Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-02
DIVIDED As TO MEASURES
DIsAGREEKENT IN REGARD TO
CURRENCY LIQUIDATION.
Conflicting Views in Congress As to
the Proper Remedy to Apply
to Existing Conditions.

Confusion worse COMPOUNDED would be q
proper characterization Of the situation IN
Congress regarding proposed currency
legislation. There Ia . multitude Of coun-
sci. but thus far little agreement States
men are divided in opinion upon the main
question and all It's ramifications.
Some Of the soions are for immediate
action. Others for delay. Some think leg
islstion is necessary. others that It 10 not
as they hold that the causes Of the recent
but laws % trade and natural conditions
anything 1t all
1nnurnsxabls Suggestions.
And when It comes to the question Of
what shah Be done-welI. then you fine
Babel. There are innurnerable suggestion,
Of plans for currency reform. and all Of
them are urged by their respective pro-
motors with viEor. Talks with some oil
the leading men IN Congress indicate the
wide divergerces Of opinion.
Senator Burrows wants to ascertain the
cause OF the financial trouble and Their
proceed with caution to apply the remedy
Senator aansbrouSh wants action RICH,
now and favorsi q centrai bank Of issue
with provision for emergency c.rcula,
ton Senator Clay. favors the issue Of
kins doubts the necessity OF any cur
rency legislation at all. Senator Henen'
way wants to hear from President Roose'
welt first. Representative Littlefeld ID
against the central bank idea, Represen'
tative Kahn favors it. senator Cul;on
says net to make haste.
Il am IN that happy frame Of mind
where don't know what IL going to hap
pen in the way OF Legislation was the
statement OF Senator Aidrich. chairman o.
he left the White House.
Senator Foraker leans to asset currency
And so 1t goes, through the ranks Of sen.
ators and representatives.
The best Judgment OF weli-posted men
in both houses is that graf deliberatior
will be used in framing Q general financial
measure and that it will not be passed in
a hurry. :.
Representative Fowler's Position.
Out OF the mass Of conflicting opinion,
and vague expressions comes ono definite
and positive announcement Of policy. Mr.
Fowler Of New Jersey. who IL to be
chairman Of the committee on currency OF
the House, has issued statement IN
which he lays down his opinion with vigor
that what is wanted is credit currency
In formal statement given to the press
last night be says, in part:
II now declare that II this government,
continues Its present policy Of injecting
into the arteries Of trade and commerce a
fixed bond, secured currency by swapping
securities, by bond specu'ations. by
Treasury nnanipulations and by executive
orders. we shall continue to move. only
With greatly accelerated speed, with the
directness Of nlusket groove and the
absolute certainty Of passing time toward
commercial breakdown commercial
crisis. a commercial tragedy. compared
with which the present currency panic IL
only a pl- asant summer outing.
II assert that credit currency canno,
under any circumstances lead to imitation
but on the other hand will be q distinct
prevention OF imitation because the banks
obligations in the form Of cashiers checks
or credit currency. will Be sent home
with the same directness and swtftness
that the checks and drafts are, always
keeping the currency of the country down
to the lowest point Of necessity. and yet
always meeting the largest demands OF
trade and commerce"