New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-19
CONGRESS AND FINANCE.
SOME LEGISLATION NEAR.
May Be Coincident 7cith Conclusion
of Canal Negotiations.
TFRoM THE rIuBUxE BUEEAU-I

Washington. Nov. 1S.-That some kind OF con-
servative financial legislation is inevitable IN
the near future and that its enactment may be
coincident with the conclusion of the negotia-
tons with Panama for the acquisition Of canal
rights. which viii make necessary the WITH
drawaI OF 100000 from the United states
Treasury. IS generally. though guardedly con-
ceded by the leading fnanciers Of both branches
Of Congress. Opinions differ as TO the extent
and character of the prospective legislation
affecting the finances of the country. but that
1t viii be brought up for consideration OF Con-
gress few appear TO doubt. Members OF both
houses are somewhat averse to expressing their
opinions this subject at this time. maintain
ing that it is too early in the session 20 indulge
In predictions or discuss prospective legislation
Representative Hill Of Connecticut. proTui-
nent Republican member Of the Committee on
Banking and Currency and one Of the best in
formed men in the House on finance. declared
to-day that within the next five years about
S252 600 in United State bonds would ma
ture and they must be redeemed or extended
He said the better judgment of the country
would be unalterably opposed 10 an extension
and that unless some remedial financial leg1s-
lation should be had the government would ne
under the necessity Of issuing bonds as basis
OF circulation
Various views on the subject Of new financial
legislation are held and expressed by the mem
hers Of the upper branch Of Congress Senator
Dryden, Of New-Jersey, believes that some FORM
Of financial legislation is likely to be enacted
although he regards it as too early TO make pre-
dictions It will be recalled that when the Al
drich bill was under consideration last session.
the Senator from New-Jersey supported il and
was an especially earnest advocate Of that sec
ton which authorized the Secretary Of the
Treasury to deposit customs receipts in national
bank repositories instead Of locking UP this por-
ton Of the federal revenues in the Sub-Treas-
uries
In the opinion Of Representative Livingston.
Of Georgia. the senior Democratic member Of the
Committee on Appropriations and one Of the
leaders OF the House minority, the payment Of
the enormous sum necessary for the accomplish
ment of the canal project will precipitate hnan-
cial legislation calculated relieve the govern
ment Of the embarrassment that would natu-
rally arise under existing laws.
Representative Hill. believing as he does in
the necessity for the revision of the financial
laws, has formulated a plan which he believes
would accomplish the purpose and solve the
problem. He suggests that a commission be ap-
pointed whose purpose shall be to consider care
fully and report or the entire financial question,
the report 10 De accompanied by such recon-
nendations in its Judgment the conditions
warrant IN order TO dissipate the usual oppo-
sition encountered in Congress when outside ad-
vice IS rendered. he suggests that ten out OF a
membership Of fifteen commissioners be chosen
by the President pro tenn. OF the Senate and the
Sneaker Of the House. and that thes President be
requested TO select five OF the leading hnanciers
OF the country 10 act with the legislative repre-
sentatives.
Mr.. HIN is confident that. with years study
and work such commission would be able 10
formulate plans for remedial financial legisla-
ton that would be acceptable to Congress and to
the country.