The sun., 1907-11-04
NOEXTRASESSTONOFCONGRESS
DECISION REACHED Ar FRIDAYS
CABINET MEETING.

President and COrteIyOu Have No Definite
Recommendation fOr Currency LegiS-
latiOn Ready to Present 70 Congress
Regular session Near Anyhow.
WASHINGTON. Nov. S.-The deep concern
which members Of tho Administration.
including the President himself, expert
encsd during the recent financial disturb
ance was made manifest to-day when more
details were learned in regard to the possi-
bilIty of calling an extra session Of Congress
The extra session will not be called. but
the President seriously considered the
advisabiIity Of calling Congress together
before the regular time OF meeting and
the decision not TO do 30 was reached only
after an earnest discussion Of the matter
in last Fridays meeting of the Cabinet.
The developments OF the last three or four
days have inspired a feeling Of greater
confidence on the part Of the Administration
and the impression is that the paniolSy con-
dition Of week before last has gone, not
to return in the near future. Among the
conditions which have combined 70 pro-
duce this feeling OF reinsurance 10 the fact
that hundreds Of national banks all over
the United States have indicated their
eagerness TO cooperate in the plan OF the
Secretary OF the Treasury and the Comp
troller Of the Currency for producing an
expansion Of national bank circulation.
: All sorts of rnmOrs were heard in Wash
ington to-day in regard to the Presidents
plan affecting the financial situation. IL
Aa.
asked to convene Coz eress in eKtraordi-
nary session and that he has been requested
as an alternative to issue a reassufing
statement to the country. Neither OF these
things will be done unless the President
changes his mind and unless he disregards
the counsel Of certain Of his advisers who
seldom change theirs and who have told
him that the best way to handle the pres
ent situation is to let il alone.
The object Of calling Congress together
before,t the regular time OF meeting would
be. Of course. 10 enact legislation providing
for a more elastic currency. Several rea-
SONS are given for the Presidents decision
not to call an extra session. any one Of
which was considered sufficient to justify
the decision which Mr.. Roosevelt and the
members Of the Cabinet reached. In the
vene for its regular session four weeks from
tomorrow, and it would be impracticable
to get Congress together for an extra ses-
sion before November IS. 1t is true that
the call for the extra tariff session Of 1907
was not issued by President Mckinley
until March o. but a regular session had
Just ended. nearly all the members Of the
Senate and House were in Washington
and IL had been known for weeks that an
extra session was 10 be convened.
Another reason for deciding against the
extra session plan at this time is that in
the opinion Of the President and Secretary
Of the Treasury Cortelyou the necessity
does not exist. They believe that the con-
ditions will improve rather than grow
worse in the near future.
IL was also considered that it would be
impossible TO formulate any plan Of cur
rency reform or relief for submission to
an extra session Of Congress within the next
few days. Secretary Cortelyou has not
even decided on the recommendation
which are to I've presented in his regular
annual report TO Congress NEXT month,
although he has been considering many
plans Of currency Improvement. He will
have some important reoomme ldations to
make, but the Secretary ha not yet decided
upon Just what form thss will take.