The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1907-11-08
EXTRA SESSION
OF CONGRESS
WILL NOT BE CALLED FOR VERY
GOOD REAsoNS-WoULD
BE IMPRAcTlcABLE.
CURRENCY LAW CERTAIN.
Regular Sessions Begin In Four
Weeks and There is Time Enough
to Act at December Session.

The deep concern which members OF
the administration, including the
president himself, experienced during
the recent financial disturbance was
made manifest when more details
were learned in regard to the POSSIBLE.
ity OF calling an extra session OF con.
gress. The extra session will not be
called, but the presidents decision
not to do so was reached only after
an earnest discussion of the matter
in last Fridays meeting of the cab.
met.
The developments OF the last three
or four da. S have inspired a feeling
OF greater confidence on the part OF
the administration and the impression
is that the panicky condition of week
before last has gone not to return
in the near future. Among the con-
ditions which have combined to pro-
duce this feeling of reinsurance is
the fact that hundreds of national
bankers all over the United States
have indicated their eagerness to CO.
operate in the plan of the secretary
OF the treasury and the comptroller
OF the currency for producing an ex-
pansion OF national bank circulation.
James Stillman, president Of the
National City bank, of New York,
said: 1--WE should have more cur
rency. Financiers have known this
for years. | have worked for it, but
when it comes to adopting legisla-
ton we must go slowly So far as
present conditions are concerned all
that is needed is for the press to keep
on reassuTing the public that there is
no occasion for apprehension. Values
are absolutely fixed, but, of course,
we cannot have money with which to
do business if people hoard it away.
There is no danger and the people
should understand this"
Among the congressman inter-
viewed on the subject, all of whom
expressed opposition to a special ses-
sion, were Charles n. Fowler, chair
man of the house committee on bank
ing and currency; w. p Hepburn,
chairman of the interstate and foreign
commerce committee; John Dalzell,
Joseph n. Gaines and w. c.. Calder
head.
Representative Fowler believes a
system of credit currency, redeemable
in gold coin, and adequate to meet the
requirements of trade, is the only way
to secure permanent relief. Pending
that relief clearing house certificates,
cashiers checks and business house
due bills will have to be used to re-
place the $3.50, 100000 or more sud.
denly turned into trade channels. He
said:
If the banks in which the $3.50.
100000 was deposited had been au.
thorized, as they should have been, to
create bank note credits as well as
bank book credits, and they had pro.
ceeded to convert this $250,000000 in
to bank note credits, the banks wou.~
not have been affected in any way
whatever, and the whole country
would have been supplied with cur
rency with which to transact all the
fall business.
New York banks and trust com
panies feel confident that conditions
are well under control. The raising
of the Bank of England discount rate
to per cent was not unexpected
The fact that 100000 in gold was
purchased in the open market in Lon.
don during Monday morning for ex
port to America probably FASTENED
the action of the bank. This brings
the total gold engagement up above
$50, $780, 900, of which about $1,000,
will arrive on Wednesday and So.
100000 on Friday.
Monday $2,415,000 in bar gold and
American eagles was taken from the
Bank of England.
Crops are short in Europe and IL is
absolutely essential to obtain Ameri
can wheat and cotton at any reason
able price.
This, with the fact that the first
half year showed an excess of exports
of $3.50, 100000 as compared with
balance the other way in 1893 of $685.
100000 create a situation where 1t viii
he difficult for the European banks to
hclC their gold even by high discount
rates.