The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-19
SPECULATE AS TO
POLITICAL EFFECT
Conditions, Calling for Extra.
ordinary Measures, Contrasted
With Those Prevailing
During the Second
Cleveland Ad-
tninistration.
Times. .Dispatch Bureau.

~ n !
.l5 washington, y. c., Nov. IS.
The general opinion at the Treasury
Department., and among bankers OF this
city, several of whom have discussed
the situation for publication. is that
the measures proposed by the President
for the relief OF the money stringency
will prove effective. In fact, this is
the unsniuious opinion. y Is not
doubted that the turning loose CT $780,
100000 in the country, through the
Issue OF. 96o,ooo0oo OF Panama Canal
bonds and the sale Of 500. 900
treasury certificates. or pron,tssory
notes, 10 run a year. will effectually
tide the country over the present diff
Iculties.
A distinguished citizen. who was a
member OF the cabinet OF Mr.. Cleveland
during the latter's last term. expressed
the opinion that there was no authority
In law for the issuance OF the certi-
f1cates, though he would not allow his
name to be used In connection Will,
the opinion. 1t Is the opinion. gener-
ally expressed. that the President has
authority to issue the certificates tin-
der the act OF 1898. as cited In his
letter to Mr.. Cortelyou, published this
morning.
The direct statement OF the Presl-
dent that the proceeds from the sale of
these promissary notes should be sen!
to the South and West to be used In
the movement OF crops. is conflrmatory
OF the declaration made In this cor
respondence last week that money
would be sent into these sections for
this purpose.
What Treasury Has Dose.
An outline of what the Treasury De-
partment has done. and proposes to do.
to help the country through its finan-
cial troubles indicates most remark.
able activity. 1t has deposited with
the banks quite recently $4,000. 900. in
addition to the 3i65,000,000 deposited
In national banks previously and LEI,
on deposit. Itsia now proposed To tssue
$50, ,0ne. .00a OF i. Pananiu Canal coupon
bonds. In denominations sof $40, 31ot
and $1,000. and eEistered bonds III
denominations df 800. $1,000 and
witl, interest at per cent The Ger.
ti1icates OF Indebtedness to be issued
will run one year. will be OF the de-
nomination Of $50. and will hear iny
tterest at per cent. per annum.
And. In addition to all this. the banks
have imported from Europe recently
gold to the amount OF $56,o0o,00O. and
have issued S23.ooo,ooe OF circulation.
Speculation a. to Effects.
The administration is Just now In
the position OF the chemist who com.
pounds new explosive, and after
touching the match to II, waits to see
tho explosion. hoping for the best
but not knowing exactly what is so.
ing to happen. Will the 'assurances9o
the President be taken at their face
value by the people? Will they be
content to see a war measure resur.
rected in time OF peace TO meet con.
dition which. It was fancied., could
never arise In peace times? VIII they
be satisfied with conditions that make
necessary the issuance OF bonds II
times OF unexampled plenty and pros,
perity? Will the thing give the Demo.
crats chance to make as effective &
campaign issue as was made by the
Republicans out OF the Cleveland bont
issue? These are some OF the question.
prominent Republicans OF the admin,
istration type are asking themselve,
and one another, and some Of then