The Washington times., 1903-07-17
NEW FINANCE BILL
PLAN OF PRESIDENT
Extra Session in November
TO Aid Business.
SENATOR LODGE TALKS
Says Mr.. Roosevelt Hopes to Be Able
to Have Needed Measures
Passed.

NiSA Eh Dh l. l.. l.. july It.--LtBlS-
lation to remedy existing financial con
ditions will be paramount business Of
the extra session of Congress to be
called for Monday. November 2.
President Roosevelt is much con
cerned over the present run of stock
liquidation. lie thin1s II constitutes
grave menace TO business throughout
the United States. Therefore. although
the extra session is to be called for an
other purpose-the ratification by both
Senate and House OF the Cuban treaty
the Administrators utmost influence
will be thrown TO obtain the passage of
financial legislation, preferably the bill
now being drawn by the Senate Commit
tee on Finance.
Senator Lodge OF Massachusetts. a
close personal friend OF the President.
took luncheon with him yesterday, and
later talked on general business condi-
tions and the prospect and need of
financial legislation. His comment may
be taken as rejecting the Administra-
tion viewpoint
Senator Lodges Views.
Senator Lodge, before departing from
Oyster Bay. said:
General business conditions through
out the country are. l believe, strong
and sound, but there is no telling what
effect this constant stock liquidation
will have upon these conditions. In
New England business is excellent, and.
generally speaking, the future is
bright. but here also it cannot be stated
what effect continuous stock liquidation
willrhave upon the business.
The high price OF cotton has detri-
mentally affected the mills. That is
! largely the result OF speculation. I'm
not in the stock market myself. so
will not venture TO say whether there
is any danger Of a speculative crisis
Certainly there is no danger of an in
dustrial crisis"
Regarding his talk with the President
senator Lodge said: Il regret that I
| can say little of the conference with
the President. l had not seen him for
nearly three months, and, as I sail for
England tomorrow on the Cedric, it will
probably be three months before | see
him again. We discussed a variety OF
| subjects. including the work of the
Alaskan boundary commission, which
is TO meet In London on September a.
Extra Session Discussed.
did the President discuss with you
the extra session OF ConEress?"
Yes replied the Senator I'VE dis
cussed 1t at some length. You know. OF
course. there IS to be an extra session
called to meet on Monday, November @
Immediately following the fall elections
The session will be called primarily
for the purpose of enacting legislation
approving the Cuban treaty. which was
ratified by the Senate last spring. The
President hopes, however. as l do. that
we shall be able to take up for early
consideration financial legislation along
the lines OF his messages and speeches
since ne became President In this the
President takes deepest interest"
Did you discuss any specific meas
ure or measures?" was asked.
No; not at all. No specific bill was
under consideration. The preparation
OF measures OF that kind is work for
Congress itself. 1t was understood when
the Senate adjourned that the Commit
tee on Finance would prepare a remedial
measure during the recess. The com
mittee is now engaged,in In that work.
assume that the House Committee on
Banking and Currency will take up this
subject. but I'm not informed whether
il is the intention of the committee to
begin consideration before the extra
session is convened.
"As l noted before. the President Is
deeply interested in this proposed legis-
lation, and IT is his hope and desire that
early action be taken by Congress to
remedy existing financial conditions"
Senator Aldrich. the chairman. and
other members OF the Senate Committee
on Finance, who are now framing a
financial bill. VIII visit the President
here during the summer They will be
in constant touch with the President in
their work. so that the product Of their
labors will be essentially an administra-
tion measure and accorded the Presi-
dents fullest support.
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