Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1907-12-05
WASHINGTON LETTER.
From Our Regula, Correspondent.

Indications that the kepubli-
can majorities in both houses OF
Congresses will prove them selves
AS incapable of dealing intel'i--
gently with the question OF iinan
cial legislation in the coming ses
sion as they have for the past
ten year continue to multiply. IN
his published letter to Secretary
Cortelyou the President said he
had assurance that the leaders of /
Congress were considering N a !
sure OF this character and that !
be expected legislation at an ear
ly date, When asked later W h 0
were the leaders to whom he re-
ferred, the President could only |
think of'two or three wholly in
Huential Republican Senators,
such as Beveridge, Bourne OF Or
egon, and Southerlanl of Utah.
He said however that he count
ed Oh the support ofSpeaker Can
non. Now the Speaker has ar
rived in Washington and says be
has no plan under consideration
and intimatos that he does not
eynact any early legislation. Of
co rs .the fact that Mr.. Cannon
is a banker and a man whose pli-
vate fortune exceeds ~, 100000,
may IN part at least account for
his unw,llingness to take any
step which might curtail theprof
it's OF the bankers in times OF IT,
nancial stringency. But from ev-
cry quarter comes the same IN
formation. No one Of the leaders
of Congress has even considered
financial legislation and Mr..
Roosevelt appears to have been
lulled into a feeling Of security
hv the assurance OF men whose
' influence ends with the passage
OF 4 few private pension Bills.
1t is interesting to note the eX
tent to which the belief is gain
ing ground, as has already beer
intimated in these letters, thai
the New York bankers and big
=, financeers have been almost who
= ly responsible for the m 0 n e
= stringency in the west. The hanI
ers loaned their funds to Wal
Street gamblers and then whe1
: they lost money they cried strn
gency, tied up their reserves ant
loahed only small amounts a
eyorbitant rates of interest an'
made the west whistle for it
! money. Of course Mr. Roosevelt
l. did not appreciate thegame tha
)i was being worked. He says hin
self, quite frankly, that he know
e. nothing OF finance. 1t is, probf
bic that Mr.. Cortelyou k ne
. nothing OF it either, The Secreta
ry Of the Treasury had but on
end in view, the promotion {
= his own presidential am bitioI
His only strength is With t h
Wall Street and the banking Il
:" terests. lie has never had bus
&. ness experience and he is,
ld course, a willing if an innoceI
a. tool in the hands of the men VIII
rule "the street" Tortunatel
however, advices have reach'
the President from various Sc
tions which are beginning to OF
,,n weigh that OF his Secre AIRY OF itI
In Treasury, and in the face OF St
retary Cortelyou's protest NJ
lte Roosevelt is insisting that pr
.nd ceeds from the sale of the Pani
md ma bonds and the Treasury c'
,es, ti6eates shall be distributed
the west instead OF being pour
las into, the bottomless New 70
q ratholp,
The Republicans are viewl
= the coming session Oh Cohgr'
N with considerable anxiety ID
are beginning to remember
hitter denunciation they poul
pS to out upon the head OF a Den
ock cratic President who issued ool
My in time OF peace and they app
no ciate the difficulty they Will n'
tits in defending the course OF 4r