Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-07-23
HOLDS TO CONVICTIONS THAT
FINANCIAL LEGISLATION is
NOT NEEDED.

Oyster Bay, July 23.-Retaining his
convictions that the currency OF the
country needs no change but discIaim-
ing any desire to block the will of CON
gress in the question of financial legis-
lation, Congressman cannon, who will
be the next speaker of the house, left
here last night after conference with
President Roosevelt. Though neither
Mr.. Cannon or President Roosevelt
would give any definite intimation as
to the topic discussed by them it is
confidently belieyssi that the question
of financial legislation in the next ses-.
sion OF congress was the matter that
occupied their attention.
VIII Not Oppose Legislation.
Should well defined desire for
financial legislation arise next fall Mr..
Cannon will not be found opposing it.
Ihe President, it is said. believes in
remedial legislation seeking a more
elastic currency that will be less liable
to bring on a stringency in a crisis.
Cannon Desires no Change.
Representative Cannon has been
represented as so strongly opposed to
the senate financial measure now be-
ing drawn that no financial legislation
OF any kind is possible. To all uues-
tions about his attitude toward finan.
cial legislation Representative Cannon
said:
II can only refer you to an interview
with me printed July ). That gives nv
views perfectly, for dictated 1t my
self"
The interview was as follows: III
seems TO me, so far as the currency is
concerned, the country is in good condi-
tlon at this time. In the last year the
increase In the currency has, in round
numbers amounted to more than S126. .OG0.-
Coo, of which amount S57,O0oOCJ has been
the increase in national bank circulation
NO country ever had Il better currency
than we ROW have, and we have more Of
it than ever before.
In addition to this, at the present price
of government per cent bonds there is
| IN round numbers Il profit of ] per cent on.
| national bank circulation. and without NM,
| legislation there is no reason why the vol
| ume of currency should not increase in the
next II months as much as if not more.
than it has increased in the last -
months, If the business of the ceuntgg
calls Tor it.
Commercial paper is accommodated ut!
an interest rate of from to 6 per cent
all over the country.
| 'Thcrc is no difficulty in placing loans
on farm lands and otner real estate Mt
| from ~ to ) per cent and in some In
stances at Il lower rate | must confess
that am not one of those who see lions
| in the path in either the producing.
the 1inancIal, or the commercial
world"
Will Not Try TO Run House.
l. .'Havc you noticed. Mr. Cannon was
asked, ystateuents in some eastern iour-
nails in which you are reported as saving
| there shall be no financial legislation by
the house of Representatives. and what
what have you to say in this connee-
tion:"
'Ies, | have noticed something of the
kind and have not believed it necessary
to pay attention to it," he answered The
congress legislates touching all questions
by 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 IL
knaYe."
4 Belknap Visits President.
Hon. NJ. B. Belknap, republican nominee
for governor of Kentucky, was among the
visitors paying their respects to Presi-
dent Roosevelt yesterday. He conveyed
officially assurances that his state was in