of Representatives gave it the most assiduous attention from April to December 23, 1913, and are entitled to the highest measure of praise. I am especially grateful to Hon. Henry F. Hollis (N. H.), to Hon. John Shafroth (Col.), and to Hon. Atlee Pomerene (Ohio) of the Committee for their valuable services. The bill had the sympathetic support and earnest co-operation of President Wilson, of Secretary Bryan, of Secretary McAdoo, and Hon. John Skelton Williams, the assistance by suggestion of many prominent bankers and business men, and from time to time has been amended since, as experience has shown how it may be improved in its mechanism and operation. I particularly appreciated the valuable assistance of Hon. Samuel Untermyer of New York, who gave me many useful suggestions. The expansion of the Federal Reserve banks under this Act has surprised and delighted the country. Except for this Act the United States could not have adequately financed this war, and the Government of the United States would have faced a serious panic at the beginning of the war. On the final passage of the Act in the Senate, 47 Democratic Senators voted for it, none against it, while 7 Republican Senators voted for it and 34 voted against it: In the House of Representatives 248 Democrats voted for it and only one against, while 38 Republican members voted for it and 85 Republican Representatives voted against it. Nearly all of the Republicans voted for amendments suggested by the Central Bank Bill of the Monetary Commission, but every one of these hostile amendments was defeated in the Senate and in the House. Hon. John Skelton Williams, Comptroller of the Currency, in a public statement recently said, in regard to the Federal Reserve Act: "Every business man, banker and capitalist knows what it is and what it has done. It is the best financial system the world has ever seen. It has made this Nation and Government an impregnable financial force and the strongest the mind of man has devised. THAT ONE MEASURE WON THE WAR. It enabled our finances to endure, without a quiver, every shock and strain. It gave us the power to help our allies instantly and without stint when their need was sorest, with a help most needed." The opportunity to take part in framing this Act I have deeply appreciated. I am glad to yield to the suggestions of various friends and dictate this short reminiscence. I hope the little volume may prove of value in making the simple principles of the Reserve Act more clear: 1. A quick supply of elastic money, easily available; 2. Under Government control; 4. Under an interest charge to ROBERT L. OWEN. Nov. 15, 1918. |