Speech 72
ELASTICITY OF THE CURRENCY

FROM THE PRESIDENT'S MESSAGE AT THE OPENING OF THE FIRST SESSION OF THE FIFTY NINTH CONGRESS, DECEMBER 5, 1905

IN my Message of December 2, 1902, to the Congress I said:
“Interest rates are a potent factor in business activity, and in order that these rates may be equalized to meet the varying needs of the seasons and of widely separated communities, and to prevent the recurrence of financial stringencies which injuriously affect legitimate business, it is necessary that there should be an element of elasticity in our monetary system.  Banks are the natural servants of commerce, and upon them should be placed, as far as practicable, the burden of furnishing and maintaining a circulation adequate to supply the needs of our diversified industries and of our domestic and foreign commerce; and the issue of this should be so regulated that a sufficient supply should be always available for the business interests of the country."

Every consideration of prudence demands the addition of the element of elasticity to our currency system.  The evil does not consist in an inadequate volume of money, but in the ridigity of this volume, which does not respond as it should to the varying needs of communities and of seasons.  Inflation must be avoided; but some provision should be made that will ensure a larger volume of money during the fall and winter months than in the less active seasons of the year; so that the currency will contract against speculation, and will expand for the needs of legitimate business; At present the Treasury Department is at irregularly recurring intervals obliged, in the interest of the business world — that is, in the interest of the American public — to try to avert financial crises by providing a remedy which should be provided by Congressional action.
The End

A concluding word from Robert J. Kuniegel

TR AMERICAN PATRIOT hopes you enjoy our books.  Theodore Roosevelt lived his life in a manner that is the only way possible to make government responsive to the people.  He has written how to make meaningful reform possible not only for his generation but for future generations, if we read what he has said.  We only need to interest others in reading what he has said to transform our government. 

Reading the books on TR AMERICAN PATRIOT DOT COM  and having others do the same, will develop citizens and leaders capable of transforming American politics into a system of government that will be honest, and responsive to “a square deal”.  A square deal has no special deals for the rich, the middle class, or the poor.  Our government today has degenerated into a system that rewards citizens for not being productive.  It promotes entitlements under the guise of helping people, when in fact it only helps politicians to protect their own royal positions.  Policies that foster a special privileged class was the type of government policies Theodore Roosevelt fought against and won.  He was a visionary.  He knew this fight would need to be fought through the ages if we were to keep our country strong.  He was an intrepid pioneer that blazed a trail through a jungle of corrupt government, so that others might follow his proven and highly successful common sense approach toward honest government.  His fearless course helped make America a beacon of hope to all that seek justice.  His endless devotion to America helped make America a super power that no just nation has needed to fear as long as our citizens value his lofty resolute square deal policy toward our fellow citizens and those of other nations. 

Theodore Roosevelt’s greatest gift to this country is before us.  It is not in the past, if we as Americans recognize that his message is not just a story from American history pages.  His message is an example, clearly defined.  It details actions that are required if we desire to do something meaningful for our country.  Join the good fight today.  You only need to read and interest others to do the same.  

David Boyd, repeating what he had read, once said, “The person we become is because of our experiences in life, the people we meet, and the books we read. ” It is time to have others meet Theodore Roosevelt.  It is time for a Theodore Roosevelt revival, “Fear God and do your own part”.  Dare to help make Theodore Roosevelt the standard and not the exception.  America needs to adopt a wise, fearless and honest role model as the standard we revere, so that our public servants know what we expect.  The first step to honest government is no harder than setting proper standards of conduct for our public servants through the use of a proper role model.  Can you find one quality in Theodore Roosevelt that is not right in a public servant?  If you think you can, I bet your conjecture is based upon something other than truth and honest reasoning and this American would love an opportunity to debate any such conjecture.