Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-09-16
WILSON FINDS
PROSPERITY
IN WEST
RURAL BANKERS LEND
MONEY TO EASTERNERS
Agricultural Secretary Dis
puteS Senator Guggenheim'S
PessimiStiS Predictions of
Coming Hard Times.

Coming Hard lines,
Especial Correspondence Morning Journal.
Washington. u. C.. Sept l2.-The
political kettle is gently slmmerng In
the national capital with every indi-
cation that 1t viii come To good COM
Portable boil about the first Of Octo-
Der. \ good many politicians are al
ready drifting Into town some from
the resorts where they have spcnt the
heated term. others coming from
home with a view 10 renting proper
accommodations for the coming sea-
son. for October / Is the renting period
IN Washington and the best bargains
In houses ana apartments are 10 be
picked up this month Those who
come later and rent for the season
only. Will have the privilege OF pay
ing fancy prices. Rents are high at
best aud II is difficult for a senator or
representative to find a domcile suit
| able for entertaining for less than
81 600 wear The new salary law
for senators and representatives went
! into effect on March { so that they
all have 81, 500 more a year to spend
| than heretofore. the uniform salaries
OF the members OF both houses being
now $500, with an extra $4,000 for
/ Nnt vice bitSlutnt anu tue NbtuktIs
Cabinet officers are also enjoying their
increase to $4,000 aud several of
/ them have chosen new and more eX-
I - asise homes.
/ Among those who have come To
Washington during the past week
have been Representatives Dalzell and
! Payne the latter leader OF the Repub-
licans on the floor of the house. the
| former member of the all-powerful
rules committee. Mr.. Dalzell has ex-
/ pressed the opinion that the phllip-
/ pine tariff bill viii play an important
part in the coming session and has, In
/ fact. intimated that II VIII constitute
the only important legislation. aside
! from the regular appropriation bills
! Mr. Payne Is also OF the opinion 1hat
there will not be much important leg
islation, ana that most OF the time or
! the house Will be spent by the Demo-
crats In wordy efforts to elect william
j. Bryan president OF course the pro-
pensity OF the Democrats TO elect
/ their candidates In house debates,
rather than at the polls. Is well known.
Nevertheless the political wiseacres
are putting the predictions OF Messrs.
Dalzell and Payne. two Of the most In
fuential members of the house. along
side of the recent assertion OF speaker
Cannon that the coming congress must
do nothing TO disturb business and are
presidents earnest effort 10 secure leg-
islation providing for supervision over
railroads stock and bond iisues are
to be met with failure ana II the
house leaders purpose To make the
Philippine tariff bill the stop gap, To
the exclusion Of all other legislation |
II Is not considered likely that the |
president will receive any more help |
from the senate toward such enact |
ment than that body Is compelled to I
grant and II the speaker and his as
sociates on the ruies committee 20 |
back on the chief executive his legis- I
atlve program will not get far.
senator Guggenheim. of Colorado, !
reputed TO be the richest man In his
state. has been here and predicts
hard times, financial stringency etc.
But Secretary Wilson Is disposed TO
take little stock in the predictions Of
the wealthy men who can see nothing
rosy In a situation IN which their
stocks and bonds have deprecated in
value. Mr.. Wilson asserts that he has
received communications from num-
Der Of his friends among the western
bankers saying that they have large
sums Of money 10 loan and that they
are receiving gratifying offers from
the east for the use Of their surplus
funds at good interest on excellent Sc
curity. Six TO per cent Us offered,
according to the secretary and In
some instances it Is payable In ad-
vance. "They are beginning To appre-
ciate that II they want money they
must go 10 the men who produce
most OF II, the farmers" said the sec
retary today Last year the farm
products OF the country were worth +,
36.500 100000. This year they Will
be worth from $500. 600. .000 to $1,000 L
900 600 more I have often told cap-
italists that u they would make their
railroad securities as safe az govern !
ment bonds they would have no trou- {
BILE IN borrowing money. The recent
exposures OF the methods NJ Juggling q
with railroad securities and all that :
sort Of thing have made people eau
tious about where they lend their 2
money. but the man who takes proper !
a bout the character OF his J
securities viii experience no trouble q
borrowing" The secretary expects a
bumper cotton crop with great pros =
perlty IN the south ae q result. and he
does not see how there can come
hard times or "a panic when the Coun-
try Is producing such tremendous
funds 81 natural wealth, annually II
Is interesting 10 note that the secrc-
tary's views with regard 90 the char 3
actcr of securities accuFds perfectly y.
with the presidents belief that the =
should SUPERVISE the is- 4
sue Of railroad securities and thus pro- =
fect the innocent investor from fraud, :
Il Is also significant that that far h.
seeing if undesirable citizen. 2. u. /,
Hartman. takes the same view ~ the q"
financial situation as Mr. Wilson ~. .,
Hartman declares that this country \
has lis panic behind BE-" hi
Secretary Taft has completed MS !.
rip across the continent and sailed \
Tor Manila. which b. Will reach, after 4
IN. in time 10 open the Philippine CON v
81 HHfnH d
In the islands and then. to- save time.
sill return hy wav 81 the Trans-Sincr- Z,
an railroad, which makes ihe trip Iu
,bout te ndays shorter than VIA the Vi
Pacific From an reports the secre- Il
ary has had an enthusiastic reception
IN the west and statesmen from tnat D
.arflau are unit in declaring that he q
vii have every western delegation In n
De next Republican national cunFcn- ID
son. This a. the hope - the presl-