Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-07-20
MR.. CANNON'S VIEWS
NO NECESSITY FOR FINANCIAL
LEGISLATION.
Still He Will Not Oppose Such as May
Be Desired by a Majority
in the House.

Representative Cannon, Speaker-to-be Of
the next House, held brief conference
with Secretary Shaw today. What matters
were discussed by them was not stated by
either, but the general interest In prospec
tive financial legislation this fall leads to
the conclusion that this was one of the
subjects under consideration. Mr.. Cannon
has been represented In newspaper columns
as opposed to financial legislation such as
proposed by the Aldrich and other favored
measures that came near going through the
last Congress. 1t may be stated on thor
oughly competent authority, however, that
Mr.. Cannon has no idea OF attempting the
role of obstructonist as TO financial legis-
lation in the extra and regular sessions of
Congress and that he will do nothing that
will prevent enactment of iegisla ton to
finances that is desired by the majority of
the republican leaders.
Mr.. Cannon's Own Views.
Mr.. Cannon has his views and these
understood to be to the effect that mat
ters are getting along nicely they are and
that it will be unnecessary to place upon the
statute books legislation of an untried and
experimental character. such as contained in
the Aldrich and Fowler bills, so strongly ad-
vocated in the Senate and House, respec-
lively, at the last session of Congress. Mr..
Cannons reputation for having views of
his own and not being afraid to express
them is well known. Mr.. Cannon has views
on the particular subject of future finan-
cial legislation, and does not hesitate to
state them when asked by party friends
and leaders, but it is certain that he will
not 1nterpoSe his personal or official influ-
ence to prevent legislation going through
this fall or winter.
Sound Conditions Now.
does direct attention to the fact that
money conditions are now sound and that
the depression in Wall street has no con-
nectlon with the supply of money in cir
culaton throughout the country. The
movements of the bulls and bears In Wall
street are not at this time based upon
the plentifulness shortage of money in
trade channels. Attention Is also called to
the fact that since the refundng opera
tons began at the Treasury Department in
the last of March the national banks have
greatly increased their circulation. They
have not only done SO. but they have been
able to secure per cent bonds at lower
figure than for years, SO that they have
in their possession the basis for further
increase of circulation this fall and win
ter when trade conditions indicate that
more money is needed TO meet the pressure
of business.
Going to New York.
Mr.. Cannon expects to remain here until
tomorrow afternoon when he will go to
New York. 1t is reported that when he
reaches that city he ssto be sought out by
some Of the financial leaders interested in
additional legislation, who will attempt to
show the next Speaker great light. They
believe that if Mr. Cannon is apprised Of
the exact condition irs-the east he will no
longer oppose the desired legislation 1t
may be that he will visit President Roose
welt at Oyster Bay. but he would not say
tOQ3V whether he would make the
pilgrimage. After his New York visit he
will go to Boston. After that he will seek
out some resort on the Atlantic coast at
which to spend the dog days.