The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-12-17
WHEN CONGRESS
WAS OPENED
How the Prospects of Various
Causes L0Oked---Parties
and Persons.
CMan Special to the Advertiser.)

(Man Special to the Advertiser.)
WASHINGTON, D. c., December 2.
AT high noon today, as the oid-fash-
ioned wedding reporters used to say.
there was thunderous rat-tat on the
top of the lower desk in front of the
marble rostrum. 1t was not quickly
heard, and therefore was repeated and
a big body of nearly 400 members in
the great hall of Representatives came
to a semblance of order. At exactly
the same moment there was much
gentler and more polite rat-tat of a
thick and short ivory stick on mar
BILE rostrum in another chamber where
men legislate 1t did not have to be
repeated and forthwith the most per-
feet order prevailed.
With those signals the life of new
Congress was ushered in today. 1t is
the Sixtieth Congress in the history of
the Republic. now in its 10th year.
The dominant topic has been that of
currency reform and leading feature
of it has been the Presidents an
nouneement some two or three weeks
ago that "the leaders in Congress
hoped would be passed quickly.
LEADERS AND PROGRAM.
The leaders of Congress protest that
they have prepared no bill and prae-
ticallv all of them insist that no cur
reney bill should be passed in a rush
before the holidays. 1t has also been
discovered that the bill which the
leaders in Congress" We're preparing is
% hill which the President and Secre-
tary Cortelyou have been whipping
into shape. and they have been con-
ferring with Senators Aldrich, Alason,
Hale and others of the Finance COM
mittee. and Speaker Cannon OF the
House. in the hope of securing their
acceptance of that measure and thelr
rromise TO seek to pass it before the
holidays and make ii possible for the
President to sign it before the New
Year.
This administration bill provides Tor
an emergency currency. 1t authorizes
national banks to issue additional cur
rencv for the amount of the face
value of any government bonds depos-
tied nv them with the Treasury and
10 an amount of 50 per cent OF the
face value of State, municipal and
of the Treasury shall approve. Inc
tax upon this emergency currency
shall be s per cent. to assure its speedy
retirement. the moment high interest
rates. incident to sudden demands OF
sDeculators for money with which to
deal in stocks or of farmers TO move
their crops, shall have ceased. Inc
retirement of the notes is permitted
at anv time whenever. the banks de-
posit an equivalent amount OF money
with the Treasury Department.
Numerous objections have Deeh
raised 10 this plan by Senators ana
members. Some OF them are opposed
20 ii simply because ii is bill drawn
bv the executive department TO De
foisted upon Congress. These object
ors think Congress should evolve bill
of its own. and in its own way anu
own time. But there is objection also
TO giving such great power to the sec
retary of the Treasury, who could ap-
4,reciate or depreciate the value OF
Iarre class of securities by accepting
or refusing to accept them as securl-
ties for additional circulation of oank
notesl Quite a portion of the MEM
1,arshin would not include railroad
bonds under any consideration what-
CContinued on Page Two.)