New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-18
A CURRENCY COMPROMISE
SENATOR ALLISON,S TASK.
lie Viii Try to Reconcile Conflict
;ng OpinionS-MeetS Dir. Cannon.
IFRoN THE TRIBUNE BUREAU

washington. Aug. Ex-senator Allison, whose
recognized ability to harmonic conflicting opln-
ions and to produce compromise propositions
which opposing interests may heartily espouse
has gone to his home in Iowa, where he viii dill
Gently endeavor to devise from among the va
rious projects laid before the President DIT
oyster Bay last week currency reform meas
ure which will have some chance of enactrie,i1
At the special session of Congress, after tie
Cuban treaty enabling legislation has peeh
passed. From all accounts his task is hKely "
prove exceedingly difficult, especially as ne mus
seek solution of the problem which VIII ii'I
d evoke persistent Santagonism on the part "a
Democrats in Congress. who are desperately en-
deavoring to manufacture plausible issues i0l
the next national campaign, and VINO may
therefore, be relied upon to utilize every diIdloIS
prerogative open to them under the rules u -
Senate TO prevent the President and the FNepuD
ucan leaders from getting credit for any iiie'-.
ure that would contribute to the national Wei
fare. -.
Senator Allison will enjoy considerable lau-
,rde in his work of formulating the currency
scheme, being bound only by the strict nlJuio-
ton of the President that it shall be AUTO
ratically elastic" Senator Allison is wei aware
that Senator Aldrich is as firm as ever Ii MS
advocacy of the principle Of his bill OF iast !e"i
which authorized the acceptance Oh S'e'
county municipal and certain other ooNuS %
security for government deposlts' anu ina
device is bitterly opposed by western hiei' pc
ticularIv nv Mr.. Cannon He also knows that
Senator Aldrich is unyieldingly against any 'iils
tending in the direction OF asset currency. II
would seem, therefore, that the line on "HtoH
che GREAT Iowa baruonizer viii proceed with
the greatest prospect Of success Is oaseu 0n uNe
sregas+ion thrown out "for the purpose OF dis
Urih1 ID,
volving authority to national banks TO issue
emergency circulation, subject to tax OF D per
cant IN an amount not exceeding 70 per cent
nj the secured circulation Of any bank. other
nronosaIs which are not inconsistent with this
feature and which have met with some 1aVor
include the deposit by the Secretary OF the
Treasury of customs receipts and internal reve-
nue. balances in the banks, as well as the &C
ceptance Of certain high class securities, other
than government bonds, indirectly to secure cir
cuIation, although there continues to be great
divergence of opinion to the terms on which
such deposits should be made.
Mr.. Cannonis attitude Of independence, and the
well known fact that the House Of Representa-
tives not only seldom acts against the wishes
of its chosen Speaker. but that legislation in
that body usually depends the Speakers
hearty support, continues to be the chief dis
turbing factor In the situation. It is regarded
as significant that Mr.. Cannon loses no oppor-
tunity publicly to deny that he will not individ-
ually XIII any proposition which comes before
the House, but in the same breath never fails
to declare his complete satisfaction with the
currency as If is now, and to throw out some
terse proposition calculated in itself to
strengthen the opposition of the Western mem
bers Yesterday he and Senator Allison met by
appointment in Chicago and held a conference
which neither would discuss when they sep
arated. Mr. Cannon said for publication:
Recently the Washington correspondent Of
New-York paper had revelation He printed
a story that would kill any currency bin
which might be introduced. Under the Consti-
tuition majority Of the lower house is clothed
with the power TO determine what kind Of a
bill shall be passed. and presume this constitu-
tional majority will exercise its constitutional
power In this case
Personally, I do not even care to make a
guess TO what this majority will do I GER
tainy have no intention of trying TO influence
it one way or the other, not even to the extent
Of letting the matter in the least influence my
appointment of committees.
Some time ago I remarked that under the
present law the national banks were making e
profit Of at least l per cent on circulation and
there seemed to be plenty Of money in the
country for business needs. So far as can see
that condition still exists. If. however, a ma
jority of the members Of the lower house are
convinced that a currency law is needed they
viii undoubtedly pass one, as is their privilege
and duty
I saw Senator Allison, but there is nothing I
can say about our meeting. 1 am on my way
to Nebraska