The sun., 1903-07-18
The President ON Financial Legtsla-
tiOn.

tiOn.
One thing is made certain by Senator
LODGES carefully considered announce
ment after his interview with the Presl-
dent at Oyster Bay. 1t Is the purpose
Of the Administration to call an extra
session in November with a view not
only to the arrangement OF our trade
relations with Cuba, but also to the con-
sideration Of currency legislation that
shall be remedial.
This purpose would hardly have been
announced 30 distinctly unless MIR.
ROOSEVELT meant to adhere to it. III
he does adhere to it. there will be finan-
cial discussion, and the discussion will
20 to the heart Of the question, whether
Speaker CANNON attempts to block it in
the House or not.
We do not believe for an instant that
Mr.. CANNON will attempt to misuse his
Office in any such way. There is no
good reason for attributing to him
purpose so foolish and 30 false to his
declaration of February last. But IL he
should make the experiment, openly or
indirectly, he will encounter the whole
power of the Administration.
The most interesting OF Mr. LODGES
statements is that the financial legisla-
tion which the Administration will favor
lies along the lines of his MIR. RoosE-
vELTsl messages and speeches since he
became President,
This ought to afford useful indica-
ton. We find that in his first annual
message Mr.. ROOSEVELT said:
The currency OF the country should be made
responsive to the demands OF our domestic trade
and commerce"
A year later, on Dec. 2, 1902, Mr.. RoosE-
WELT said in his second annual message:
Interest rates are potent factor in business
vlty and In order that these rates may be equazed
10 meet the varying needs OF the seasons and OF
widely separated communities. and to prevent the
recurrence OF financial stringences which iniur
iousy affect legitimate business 1t is necessary that
there should be element OF elasticity in our
tary system. Banks are tho natural servants OF
commerce and upon them should be placed. as far as
ting circulation adequate to supply the needs of our
diversified Industries and Of our domestic and for
eign commerce.; and the issue OF this should be so
regulated that sufficient supply should be always
available for the business interests of the country.
E" 1t would be both unwise and unnecessary at this
time to attempt reconstruct fe&zcinl system.
which has been the growth of a century; butt some
additional Legislation is think. desirable.
The mere outline Of any plan sufficiently com
prchcns,vo 70 meet these requirements would trans
gress the appropriate limits Of this communication.
Il 10 suggested, however that all future legislation
ON tho subject should be with tho view OF encourag.
Ing the use OF such nssrumentslties as will auto
matically supply every legitimate demand of pro.
ducsive industry and Of commerce, not only in the
amount. but In tho character OF circulation; and OF
making al kinds Of money interchangeable, and.
a mo win Of tho holden convertible into the estab-
ksbed gold standard
OF the many speeches delivered by
Mr. ROOSEVELT since he became Presi-
dent only one seems to afford any fur
ther information as to his views on the
subject. That was delivered at Quincy,
Ill, In April last, just before the Presi-
dent arrived in st. Louis to take part In
the Exposition ceremonies. Mr.. RoosE-
WELT said at Quincy,
Our currency Laws recently have been improved
BY specific declarations intended 20 secure perma-
nsnce OF values. But ths docs not imply that these
laws may not be still further improved and strength
snsd. II u well nigh universally admitted that our
currency system Is wanting In elasticity that Is the
volume does NOT respond to tho varying needs of the
country, a. whole nor 70 tho varying needs of diff
feYsns localities. Tho needed elasticity
must be brought about By provisions which will per.
mist both contraction and expansion as the varying
needs OF the several communities and business inter
ests may require"
Study Of these utterances, which, as
we believe, constitute the entire body
Of Mr.. RoosEvELT's outgivings on the
subject. will show that they may mean
little or much