouse tn arrange for hie trip to Ne York to Pass Christian, Mississippi. |