The Washington times., 1907-11-29
EMERGENCY MONEY
IS ALLISONPS VIEW
Senator From Iowa Thinks
Crisis Will Soon
Pass.
Bill May Be Driven Through
House Before the
Holidays.

II Congress enacts any legislation to
relieve the financial situation. 1t will be
for an emergency currency This is
the opinion Of Senator William b. ALI
son Of Iowa. the veteran head Of the
Senate Appropriations Committee, and
the second member on the Finance
Committee. who reached Washington
last night.
Senator Allison is not sure that T.
Will be necessary to enact emergency
currency legislation, however. He says
IL will depend on financial conditions
and whether the existing stringency
continues.
Il think It likely the present trouble
will be over IN ten days" said Sena-
tor Allison. If it continues, then 1t
VII be necessary to enact some measure
providing for emergency currency
Discussing the subject Of asset or
credit currency, along the lines pro-
posed by tile Fowler bill. Senator ALI
son said he thought IL doubtful whether
Congress would pass any bill of this
sort. lie said he thought any emer-
gency would have to be one that was
safely guarded BY this, il is pre-
sumed Senator Allison refers TO a cur
rency that viii have some form OF
bonds as security for II, though he
said no was not prepared fully at this
time to say what safeguards he would
require
Banking Laws to Be Untouched.
As to legislation modifying the na-
tional banking laws. Senator Allison
does not believe any viii be enacted thi5
session.
He says, however, that mobilization Of
the existing plan whereby great sums
IN bank reserves find their way into
a few central reserve cities Is a sub
ject that might properly be gone into
by Congress, though he does not ex-
pect IL this session.
II IS noticeable that Senator Allison's
position as to asset or credit currency
is substantially the same as that of
President Roosevelt. who likewise does
not sanction the plan Of an emergency
currency based on the general assets Of
banks.
President Roosevelt has advised with
Senator Allison by letter as TO currency
legislation. Now that Senator Allison
Is here. ne and the President will un-
dOubtedly mold important conferences
on this subject II is almost certain
that Senator'S Aldrich and Allison, one
head Of the Finance Committee and the
other tho second ranking member, will
have SreaJ share in the fashioning Of
an ycurrency legislation that may pass
the Senate and set through Congress.
May Drive Bill Through.
In case the stress for more currency
through the country continues, II Is
quite possible a currency bill will be
rushed through the House under whip
and spur before the Christmas holidays
and without reference to the Banking
and Currency Committee. There is talk
of doing this. in view OF the fact that
Chairman Fowler is fixed in his allegi-
arce TO asset currency, and If the Bank
ing Currency Committee has to thresh
out the bills that come before Il, there
will be prolonged delay In getting Iegis-
lation.
The speed with which Congress acts
on currency matters, however. will de-
pend in great measure on financial con-
ditions. and II they are not too press
ing. it is likely the currency question
will drag along interminably and ne
debated much OF the session, with no
action finally. It is recognized that tie
currency question would make an ad
mirable buffer with which to ward OF
undesired legislation on other matters
II has been suggested to Secretary
COrtelyou that the country IS frightened
at the use OF the word emergency
and that the word supplemental" or
supplementary" would be better as
applied to currency. Il is understood
the suggestion will be followed