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what might have been done, and have no desire to indulge in captious criticism. The floating of the bonds at such a low rate of interest was a tremendous achievement of which the country has reason to be proud. But we must face the

consequences.

We are now living in a period of inflation. The real test of the soundness of the present Banking System will depend on how we are to meet the situation in the trying years ahead of us. The banking system which never contracts and always expands will give trouble.

The practical way to meet the situation is to encourage thrift, economy and increased production. The rate of discount at the reserve banks necessarily had to be raised to help bring about deflation, and at this particular time to enable those banks to provide the necessary funds for moving the crops in the approaching fall.

The success of the system will depend largely upon the wisdom, the courage and foresight of the members of the Federal Reserve Board upon whom such extraordinary powers have been conferred. In the discharge of their exceedingly difficult and important duties they are entitled to receive the earnest and active support of the people of the United States.

I have now attempted to show how two of the defects in the national banking law are sought to be corrected by the federal reserve banking law. The other defect I spoke of, namely, the lack of any legal method whereby the banks may co-operate for their mutual protection, as well as for the stabilization of the general credit condition of the country, is obviously provided by the organization of the federal reserve banks, and the linking of them together in an harmonious whole through the Federal Reserve Board. The whole organization is modeled on political system. We have the individual banks corresponding to our cities and counties in our political system, they are joined together in Federal Reserve banks corresponding to our states, and in turn those banks are joined together under the Federal Reserve Board just as our states are united under the Federal Government.

Our

The enactment of the Federal reserve banking law marks a real and substantial advance in our financial history, and it is to be hoped and expected that as further practical experience of its operation and discussion of its provisions may develop the necessity for modifications or amendments that they be made before disaster or misfortune overtakes the system. It is for that purpose and that purpose only that I have ventured

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to suggest some possible defects in the law. It is the duty of all patriotic citizens to aid and assist in making our banking system as nearly perfect as possible to the end that after more than 100 years of experimenting in banking systems we may finally establish a banking system worthy of the wealth, the power and the dignity of the United States.

As a result of the world war we have been converted from a debtor into a creditor nation. The struggling nations of Europe are looking to us for material, moral and financial assistance. New and grave duties have come to us by reason of our wealth and our participation in the world war which we cannot and must not evade. If we are to meet and discharge those duties and at the same time maintain the commanding position in the financial affairs of the world that we have attained, we must keep our financial house in order. The reserve banking law provides an organization that will it is earnestly hoped accomplish that purpose.

The Smell of Fish.

Morris Hilquitt, the noted New York lawyer, said in a discussion of profiteering.

"The suggestions for the bringing down of prices that our rich merchants and manufacturers offer to the poor have a fishy smell. They remind me of Hyena Parker.

"Hyena Parker, the railroad king, sat in his office one day when his secretary entered and said respectfully:

""You asked me to speak to you, sir, about faithful old John Doe. Old John, after fortyeight years of faithful service, has caved in at last. He'll never work again, and it has been suggested' the secretary coughed 'that we-er-that we might do something for him, sir.'

"Humph. You say forty-eight years' service?' "'Yes, sir.'

In all the world of words, the two at the head of this paper, more, perhaps than and others, stands for democracy.

Civilization is the Constitution of democracy and Liberty is its Bill of Rights.

There can be no democracy without civilization. Neither can there be a democracy where the people do not have liberty. Collective and individually we in America believe in democracy, and claim that our government is a democracy; that is, that the supreme power and the divine right to govern are not in some king, but are in and to be exercised by the people.

In fact, all the civilized peoples of the world, no matter by what name their particular scheme of government is called, and struggling for and toward some sort of democracy.

When our parent colonies tore themselves loose from England by the seven hard years of the Revolutionary War, they did it because the things which they had fled from Europe to escape had pursued them into this country and had made conditions so unbearable that the bitter cold, and hunger and rags, and death itself in the American army of freedom seemed preferable.

When that freedom from the old world domination and tyranny of taxation without representation was won, Washington and Hamilton and Madison and the other delegates, set out to write a constitution and institute a democraite form of government, for the purpose of making secure to all the people those rights which Hancock and Adams and Franklin and Jefferson and their associates had written into the Declaration of Independence as unalienable,-—“Life, Liberty and the pursuit of Happiness."

These things are the very fundamentals of our civil life; and yet how many people know anything about the quality or the quantity of civilizing that a man must have to fit him to be one of the people who rule? What man is there among us who is willing to so limit his own desires that he can write a single definition of liberty that he will say shall be the controlling rule of conduct and civil association not only for himself and his friends, but also for those who differ with him, and for the stranger?

It is because the lives of men and the history of day-by-day events show that men either know little about the course and growth of a civilization, and little about the true meaning of Liberty, or else that they are willing to ignore the warnings of even visible danger signals, that I want to talk to you about Civilization and Liberty, not scientifically and abstrusely, but as a close-up, intimate every-day matters that must be known

to and understood by every man and every woman, too, who belongs to the ruling class,-the people, if our democracy shall survive to us and our children.

Addresses on occasions like this are valuable, chiefly because they may start some new line of thought, which ripens into action by the hearer. The consequences that flow from the unwise conduct of ignorant men are no worse than the consequences that flow from the conduct of those who know better but who purposely or carelessly do a wrong; but the processes that must be gone through to work a correction are quite different. The first must have his knowledge improved, and the latter must have his moral standards corrected. Unfortunately the world just now is confronted by serious conditions that are the product of a combination in many instances of ignorance and conscious wrongdoing.

While we are inclined to charge up all our present embarrassments to those responsible for the late war, yet this is an erroneous process that must not be indulged; and if we do not know the real cause of our trobules we shall never find our way to work an efficacious cure. In any field of healing the man, who, by diagnosis, is able to discover the cause and seat of the ailment must go before the man who applies the remedy. The war may have hastened results, because the weakening or breaking up of the old established order caused by the necessity of waging war on on unheard-of scale, gave opportunity for the crystallization of forces long in the making and opposed to government in almost every country. Some governments were strong enough to resist; others went by the board. A socialistic government was established in Germany,and the socalled bolshevist government in Russia; and through the outcropping during the war and the activities in our own country following the revolutions abroad, we have come to a realization of the fact that we have taken into the national body an indigestible and irritating mass of foreign matter.

I have not the time and it is not my practice to discuss the Russian soviets or the so-called People's Councils; but just as food for thought for those who believe that we ought to have something of that sort in America, it may be noted in passing what John Spargo said in the May "Harper's." He showed that placing factories and other means of production under the control of the soviets was followed by utter inefficiency and demoralization through inattention and incompetency. This resulted in turning the industries over to managers and giving them

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dictatorial powers, and finally the nationalization of industry. Strikes were declared to be treason against the state and were suppressed with all its power. A leading social-democrat, reporting to his fellows in Germany, said that soviet government no longer existed in Russia; that capitalism had been reintroduced in Russia. A Bolshevist organ published the statement that in a town of less than 140,000 inhabitants 41,000 persons employed in administrative departments alone, while nearly 20,000 more were connected with various public service commissions, etc. These conspicuous failures of a kind of government which some among us seem to think would be a fine experiment for America led Spargo to say:

As one of the millions who have seen in Socialism the hope of a larger individualism, I frankly admit that I would rather be hungry in any capitalistic nation I know of than to be ever so well fed in such a servile Utopia.

Reports from an American newspaper's foreign service go farther and say more damning things:

*

The Russian revolution in the hands of Lenin and Trotsky has fastened upon the Russ an people a new tyranny, which is not restoring the Russian energies but sapping them, * * and which has maintained itself by the cruelties and oppressions of a ruthless minority. No private liberties which western capitalistic democracies have set up have been respected under the dictatorship of the proletariat; neither free speech, free press, nor free assembly.

A foreign correspondent of the Chicago Tribune, who wrote the above, said to Emma Goldman, deported by the United States to Russia, speaking of the Russian government, "It is rotten," to which she replied:

You are right, it is rotten, but it is what we should have expected. We always knew the Marxian theory was impossible, a breeder of tyranny.

The above statements and conclusions lead one to suspect that the following humorous quotation from a New York paper may contain as much of fact as of humor:

A correspendent of the New York Sun quotes a Russian as declaring: "In our Russia there is no religion, no czar, no money, no property, no commerce, no happiness, no safety, only freedom."

So far as possible we should keep informed as to civil political conditions everywhere in the

world, but I am today chiefly concerned about conditions within our own borders,-our civilization and our liberties.

If I believed in the total depravity of man, 1 would believe that all civilization is artificial; but I do not believe in either proposition.

I believe that at the very bottom of the brain power in man to think, to reason, to do things and to direct the course of life, there is, as a necessary part of that power, the capacity to appreciate the moral quality of truth. Civilization is but the growth of man's knowledge of the truths of nature. "Know the truth and the truth shall make you free," is only a short way of saying, "Know the truth and thereby you will become civilized, and by becoming civilized you will be free."

Our liberties must increase with the improvement of civilization. If we neglect our duty to civilization we endanger our liberties.

These statements seem commonplace, and I would not have the temerity to recall them to your attention if it were not for the fact that most men who use the word "Liberty" seem to have no conception of any relation between it and "Civilization" and no realization of the fact that our "jungle" definition of it must be much restricted.

I saw carried down one of the great thoroughfares of Chicago, during the crowded hour, and by a young woman, a banner upon which were printed in big bold type the words, "There is no liberty in America." She was not promulgating the foolish idea of a single ignorant brain, but seemed to be one of a numerous band of women presenting a variety of banners, each bearing some criticism of our government. If I had not seen this with my own eyes I would not have believed that any woman or any body of women could have any such belief,-in the face of the fact that the limitations upon the rights of women and the disabilities under which they have lived for centuries, and to which they are still subject in many countries, have been almost wholly swept away under the freedom of our Constitution and our flag. But the fact that women think that way, and the fact that there are many similarly foolish notions that are influencing the conduct and utterances of many people within our borders,-some of them our own citizens and some of them not,-makes it proper for us to find out whether our civilization is the thing the fathers planned for us, and whether our liberties are in any way impaired or even endangered.