The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-09-01
THE FORTY MILLIONS.

#s& HE FOkIH MlLLlOlNo.
The Presidents stay at oyster Bay mas
not been altogether D. vacation. Alm Amos
daily he has visitors whom he has invited
there to consult with him upon affairs
pf State, md particularly Will, reference eng !,
to subjects to be embraced In his ni,h"hi
message to Congress.
Currency reform seems to have been the
topic discussed Mt most of these CONFER.
enccs, nnd 1t ID BY long odds the most
d;mcult ono with which he has to de"l'
FOR here he finds the Republicans, sena-
tors and Representatives., most divioea.
There nre at least three opinions pre-
ynling and which he hopes, or ma
hoped, to reconcile. One of these IS heid
BY those members who desire tho laws
amended somewhat upon the bnsls OF inc
lAldrich BIZ; another class looks for the
Ieren ton Of an elastic currency through
&,he medium Of legislation akin to that
proposed In the Fowler bill, and the third
class is pronounced against both those
plans and Is content to let things stand
as they are
A few days ago It was stated that the
President had abandoned all hope OF doing
anything more than to secure Legislation
which will require the deposit Of custom
house receipts In national banks on the
same basis that internal revenue re-
celpts are now deposited, and obtain the
repeal of SO much Of the law as puts q
limitation of 100000 a month on the
retirement of bank notes
The reports from Oyster Bay from, day
to day are so very conflicting, 1t IS I'M
possible for an outsider to form cor
rect idea Of what the plans of the admin
istraton Will be. This much, however,
seems to be certain, that the President
will not call an extra session Of Congress
In October. 5f
That project has been, antagonized by
many party leaders. and they probably
have convinced Mr.. Roosevelt that 1t
would be bad politics to have Congress
In session at time when many Senators
and Representatives would like to be at
their homes mcndlng their fences and
rendering party services In their state
campaigns. Therefore 1t Is not expected
that the extra session will be called Tor
q date earlier than November 9th.
Then, too, the argument Is used that
should a. tight money market be threat
ened, the situation can be eased BY the
Secretary of the Treasury using the $io,-
900 900 which has been laid aside (but not
specifically so) to pay the Frenchmen for
the Panama canal property and fran
chises.
That money will not be required isi as early
as it was supposed 1t would be. II, indeed
it will be needed at all. At any rate, Co
lombia has rejected the treaty which the
United States proposed, and probably VIII
offer a substitute different In form and
in substance, too. It Is not likely, there.
fore. thai, the s4o,oo0,O0o reserved for
shipment to Paris will be called for for
several months to come.
1t is said that powerful influences, for
olgn and domestic. are at work to contro
Colombia's action, with the view ofs de.
feating the ratification Of the treaty
but, on the othor hand, there are proba.
bly, potential influences at work IN favor
Of ratification.
The Panama Company's stockholders
would have great cause for grief II tne
government Of the United States aban'
doned them to their fate and turned III
attention again to tho Nicaraguan route
But, however that may be, the opinion
prevails, as we have said that 1t IS lucky
for the people that the $40. 100000 VIII no
have to 60 out OF the country for GOOD
while yet. Meantime the anticipated .lts az
period OF currency stringency Will have
passed with the Secretary Of the Treas
ury uncommonly we'll prepared to NEE
It and deal with 1t. HI
There seems to be no reason to ques
ton the Presidents sincerity as to cur
rency reform, but 1t does appear that hi
persuasions have not availed to harmon
| lie the conflict OF opinion In his party
without which currency legislation nee'
| not be expected.
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