The daily silver state. [volume] (Winnemucca, Nev.) 1903-1907, 1903-07-20
MI EXTRA SESSION

President Roosevelt's decision to
call an extra session Of Congress early
in November may be taken as evil
dence that he intends 10 join issue
with Mr.. Cannon and others who de-
clare that no currency legislation is
needed by the country. The call for
the meeting of Congress may be os-
tensibly for the purpose of procuring
q ratification of the reciprocity treaty
with Cuba. but that issue is not likely
TO long engage the attention Of either
house. II is already virtually settled
that this country will not undertake
reciprocity, and that all attempts to
press the treaty will be useless. The
living issue before the two houses
will be that of providing for an elasti-
currency and in hat contest the Pres
ident will have behind him the sup
port of an overwhelming majority of
the business world.
Senator Lodge. who has just had a
conference with the President. anu
who gave out the news of intention to
call an extra session, is quoted as
saying taat no particular financial,
measure was advocated by the Presi-
dent during the conference. but tnat
he is deeply interested in the subiect
and that it is his hope and desiie
that early action may be taken by
Congress to remedy the evils of the
eXIsung financial condition. 1t APP
pears from that statement that the
call is designed as much to promote
currency legislation as for considera-
ton OF the cuban treaty, and accord
irgiy the administration may be
counted on the side of those who viii
make the fight for prompt action.
Men VINO are in close touch with
the workings OF nnance are wel-nIgn
unanimous IN FAVOR or some form u
an elastic currency. The country 10
prospectus, tLeIe is no danger Of a
means comfortable. The very abund-
ance of the harYests that ought to
promise nothing but good to all Iend-
ers the immediate future doubtful by
reason OF the strain it will put upon
the banks to supply the money requir-
ed to handle the crops. 1t is a sit
uation that repeats i,se,f at every crop
moving season. Last year ii became
So menacIng that the Secretary Of the
Treasury was forced TO use public
money to relieve the stringency in
New York. 1t is not impossible that
a similar relief may have to be unaer-
taken again, despite the banks nor
the pubic desiring such a thing.
One of the principal bankers OF ST.
Paul in a recent address at the Mime
sofa Bankers Convention is said to
have earnestly warned the V
ton and the pubic OF the serious
nature of the situation. A report of
his speech says he mentioned that lie
learned in Chicago a little while ago
that country bank balances at that
point had decreased $40, 600, 900 with
in a short time. All the city banks
are reporting much the some conai-
ton. The majority of the country
banks in Minnesota he said, ARE
tied up for money, and their bal
ances are lower than for a long time
many bankers have invested and spec
ulated till they regret it. Hardy a
day passes in this city (St. Paul."
he said. but we learn of some coun-
try bang trouble. Several have closet
their doors in the last three or Iour
months" He concluded that there
was never a better time for bankers
to look out a little han the present.
Similar warnings have been heard
from all parts Of the country, uttered
by men of established authority in
the financial world. 1t is surely time
for Congress to give heed TO the facts.
The country expects prompt action in
a matter Of such pressing i'm
portance and will hail with approval
the decision of the President to call
an extra sessions. F. Call.