Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1903-07-02
FINANCIAL REFORM.
Senate Leaders Trying to Agree
Upon a Plan.
CANNON OPPOSED TO THEIR BILL.
The Probable Speaker Of the House Be-
lleves the Cry for Additional Legisia-
tion Comes from speculs tive In
tsrests In New York.

Washington, June 2s.-The senate
leaders, who have been In recent
conferences with q view of agreeing
upon a plan of financial legislation
to be urged at the next session Of
congress, are worried over the rather
direct information that represents
tive Cannon, in view Of his certain
election as speaker Of the house, has
consistently refused to discuss any
proposed Legislation, except on the
most general terms, but he is known
to be opposed to the proposed legis-
lation for financial reform, as agreed
upon by the senate leaders. In re-
cent discussion of the subject with
friends here Mr.. Cannon grimly re-
marked that it would require more
than conference Of three or four
senators to determine the charac-
ter of the financial legislation that
shall be considered by the coming
congress.
1t is no secret that Mr.. Cannon Is
opposed to generally accepted plans
for providing an elastic, or, as he
terms it, a rubber" currency. He
is not at all satisfied with either the
provisions of the Fowler bill or the
Aldrich bill, which authorizes the
national banks to issue circulation
on other than government bonds, or
allows the secretary of the treasury
to accept other than government
funds in the NATIONAL banks. Mr..
Cannon is himself the president OF
national bank and is very familiar
with banking and financial affairs in
the west. He takes the position that
the cry for additional financial legis-
htion comes from speculative in
terests in New York and other east
ern money centers, and is not due
to any demand for money in the west
and south. He recently called atten-
ton to the national bank statements
from western and southern banks to
show that they have ample funds ON
hand to meet all immediate demands
and are not worried at all over the
demand for money to move the
crops, or for any other purpose. AL
of these banks have large reserve
funds with eastern banks, and these.
az the western bankers see 1t, are
being used for speculative purposes
and are not in demand for use in
legitimate trade channels. If the
Wall street bankers, according to
Mr.. Cannon, would reduce their call
loans and bring the speculative in
terests to a conservative plan OF
operation there would be no occasion
for more money. Mr.. Cannon is not
opposed to reforms in currency leg
islation. He admits the need of
some changes, but is satisfied that
the senators are not offering the
proper solution for the trouble.
The attitude Of the next speaker
of the house is causing considerable
worry among the senators who are
particularly interested in pressing
the modified Aldrich bill to consider
alton by the congress. 1t is'a prac-
teal notice that the south end OF
the capitol is to have an important
part in shaping future legislation
and this declaration Of independ-
ence, for It practically amounts to
that, will call for a final settlement
Of the question of the rights Of the
two houses, question that has been
long in dispute, with the senate hav-
ing THE better Of the argument.
Mr.. Cannon, backed as he will be by
the entire republican strength OF
the house, is apparently in position
to name terms. Under his leadership
II Is certain that the house will re.
ceiye more consideration than has
been shown 1t by the senate for sew
-.