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Copyright Photograph by Harris & Ewing, Washington. From Paul Thompson, New York.

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President Wilson Signing the Federal Reserve Act -THE LAW THAT ABOLISHED PANICS

Why Business Men Will Vote

for Wilson

The Constructive DOMESTIC Legislation which
has Created Prosperity and Made for its Permanence

T HE outstanding feature of the 1916 arise from conditions which made themselves

Presidental campaign is that many evident after his adjustment to his office. They I thousands of Progressives and Re- feel that never before in the history of the publicans are openly supporting President nation have so many vitally necessary and so Wilson and advocating a continuance of his completely sound economic reforms been enacted policies.

into laws in so short a time. An astonishingly large proportion of these These views and the reasons for them can are the heads of our most important industries not fail to merit your earnest consideration, which do an inter-state business. They are since they are the views of Mr. Wilson's former your kind of business men. They believe that political opponents, important men who do not the marvelous business development of this change their minds easily, but who, in this nation during the last two years is due to the instance, have had overwhelming cause to do policies of Mr. Wilson and not to the war in so. They have changed their minds—they will Europe. You will doubtless challenge this, but vote for Mr. Wilson, and here are the reasons read a little further and you will see the proof. why. These business men feel that he has caused to In two years our national wealth has inbe enacted legislation which the country needed creased $41,000,000,000. This is approxidesperately and which, in spite of promises, it mately $410 per capita, an increase beyond failed to get under other administrations. They parallel in any other period of the nation's feel that he has far exceeded his campaign history. Bank deposits have increased 24% pledges — that, unlike predecessors, he has over 1912. The trade balance in favor of the created helpful laws as he found the need to nation has increased 227% over 1912. Our

Our national wealth has increased $41,000,000,000 in two years. This is NOT due to the war. What DID it ?

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agricultural exports have increased 44.1%. 000,000 during the same period, or nearly Our manufactured exports have increased twenty times our foreign trade balance. Giving 55%. Farm lands have increased in valua- the war credit for all our increase of exports, tion 12.7% over 1912. Employees of man- it is still evident that the staggering amount ufacturing industries have increased 23.2% of over $38,000,000,000 increase in national over 1912. The value of our manufactured wealth in two years is due to interior condiproducts has increased $9,400,000,000, or 41.2% tions-domestic prosperity. over 1912. The very magnitude of these And domestic prosperity can be due only figures makes it difficult to comprehend their to domestic causes, and powerful indeed must true significance. Labor leaders have made be the causes to produce so unprecedented an the statement that never before in the history increase in prosperity in the unprecedentedly of the world have so many people been given short space of two years. steady employment at such high wages, under Here are the causes : Mr. Wilson has from conditions so satisfactory as in this country his first days of office shown the keenest solicito-day.

tude for the business of the nation. In New York State the number of factory He early formulated the policy of compellemployees was 21% greater in April, 1916, ing big business to correct its own abuses than in April, 1915. This condition is typical where abuses existed. The Department of of that in industrial centres throughout the Justice has been coldly just and absolutely nation.

relentless in the prosecution of criminal interThis is not a sectional prosperity. It is ests and individuals. But it has taken firm national. Neither is it a class prosperity bene. yet friendly counsel with interests whose pracfiting some at the expense of others. Farmers, tices were legitimate. Not only has this been working men-skilled and unskilled, manu- a direct benefit to the country at large, which facturers, merchants, transportation lines, public has been protected from predatory short cuts service corporations, all have had their pro- by great interests, but it has placed these inportion—the makers and the distributors, all terests themselves on the sure, safe foundation have shared in the unprecedented trade vol- of justice, right and fair dealing ; changed ume.

many a short-sighted get-rich-quick policy to

an enduring soundness which is immune from FACTS ABOUT WAR PROFITS

attack through its very qualities of fairness The war has helped the country-in spots. and clean methods. And the interests so reThere is no argument about that. But few constructed are vastly sounder and safer finanrealize how very small are our benefits from cially through this enforced reconstruction of the war compared with the mighty volume of policy from within. trade increase. Here are the figures. Our munitions ex

RESTORING CONFIDENCE ports are $480,000,000 for the fiscal year, or Capital has been encouraged in all legitionly one per cent of our manufactured products. mate enterprises, instead of being discouraged The manufactured products have increased and intimidated. Mr. Wilson has made busi$9,400,000,000 for 1916 over 1912. Deductness ethics, business decency, business morality the munitions business from this total, and there and business humanitarianism nationally fashis still an increase of $8,920,000,000 in manu ionable to our everlasting credit. The figfactured products over 1912.

ures above prove how very profitable it has It is true that our exports of other com- been. modities, foodstuffs, agricultural machinery and We cried for years about a nation-wide lack the like have been increased both to coun- of confidence. Mr. Wilson recognized the tries at peace and at war by the paralyzing of need-Mr. Wilson restored confidence. European industries during war time. But Mr. Wilson has kept us out of war-and here again our benefit is but a small percent with honor and dignity. He gave us the chance age of the trade increase. Our foreign trade to take advantage of the unparalleled oppor. balance, the excess of our exports over our tunities for business increase within our own imports, has increased $2,130,000,000 during borders. The expansion of our trade to forthe two years of war. For the sake of con- eign countries is a splendid thing. The men servatism, let us assume that this entire foreign engaged in it are doing a work for which the trade balance is due to war conditions. Still, nation will be deeply indebted to them in years our national wealth has increased $41,000,- to come. But it is well to remember that this

The Outlook Advertising Section


country is so young, its confines so wide, its fluid mobilization of banking resources at natural resources so beyond estimate, its op needed points, which this law made possible. portunities for self-development so vast, its By its provisions not one bank was obliged to powers of consumption of both agricultural call the loans of one merchant, at a time when and manufactured products so astounding, the money centres of the world were shut up that we could even wipe out our own exports almost over night. This one piece of legislacompletely and still have prosperity with us tion, which has made panics almost impossible, through the encouragement and extension of stands out in value far beyond any constructive our home industries and home consumption. legislation which any other administration has The increase of manufactured products alone ever given us. was more during a single year by the volume No. 2. The Rural Credit Bill, which for the of $3,886,000,000 than our combined agri- first time puts the farmer on a plane with other cultural and manufactured exports during business men in the enjoyment of credit facilitwenty months—a period nearly twice as long. ties adapted to his needs—a situation provided And this increase was consumed within the over a generation ago for every other business confines of our own nation, an easy and natural of the country by the National Bank Act. market.

No. 3. The Income Tax Law, which takes This is an indication of how we can prosper from the extraordinarily rich a largely increased at home if helped by constructive legislation, amount toward the expenses of a Government how Mr. Wilson's sound administrative policy that operates for their benefit in safeguarding has helped us when we were sadly in need the investments on which the balance of their of help. It must not be taken to decry the incomes depend. value of building up our export trade on which No. 4. The Federal Trade Cominission Act, the ultimate prosperity of the nation will un- for the protection of the public and the business questionably depend. *

man as well —which is framed to prevent unfairness in competition, injustice in any industrial

operation. It assures a constant study of busiWHAT MADE EXPANSION POSSIBLE

ness conditions that they may be improved for That expansion of home business, which far

vested capital, manufacturers, distributors, the exceeds the prophecy of any optimist, is what

wage earners, and the consumers.

No. 5. The Clayton Bill, which makes clear, Mr. Wilson made possible for us by keeping us out of war. Taking the coldly material

simple rules of the alarming and threatening side of it alone, leaving out the horrors of

vagueness of the Sherman Law—which predeath and mutilation, the nation-wide sadness

vents monopoly through the control of one of devastated homes, Mr. Wilson has brought

corporation by another, which restricts the us Prosperity by assuring us Peace. And this

abuses that have in the past arisen from interhe has done through the most trying period the

locking directorates, which decrees that “ The world has ever known, though he was perplexed

labor of a human being is not a commodity nor and beset with complications from every side.

article of commerce.”

No. 6. The Good Roads Law, which gives And we must be forever indebted to Mr. Wilson for saving the lives of countless thousands of

to the states Federal aid in building roads and

which will inevitably make more accessible the our sons. Now see the enduring foundation of des

farm lands of the nation, increase their value

and decrease the operating expenses of the perately needed, sound economic reforms which

farmer. have been enacted into laws during Mr. Wilson's

No. 7. The Smith-Lever Agricultural Eduadministration and which are the most vital insurance of our prosperity, while increasing our

cation Act, providing that the Federal Gov

ernment shall co-operate with the states in national self-respect : No. 1. The Federal Reserve Act, which has

educating the farmer in ways of securing "cured us of fits"--cured our national disease

greater productivity of the soil-in replacing of panics. Economists unite in saying that we

rule-of-thumb methods with scientific and in

tensive effort, which will add vastly to the would have had the worst panic of the nation's

wealth of the nation by increasing the produchistory at the outbreak of the European war, were it not for the elastic currency system, the

tivity of each acre and by increasing acreage

under cultivation. * Please write us in 100 words, or fewer, why you are No. 8. The Child Labor Bill, which Mr. supporting Wr. Wilson. IVe can make a most talnable use of your expression.

Wilson has vigorously advocated against The Outlook Advertising Section

strenuous opposition, and which with his typical foresight will safeguard our children's children to the everlasting credit of the nation.

These are a partial record of achievements which have revitalized the nation.

But prosperity isn't everything. Decency, self-respect, right thinking, protecting the home and the lives in the home; aiding through the power of the nation the conditions that will enable these lives to be useful lives, happy lives--these transcend prosperity--this Mr. Wilson has done. He has given us prosperity, too, and he has assured to us its permanence.

The list of achievements under Wilson is long-the time in which they were wrought was short. But there is still work to be done. After many distressing years, after years of trusting and being disappointed, we have found a man who will do it—who has done it—and who is doing more-who is still laboring at the work yet to be done.

We need to keep that man. We must keep prosperity and we must carry the work forward.

We want to keep the proven man, the proven motives, the wisdom, the foresight, the unselfishness, the caution, the safety, the good times, the contented, happy workers with useful work to do and lots of it.

Under President Wilson business has been emancipated from panics; the farmer from chaotic credit conditions ; the workers of the nation from adverse conditions which persisted for generations; the children by an enlightened

economic principle which no President ever before advocated.

When Woodrow Wilson was elected the voters of the nation were emancipated from the necessity of depending on a few rich men with far-reaching vested interests to finance a presidential campaign, and it is imperative that this emancipation be made permanent.

It takes money so to conduct a campaign for the Presidency that all the issues may be properly presented to all the people for their intelligent consideration—it always has and always will. , We propose to see that the people themselves provide the necessary funds. This is their right and their privilege.

W e earnestly request you to join the “ Hundred Thousand Club," the members of which will contribute the funds to insure the continuance of the work which was begun under Mr. Wilson. We urge you to contribute what you can. --Send us $100—send us more if you can. Send us all you can—if it is only $10. Send that and it will be just as gratefully received.

This is a test. It is a test of you and your convictions, and your willingness to strive for these convictions.' We want a contribution from you that will mean a real sacrifice. Mr. Wilson has fought the people's fight. He has treated all citizens as Americans and sought to serve them all. We, therefore, have no hesitancy in accepting from you a contribution which will be a real sacrifice, a real strain on your resources, to do your part in carrying a great work forward.

Tear it off NOW

Henry Morgenthau, Chairman Finance Committee

Democratic National Committee

30 East 42nd St., New York

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