Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-02
Financial Situation and Means
of Remedying 1t All Import
ant Topic Among Members
ON Both Sides,
NATIONAL LEGISLATURE
C0NVENES THIS MORNING
Bills For Revision of Philippine
Tariff and the Admission of
New Mexico and Arizona .Ex-
peCted at an Early Session,
lBy Morning Journal Special Leased Wire

p6OlCu al dll LdlIy OGoOlUll'
lBy Morning journal Special Leased Wire. ]
Washington, Dee. Never at the
beginning of any congress have the
congressional leaders of both parties
found themselves more at sea con-
cerning legislation than they are on
the eve of the convening of the pres
ent assembly of the national legisla-
ture which will take place tomorrow
at noon. Very little except the fin
ancial situation is engaging the atten-
tion of any member of either house
and all the members of both houses,
whether leaders or followers, confess
their inability to forecast what may
be done on that subject. All of them
lament the present situation, but all
of them do not believe that the rem
edy for it is to be found in legisla-
tiOn. Those who believe that such
remedy will prove efficacious are in
the majority, but their opinions as
TO means to be employed differ very
widely. and all are forced to admit the
great difficulty of getting together.
There is some general division along
party lines, but there is also great di-
vergence of views among both repub-
licans and democrats In view of this
0Ndle VI dllhilh, II Is tNtutul tNdl very
little attention VIII be given to other
questions until there can be some crys-
tallization of thought on the financial
problem.
In his speech of acceptance last
night Speaker Cannsl intima ed tha
possibility of some amendments to the
railroad rate law. and but for the dis
turbance in the money centers there is
little doubt that this would have been
md Aa,Tf "a lraF, a So
still possible that something may be
attempted in that line. but all plans to
that end are quite nebulOus. The
democrats have already indicated a
purpose of trying to force the tariff to
the front. but the republicans are so
largely in the majority in both houses,
and are so well united I'm the purpose
of postponlng action upon this subject
until after the presidential election,
that their opponnets have very little
hope Of attempting anything beyond
getting recognition for a few speeches
for campaign consumption.
Among other subjects which will re-
ceive serious attention will be the
subject or attacking the sales made on
the stock exchanges, and while it is
appreciated that even an effort in this
direction may affect the market there
are number of senators and mem
inrhances in the financial market to
these speculative processes and y no
would like to make the road as ro Ky
as possible for them. 1t is too eP iy.
however. TO say whether such eft rts
at legislation will be successful. There
will be some antitrust talk, but he
financial panic will probably have the
effect Of curtailing It to a consider
able extent. The Philippine tariff bill
"A he s,f NTat
Mexico and Arizona as states will be
introduced early in the session. and
b is probable that all of them will re-
ceive considerable attention. but 1t Is
not 50 probable that any Of them viii
become a law at this session The
friends Of the scheme for the deepen
ing Of the channel of the Mississippi
river will undertake to inaugurate that
enterprise during the session, and in
that connection there will be an eff
fort looking to the systematic devel-
npment Of all the inland waterways.
The president IS expected to recon-
mend in a message a channel of not
less than fourteen feet from New Or
leans to Keokuk. and thus initiate a
campaign which will be pressed until
the desired end is attained. It is
also understood that the president viii
recommend an enlargement of the
navy. While congress does not seem
prepared 10 completely follow him I'm
this matter. the prospect Is good for
some increase Of the navy. 4 num-
her Of resolutions of inquiry growing
out of the financial panic will be in
troduced by democratic senators.
some Of these will make inquiry con-
cerning the recent issue Of certificates
ny the treasury department; some will
PROFOUND questions concerning the
distribution in the national banks Of
the treasury reserve, and still others
viii deal with different phases Of the
financial question
Even now the men who do most TO
formulate the policies OF the two
houses are putting their heads togeth-
er with the view Of securing an ad-
lournment Of the session al a. early
= date a. possible. They are using the
Tact that the national convention will
probably be held in June 20 influence
both republicans and democrats. and I
the response received is generally Ia
Norable 10 the view that the session I
should come 10 a close not later than
the last OF May.
The speaker will make an effort 10
get the house committee IN working
order before the holidays. and eau
Gus Of the republican senators viii
probably be held tomorrow afternoon. i
after the adjournment Of the senate. .
Tor the purpose OF starting the ma 3
chinery toward the organization NJ the
senate committees