A Record of Achievement the First Ten Months of Woodrow Wilsons Administration
A Record of Achievement the First Ten Months of Woodrow Wilsons Administration
Robert Latham Owen
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GREATER THAN THE PANAMA CANAL By MORETON FEEWEN (An international authority, who enthusiastically approves the cur- rency law. ) Moreton Frewen, an international writer on economical problems, tariffs and exchanges, in analyzing the new currency legislation says that it is a bigger thing by all odds for the world's trade than the construction of the Panama Canal. He adds: "Here is Uncle Sam with the power over a hundred Morgans entering the bill discounting business, and prepared to do the worl...d's business. Therefore, every banker knows that stringency and contraction have disappeared and that a new day has dawned. "Could there be anything more striking to show the internation- ality of these money problems than that a local act should have re- stored confidence and vigor to every bourse in Europe? What was done Christmas week will make money cheap here and business will expand for a long time. It will have an effect for at least four years. "The passage of the American currency act was a greater discovery than half a dozen new African gold fields.
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