The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-11-22
Believed That There Will
Be Speedy Legislation
for Financial Relief.
TALK IN WASHINGTON
Gives Assurance That the Need Of
Action Is Observation-Disclosures of
California and Wyoming Men.

WASHINGTON, Nov. 20.-There
are so few members of either house
of congress who deal directly with
financial legislation in the city that
it is impossible to make any pre-
diction as to what course financial
legislation will take at the approach
ing session. All who are here, how
ever, agree that the conditions are
such that something must be done
and the preponderance of opinion IA
vors the view that relief legislation
will be more prompt than has here
tofore been predicted. There are va
rious opinions as to the course that
should be taken, some fayoring the
asset system, under which the banks
would be allowed to use property
as the basis of credit, and Others, the
bond system under which the bank
issue could be enlarged only on Sc
curities such as municipal bonds with
the provision that they should be APP
proved by the secretary of the treas
ury The general idea seems to be
that the margin of fleXibility should
not extend beyond 25 per cent of a
banks capital and in any event the
enlarged issue should be so heavily
taxed as to drive it back after the
emergency is passed.
One reason for believing there WI.
be little difficulty in reaching an
agreement on some basis is found in
the fact that the so-called conserva-
tive element in the Republican party
is in complete accord with the adj
ministration in the opinion that some
form of relief is absolutely neces-
sary in the present emergency, to say
nothing of possible future conditions
of the same character. The only
practical difficulty which presents it
self at this time is an agreement on
the form of legislation. AT the same
time it is not expected that anything
will be accomplished without much
discussion, especially in the senate
where there is unlimited doubt and
where there are many opinions as to
what should be done. There will also
be found there some disposition to
criticise the present conditions.
There will also probably be some
political discussion. 1t is not be-
lieved, however, that the Democrats
will offer any stubborn opposition,
but will rather content themselves in
the responsibility for action on the
party in power.
That the action of the adminsitra-
ton in coming SO vigorously to the
relief of the financial situation will
be more than ample in the direction
desired was the universal comment
of callers of the White House today.
Senator Warren of Wyoming said
that the action taken was exactly
what was needed.
1.-The people at large will now re-
alize that there was no cause for the
panic and will stop noarding their
money" he added
"They will return to the banks
their deposits and business of the
country will return to it's normal con-
dition. Business is already i'm
proving. Now it will go ahead. .
"The relief ought to be almost inn
mediate, was the comment of Rep
resentative Needham of California. 4
believe congress will take up the
matter of currency legislation at once
with view to some accomplishment
which will make the situation impos-
sible of recurrence. So far as have
been able to ascertain the business
of the country is on as sound basis
as ever. That slight shake in the
confidence of the country should
cause a tie-up in the currency is a
question which will need careful con-
sideration.'
Senator Warren of Missouri be-
lieves that the bankers will take the
canal bonds in hurry. They have
complained of the lack of money and
made On excuse to tighten up all
over the country. Now, | don't see
what excusc they can have for not
loosening up
Treasury officials and Others mocl
convarsant with national finances and
the currency conditions throughout
the country are almost a unit in the
opinion that Secretary Cortelyou
announcement that he would issue
100000 in treasury certificates
and $5O.000,000 in Panama bonds is
complete solution of the present
money problem.