Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-06-26
FOR EXTRA SESSION
Beyond Doubt, President In.
tends to Call Congress To
gether In November
THE MONETARY CONDITIONS
There Is Much Speculation Regarding
Rumor That Session Will Be Held
Early in the FaIi-Wcud Be Useless
Then in the Way of Relieving Any
Strnsency.

Then in the Way of Relieving An
Strinsency.
New York, June 26.-Reports in cir
culation that the president conten
| plates calling an extra session of con
gress late in August or early in Sep
| TENDER were quoted as having com
from men interested in fiscal affair
who in the past have either made goot
guesses or have been really well in
formed as to some treasury and al
ministration matters. That the presi
dent does intend to call congress int
Extraordinary session before the regu
| lar meeting on the first Monday o
| december is unquestioned, since he ha
| spoken OF this purpose to many of hi
friends, and has publicly limited at Il
If he has changed that purpose, so IA
as the date is concerned. none of hi:
friends in this city has had any init
nation that he had this change il
mind.
Moreover. it is very doubtful nov
whether the president would regard !;
as expedient so suddenly to call con
gress into extraordinary session, for
If there were proclamation to that end
with the date fixed. some time in Au-
gust or early in September. it would
surely give cause for anxiety.
The feeling would prevail that some
thing in the monetary conditions of the
country is of such emergency character
as to justify an immediate summonine
of congress into session to secure rem
edial legislation.
President Cleveland did that in the
summer of 1898, and the action was not
only justified in advance of the meeting
of congress, thru the approval of the
great body of business men of the Uni
ted States, but with the presidents
proclamation there began that relief
which so far as actual money condi
lions were concerned. was perfected on
the day that congress repealed the so
called Sherman silver law.
The presidents friends here have re-
of the currency and bank
ing laws might be accomplished be-
fore the regular session of congress
began. and to the advantage both of the
business community and that of con-
gress itself. Nothing could be accom-
plished in August or early September
which would be OF any avail in the
WAY of relieving monetary Stringency
and it is impossible to discover any
other emergency of the fall grave
enough to compel the meeting of con
gress in extra session.
In fact. while there is no doubt that
an unusual demand for money will come
unless the climatic conditions which
have recently been unfal lrable, con-
tinue so as greatly to diminish the
crops, nevertheless, on the whole. ad-
preparations have been mad
here and elsewhere to meet that de-
mand. National bank circulation Will
be found by September 1 to have been
increased by as much as $30,000,O00.
The treasury department will make
disbursements before the
harvests are gathered and moved.
Banks here and elsewhere in the coun-
be prepared for any sudden stress In
the fall.
1t is the understanding that today
IN the banks of New York that are de-
institutions considerably in ex-
.ess of s200.000.000 is held represents
ng the deposits of banking institutions
elsewhere than in this city. No doubt
he greater part of this deposit will
De withdrawn in the early fall. But |
here are to be no important demands I
'ther than those entailed by the har-
'esting of the crops.
The financing of the Pennsylvania I
abroad proposition, even tho ii nvolv- I
S $75,000.000, will be out of the way
nd some part of this money may have
zen already disbursed thru the ex-
enditures by that corporation in pay
nent of such part of its enormous sys-
em of improvements as may have been
ompleted or in such condition as to
Justify payment by September l.
Already this year our banks have
hipped TO Europe something like $50
10000 in gold, and possibly before the
ummer is over the aggregate will be
$4,000, 900. But it is so well recognized
hat these shipments represent wholly
and normal business trans
ctions, such dis the payment of debts
nd do not represent, as the shipments
uring Mr. Cleveland's second admin
tration did, and impairment of Ameri
an credit, that the export of this gold
as occassionsd no more comment than
ne export of wheat worth S20,000,000
-ould have done At the clearing house
hey estimate that every dollar of this .
Sport of gold will have been made i.
God by the inflow of gold from Alaska !.
nd the klondike and from Australia .
V the first of September. :
Baseball Thursday. .
AMERICAN LEAGUE. :
Chicago 6. New York 6. (Eighteen !