The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-06
DENIES REPORT THAT HE WILL BLOCK FINANCIAL LEGISLATION
REprBITC SPECIAL.

REPUBLIC SPECIAL.
Danville. H.. July Representative Jo-
seph G. Cannon. who will he the next
Sneaker of the House. sat on his porch-like
veranda trying to ensnare occasional!
pun Of cool air. To him was put the ques-
ton:
What have YOU TO say as TO the rcces-
slty Of legislation concerning an increase
o: the currency"
Mr.. Cannon answered:
1t seems to ne that so far as the cur
rercy is concerned. the country is IN very
good condition at this time. In the last
year the increase in the currency has. in
round numbers, amounted to mere than
Sis6 otO,030 of which amount s5,o,o.co0 has
been the increase In national bank circula-
tiun. No country ever had a better curren-
cy than we now have. AMI We have more
OF il than ever before.
In addition to this. at the present price
o. government per cent bonds there is IN
round numbers profit of per cent on ma
tio::al-bank circulation: and. without any
legislation. there is no reason why the VOL
une of currency should not increase in the
next twelve months much as If not
more than it has increased in the last
twelve months If the business OF the coun-
try calls for it.
Commercial paper 10 accommodated at
an interest rate OF from TO per cent all
over the country. There IS no difficulty in
placing loans on farm lands and other real
estate al from Il: TO per cent interest. and
in some instances at a less rate. l must
confess that l an not one OF those who see
lions in the path in either the producing
the financial OF the commercial world
Have you noticed" Mr.. Cannon was
asked Statements in some Eastern jour
nails In which you are reported as saying
there shall he no financial legislation by the
House of Repre- sentatives, and what have
you to say in that connecticut"
Yea l have noticed something OF he
kind and have not believed it necessary 10
pay attention 10 it, he answered. THE
Congress lessiatos, touching all questions.
by a constitutional majority. No man has
the power TO prevent the majority from
working its Will.
ANY one attempting the exercise Of such
power would write himself down worse
than an ass and a knave.''
Beyond these words quoted. the speaker
be would rot authorize the of en-
other word as his on any phase of the cur
rercy question or proposed legislation here
on Never given TO long interviews or state
rnents on any question, he seemed to regret
his inability to put those succinctly stated
views on the currency into even smaller
compass.
DISCUSSION USELESS.
In dcsul;ory chat he expressed more en-
phatically than in what has been quoted
his refusal TO be drawn into controversial
or academic discussion of the currency.
one gathers from conversation with him
that he thinks there is cTankism among the
extreme advocates OF currency-law charge
in the East well among the rab!d sill
yer shouters and the fiatists of the West.
and that probably the only result of de-
tailed and technical discussion of the cur
rency question: treatise of loo or 1000
WORDSWORTH be to excite the feverisn
money cIanks at both ends of the question
ard disgust the remainder of the people
Mr.. Cannon is apparently not worried by
fear of a shortage of money to move the
crops. He, it may be assumed, fairly repre-
sents the composite mind of the Middle