The Caucasian. (Clinton, N.C.) 188?-1913, 1907-11-07
DEEPLY INTERESTED
Conference al White House on
financial Situation
SAFE POLICIES TALKED OVER
Steel Trust Magnases and Secretary
Rect Closeted with the President
and All Decline 70 Make State
meats at Its Close.

Washington, Special -- Preside !.
Roosevelt conferred for nearly two
hours with Secretary Root, z. III.
Gary, chairman Of the board OF di-
rectors of the United States Steel
Corporation, and Henry c. Frick, also
Of that corporation. The only state
ment obtainable at the White House
was 10 the effect that the conference
dealt solely with the financial situa-
tion. 1t was said that the President
eontemplates making no direct stale
ment at this time.
From an authoritative source, how
ever, it was learned that the Presl-
dent is consulting with the individual
members Of his Cabinet, who have
had special experience in large finan-
clal questions respecting the legisla-
ton to be recommended to Cous t. ,
at its approaching session relating to
currency reform. Of course, the Sec
retary of the Treasury has taken the
leading part in these conferences, but
it is also true that the President Is
not declining advice from any othcl
promising quarter, and he has spent
many hours recently in discussing
this important subject, these confer
ences taking place at night as we'll as
in the day time, and in fact at any
opportune moment.
Some Snags Ahead.
The discussion SO far has served to
bring about the conviction that it Will
he difficult to get any beneficial leg
islation of this character through
Congress quickly This was one OF
the reasons why the President did moi
agree with the great interests which
recently appealed to him to call an
extra session Of Congress Immediately
to deal with the finances of the coun-
try. Notwithstanding the present
great stress to which the existing na-
tional bank system as well as the
correlativo trust companies are being
subjected by the currency stringency
it is feared that some time musi
elapse before the divers views enter
tained by many persons-bankers
merchants, law givers, and college
professors-can be fused into one
practicable and effective measure OF
relief.
It may be stated that such study as
the President and his constitutions
advisers have been able to give to the
multitude Of projected currency bill:
has left them under the conviction
that after all none of them is more
promising, or stands better oppor
tunity Of securing the approval Of
Congress, than the particular meas
ure referred to by the President ir
his last message to Congress in deal
ing with this subject This was til,
| plan commonly ascribed to Secretr,
Shaw, which the President stated hat
in its essential features, been approx
ed by many prominent bankers anc
business men. The President de
seription of the measure was brief
but comprehensive, for he said:
According to this plan, nationa
banks should be permitted to Issue ;
specified proportion Of their capita
in notes Of a given kind, the issue Il
be taxed at so high a rate as to drive
the notes back when not wanted il
| legitimate trade. This plan woult
not permit the issue of currency u
give banks additional profits, but tt
| meet the emergency presented b.
times of stringency.
Tt is possible that in the four week
intervening before assembling Of th
| Sixtieth Congress, the President ma.
conclude to adopt some other plan
or to amplify and work out the dc
| tails of this means of obtaining a.
elastic currency, but if he remains o
his present turn Of mind it is believet
that he will feel obliged to recu
TO the original and simple Shaw plan