Evening star., 1907-11-09
LABOR MEN IN CONFERENCE
Federation of Labor Officials Call
on the President.
OKLAHOMA's DELEGATION
Gov. Frantz Thinks There Will Be
No Difficulty in Getting One
for the President

crat, has submitted to President Roose
Welt his views of cure for possible
financial panics. Being of the opposite
political faith, 1 do not suppose my
recommendations will have weight with
the President" said the Oklahoma demo
cratic leader, but l consider 1t my duty
to aid in reaching some conclusion, SO
that Congress may enact legislation z,
the coming session that will give relief" "
Mr.. owen says that two things are es-
sential to the present financial system
and must be arranged for by Congress.
The first Is the guaranteed security of
depositors against loss by the insolvency
of banks. The second is a reasonable
guarantee Of depositors against delay in
getting currency upon their accounts.
Security against loss to depositors "
said Senator Owen, will Immediately stop
all boarding, and there would be no pan
les because of money stringency. To
AFFORD the necessary security to depositors
there should be provided tax on national
bank circulation to be put into fund to
pay off depositors of insolvent banks The
national banks of the country now earn
SlOOJD,cOo profit a year on their national
bank circulation.
The second remedy is easily provided
by authorizing the Secretary of the
Treasury to have printed and to keep on
hand United tSates Treasury notes under
a special account to be called special cur
rency fund This fund should be in an
amount never less than SJ0r0O,O 900 and
run as high as 500, 100000 This special
currency should be advanced to any bank
corporation or individual depositing ac-
ceptable bonds, which should not be re
ceived at exceeding so per cent of their
market value. For these advances of cur
rency a charge should be made at the
rate of per cent for the first ninety days
and per cent thereafter, the interest to
stop at any time upon the repayment of
the advance. Failure to redeem the bonds
and retire the circulation inside of twelve
months should operate as a forfeiture OF
the bonds. which should be sold to the
highest bidder.
ITO certain extent this is an adapta-
ton of the German financial system. Over
there the Imperial Bank of Germany Is
allowed to issue legal tender notes against
other securities than gold under a penalty
of 3 per cent, which is higher than the
normal rate Of interest on notes. thus pre-
venting initiation in times of financial
stress and providing a remedy against
contraction
How one-Gallus Boys Stand.
Yes" said Representative Champ Clark
OF Missouri. after shaking hands with the
President "all the one-gallus boys in this
country are either for Roosevelt or Bryan
for President. All the other kind are for
somebody else. l nave travelled over sew
enteen states in The last few months, and
think l know public sentiment. 1t looks
to me If it will be Roosevelt and Bryan
next year. Unless Roosevelt states une
quivocally that he Will not accept another
nomination. he will be nominated without
question
Ex-senator Stewart of Nevada went
Clark one better. The white bearded ex-
statesman summed 1t up in this way:
j,,Ja Ij1 In, La
for Roosevelt. Every man with string
on him is for somebody else. Roosevelt
will be nominated again. He will not be
able to resist. The majority Of the peo-
pie of my state are for him, and he will
get the delegates, unless somebody else
buys them
Labor Men in Conference.
Legislative measures that the labor
men Of the, country have long asked
from Congress were discussed with the
President today by the officials of the
American Federation of Labor who
have assembled here prior to going to
Norfolk Monday to begin the annual
meeting of the federation. Those who
called upon the President were Presi-
dent Gompers, Secretary Morrison, Vice
Presidents James Duncan, James OCon-
nell. Max Morris, D. A. Hayes, Daniel
]. O'keefe, William J. Huber, Joseph
F. Valentine and John B. Lennon. to-
gether with D. j. Shackleton and John
Hodge, members of the British parlia-
ment. who are fraternal delegates from
the British Trades Union.
Mr.. GomperS said that the labor lea d.
ers had especially discussed the abuses
of the injunction process with the
President. but that they had no idea
what the President would recommend
in his annual message to Congress.
John Mitchell of the United Mine
Workers was the only vice president
He has been i'll some time, but is re
covering.
Simply a Case Of Sore Toe.
Gov. Frantz of Oklahoma told the Presi-
dent that he would return to his home
today. The republican leader of Okla
homa, whose recommendations to the
President were followed in nearly every
instance in recent appointments, does not
think that the officeseekers who were
disappointed will be able to cut much
ice in defeating the President for dele
know how it is with a fellow that has
sore toe?" said the governor. Nobody
has any sympathy for him"
Senator Dillingham;. Prof John J. jerks
and w. r. Wheeler, members of the immi-
grafton commission provided by the last
Congress, called on the President today
to report progress made in their work
to this time. Senator Dillingham; stated
that the commission would not be able
to complete its work and make a formal
report to Congress inside of a year.
OCEAN LINER MOVEMENTS.