The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-21
FEAR DEMOCRATS
MAY WIN in 1903.
Vohn Sharp Williams Thus Ex-
plains Tightress OF Money
- Market.
!'imes. Dispatch Bureau.
Munsey Building,

Us NV ~.
Representative John Sharp Williams
aid to- day that he had discovered tile
bause OF the stringency in the money
market.
Easing my conclusion on premises e,.
srsdKay ann down and qaae 0sen
nor" said Mr.. Williams to The Times
Dispatch correspondent. II should say
the tightnese of money Is due to the
fear of q Democratic victory next OK
Mr. Williams does not deny that
there is prospect that q Democrat
Will succeed Mr.. Roosevelt g on the
4tli OF March, 1909 ' s3s-,
ldent had legal authority to direct the
issuance OF S100.000,000 OF per cent:
Treasury certificates. The law passed
In 1898. a Spanish War measure. gave
the authority, and the act has no.
Letter OF Law Observed.
ut was MAYER supposed that the act
would have been taken advantage OF
In time OF peace" said Mr.. Williams.
i "but the lettcrsof the law is not vio-
lated by the order issuing the cert,
have not the slightest doubt"
The Treasury Department believes
that the stringency In the financial
world is already practically past. 80
ing the issue OF the certificates and
OF $5O,OO0.00O OF Panama Canal bonds.
The information received at the de-
partment from all sections OF the
country shows that confidence has
been attained again.
But Republican Senator. whose
name Is familiar to all sections OF the
Union. believes there Is still better
make them permanent He was at the
Capitol yesterday.
II have no doubt that tho bond
issue and tho Issue OF Treasury certi-
troubles" he said, but there is one
thing which would do more to bring
easy times again and to keep them
easy than any other one thing. That
House signed by Theodore Roosevelt.
that under no conditions would he ac-
cept nomination for third term.
The. effect would be Immediate and
lasting"
That there will be prompt attempts
at currency Legislation when Congress
convenes Is assured. President Roose-
Welt Will recommend such legislation.
though the nature OF the measures he
will suggest Is not definitely known:
tits regarded as probable that he will
espouse the asset currency idea. en-
bodied in the bill which Representa-
tive Fowler. chairman OF the House
Committee on Currency. introduced at
the last session. and which Mr.. Bryan
and many other Democrats have de-
nounced. Republicans heretofore have
not been anything like a unit in sup
port OF Mr.. Fowler's Ideas regarding
ing the currency elastic" but 1t may
be that the influence OF the admins
tration5 behind his bill 1t will get
through.
4. IS likely that bill far more s,rik-
irE and novel character will be introduced.
Representative Burleson. OF Texas. one of
10 the Secretary of the. Treasury about a
month ago and requested that since money
had been sent to New York banks to relieve
conditions. that several millions be also sent
tosthe banks OF Texas TO aid In tioing over
the stringent time. down there Instead OF
stocks in various corporations. given by
thcs.iSew York bankers akIscoltateral. Ar:
Bur!eson advised that the Treasury permit
the banks TO give warehouse certificates Of
irsured cotton stored to the extent Of 20
per cent. OF It's value.
or course. Assistant Secretary Edwards.
ActinE Secretary In the absence of Score:
II is M
IN law for such procedure. but it is believed
that a bill giving the Secretary Of the
mepey on such collateral Will be introduced
a, the approaching session. This was 4
feature OF the Ocala- Populist platform NJ
teen years ago, and was laughed at by both
OF the old parties.
The Comptroller Favors 1t.
But the Hon. William B. Ridgely, Comp
troller OF the Currency In his annual re-
port recently issued. says:
There could be no better basis for credit
thar the production OF such enormous
wealth as our people gather every year
from our wonderful productive lands. This
Is the ideal business for banks. and the
ideal way for such business to be done for
the people Is through good system OF
banks with facilities for granting credits
md making the value of the products i'm
rncdiately available to those who have pro-
duced them. either in deposits to be check
snsy nv tsP nNxy fN- rms ~ yno&s
ments. at the option OF the people. not o:
the banks"
Whether the proposition to allow banks
10 advance money on such securities be good
or bad. 1t Is evident that with the potent
support of the Comptroller OF the Currency.
measure with this It's chief feature would
command considerable strength In the House
Of Representatives and Senate.