I have bitterly resented at times the imputation and charge that Woodrow Wilson is so egotistical, self-willed, and so wedded to his own ideas that he not only does not invite suggestion from the outside but that he resents it and refuses to be guided by it.
I feel that my daily intimacy with him for eleven years gives me the right to speak frankly in the matter. Of course, like every great man, he is firmly set in his opinions. He holds and cleaves to them with a passionate devotion and tenacity but only after the fullest consideration of all the facts and information upon which he bases a final conviction. Time and again I have seen him gallantly retreat under the fire of a better argument in a matter that he had been previously disposed to favour.
And what of his attitude toward those who came to the Executive offices to argue with him on some vital matter in which he had formed what appeared to be an unalterable judgment? Never did he assume the unfriendly or unyielding attitude of the doctrinaire or the man of a single idea. I recall a case in point. He was discussing the revenue situation with Representative Claude Kitchin of North Carolina, at a time when it was the subject of bitter controversy in the ranks of the Democratic party. The President and Mr. Kitchin held radically divergent views on this matter; the President sought to lead the party in one direction and Mr. Kitchin openly pursued an opposite course. I was present at this conference. No warm friendship existed between these two men; but there was never any evidence of hostility in the President's attitude toward Mr. Kitchin. He listened politely and with patience to every argument that Mr. Kitchin vigorously put forward to sustain his contention in the matter, and took without wincing the sledgehammer blows often dealt by Mr. Kitchin. The President replied to Mr. Kitchin's arguments in an open, frank manner and invited him to the fullest possible discussion of the matter.
I recall the conclusion of this interview, when it seemed that, having driven the President from point to point, Mr. Kitchin was the victor. There was no disappointment or chagrin evident in the President's manner as he faced Mr. Kitchin to accept his defeat. He met it in true sportsmanlike fashion. At the conclusion of Mr. Kitchin's argument the President literally threw up his hands and said, quietly, without showing a trace of disappointment: "I surrender, Mr. Kitchin. You have beaten me. I shall inform my friends on the Hill that I was mistaken and shall instruct them, of course, to follow you in this matter."
I could crowd this chapter with similar incidents, but it would be a work of supererogation.
Never before was Mr. Wilson's open-minded desire to apply in practice the principle of common counsel better illustrated than in his handling of the important work in connection with the establishment of the Federal Reserve Act, the keystone of the great arch of the Democratic Administration. It was the first item in his programme to set business free in America and to establish it upon a firm and permanent basis. He aptly said to me, when he first discussed the basic reason for the legislation, he wished not only to set business free in America, but he desired also to take away from certain financial interests in the country the power they had unjustly exercised of "hazing" the Democratic party at every Presidential election.
Shortly after the Presidential election in 1912, while he was burdened with the responsibilities of the Executive office at Trenton, New Jersey, he began, in collaboration with that fine, able, resourceful Virginian, Representative Carter Glass, then chairman of the Banking and Currency Committee of the House, the preparation of the Federal Reserve Banking and Currency Act. For hours at the Executive office in Trenton the Virginia Congressman conferred with the Governor of New Jersey over the preliminary drafts of this most vital piece of legislation. For days the work of preparation was carried on, so that when Mr. Wilson arrived in Washington to take up the duties of the Presidency, the Banking and Currency Bill was in shape and ready for immediate introduction in the Senate and House.
Looking back over the struggle that ensued from the time this measure was introduced into the Senate and House, I often wonder if the people "back home," especially the various business interests of the country, who have been saved from financial disaster by this admirable and wholesome piece of legislation, ever realized the painstaking labour and industry, night and day, which Woodrow Wilson, in addition to his other multitudinous duties, put upon this task. Could they but understand the character of the opposition he faced even in his own party ranks, and how in the midst of one of Washington's most trying summers, without vacation or recreation of any kind, he grappled with this problem in the face of stubborn opposition, they would, perhaps, be willing to pay tribute to the earnestness and sincerity of this man who finally placed upon the statute books one of the greatest constructive pieces of legislation of half a century. Having given his heart to this important task, whose enactment into law was a boon to business and established for the first time in America a "Democracy of Credit," as he was pleased to call it, he relentlessly pursued his object until senators and representatives yielded to his insistent request for the enactment of this law, not under the stress of the party whip, but through arguments which he passionately presented to those who sought his counsel in this matter.
During this time I gladly accepted the President's invitation to spend the summer with him at the White House, where I occupied the bedroom that had been used as Mr. Lincoln's Cabinet Room, and where Mr. Lincoln had signed his famous Emancipation Proclamation. My presence, during that summer, as a member of the President's family, gave me a good opportunity to see him in action in his conferences in regard to the Federal Reserve Act. Never was greater patience, forbearance, or fortitude, shown by a chief executive under such trying circumstances. Day after day, when it seemed as if real progress was being made, unexpected opposition would develop and make it necessary to rebuild our shattered lines, until finally the bill was out of the House and on its way to the Senate.
Its arrival in the Senate was but the beginning of what appeared an almost interminable struggle. The President's stalwart adviser in the Treasury, Mr. McAdoo, was always at hand to rally and give encouragement to our forces, many of whom at times were in despair over the prospects of the bill. The leaders of the opposition on the committee were Senator Root on the Republican side and Senators O'Gorman and Reed on the Democratic.