Joseph P. Tumulty to Woodrow Wilson
Title
Joseph P. Tumulty to Woodrow Wilson
Creator
Tumulty, Joseph P. (Joseph Patrick), 1879-1954
Identifier
WWP25465
Date
1918 November 14
Description
President Wilson's secretary argues that he should make a statement about the economic situation.
Source
Library of Congress, Woodrow Wilson Papers
Publisher
Woodrow Wilson Presidential Library & Museum
Subject
United States. Federal Reserve Act
Wilson, Woodrow, 1856-1924--Correspondence
World War, 1914-1918
Rights
Maria Matlock
Language
English
Provenance
Document scan was taken from Library of Congress microfilm reel of the Wilson Papers. WWPL volunteers transcribed the text.
Text
Dear Governor,
The attached clipping, entitled “E.H. Gary Warns of Industrial Panic”, shows the necessity for some statement from you on the industrial situation. Something along these lines would help:
“This is a time for self control and calm thinking on the part of the business men of America. Noone need fear the readjustments that must inevitably follow as a result of peace. In preparing ourselves to enforce our ideas America has demonstrated her great power and marvelous originality in a way to challenge the admiration of the world. Turning away from the activities of war to the business of peace, if done violently and hurriedly, is bound to injure the tender fabric of business as a whole. In considering the processes of readjustment we must consider business as a whole, so that whatever changes are found to be necessary to bring business back to the normal bases of peace must be done gradually and with a due regard to business as a whole.
“Noone need fear for the business future of America. During the war instrumentalities for helpful cooperation between government and business have been fully developed and can be now called into action. The Federal Reserve Act, which has done such marvelous work in stabilizing the credit of the country, can be further utilized as a helpful instrument not only in helping business in a domestic way, but in aiding it further in developing foreign markets for American business.
“The period for exclusiveness for American business is past. The development of our merchant marine will open up markets to American genius and initiative never before dreamed of. Agencies like the Webb Act, the Rural Credits Act, and other instrumentalities placed at our disposal by the acts of Congress will now be given full rein and a newer vigor. Noone need be afraid that any step taken by the government in this transitional stage will be taken without knowledge of all the facts of the situation. Justice to every interest, both of capital and labor, will characterize every step and every forward movement. America has only to retain her self control and poise if she would be successful in all these great enterprises.”
Sincerely yours,
Tumulty
The attached clipping, entitled “E.H. Gary Warns of Industrial Panic”, shows the necessity for some statement from you on the industrial situation. Something along these lines would help:
“This is a time for self control and calm thinking on the part of the business men of America. Noone need fear the readjustments that must inevitably follow as a result of peace. In preparing ourselves to enforce our ideas America has demonstrated her great power and marvelous originality in a way to challenge the admiration of the world. Turning away from the activities of war to the business of peace, if done violently and hurriedly, is bound to injure the tender fabric of business as a whole. In considering the processes of readjustment we must consider business as a whole, so that whatever changes are found to be necessary to bring business back to the normal bases of peace must be done gradually and with a due regard to business as a whole.
“Noone need fear for the business future of America. During the war instrumentalities for helpful cooperation between government and business have been fully developed and can be now called into action. The Federal Reserve Act, which has done such marvelous work in stabilizing the credit of the country, can be further utilized as a helpful instrument not only in helping business in a domestic way, but in aiding it further in developing foreign markets for American business.
“The period for exclusiveness for American business is past. The development of our merchant marine will open up markets to American genius and initiative never before dreamed of. Agencies like the Webb Act, the Rural Credits Act, and other instrumentalities placed at our disposal by the acts of Congress will now be given full rein and a newer vigor. Noone need be afraid that any step taken by the government in this transitional stage will be taken without knowledge of all the facts of the situation. Justice to every interest, both of capital and labor, will characterize every step and every forward movement. America has only to retain her self control and poise if she would be successful in all these great enterprises.”
Sincerely yours,
Tumulty
Original Format
Letter
To
Wilson, Woodrow, 1856-1924
Files
Collection
Citation
Tumulty, Joseph P. (Joseph Patrick), 1879-1954, “Joseph P. Tumulty to Woodrow Wilson,” 1918 November 14, WWP25465, World War I Letters, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.