--Retrogression in business began very early in 1913
and increased until mid-October, 1914. On October 3, 1913, the new
Tariff had become a law; but other reforms still jostled business.
However, by mid-October, 1914, the Interstate Commerce Commission seemed
to have become less radical in its views, the Industrial Trade
Commission was at work apparently studying the essentials of the
industrial situation, the United States Supreme Court was delivering
opinions in check of indeterminate statutory meddling with business and
the splendid potential of the Reserve Bank system was offering for use.
It is hard not to overstate the vast re-assurance offered to business by
linking together the banking power of the country through the Reserve
Bank system. Just as an enormously large number of troops skilfully
thrown into an endangered--a panicky--position will ensure success, so
can the vast resources of the Reserve Bank system restore financial
order when panic fear is declaring itself. During the past two years of
threatening from the disturbances in Mexico, our country has learned to
forecast the benefit that the Reserve Bank system predicates; but our
stay and confidence has been the cool and far-seeing statesmanship of
our great President, Woodrow Wilson.
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