Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-09-16
WILSON FINDS
PROSPERITY
IN WEST
BANKERS LEND
MONEY TO EASTERNERS
Agricultural Secretary Dis
puteS Senator Guggenheim's
PessimiStis Predictions Of
Coming Hard Times,
Especial Correspondence Morning journal.

Especial Correspondence Morning Journal /
Washington, d, c., Sept. 12.-The
political kettle is gently slmmering in
the national capital, with every indi-
cation that it will come to a good COM
Portable boil about the first Of Octo-
Der. "A good many politicians are all
ready drifting into town, some from
the resorts where they have spent the
heated term, others coming from
home With a view to renting proper
for the coming sea-
son. for october ! is the renting period
in Washington and the best bargains
In houses and apartments are to 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 and 1t is difficult for senator or
representative to find a domicile suit
able for entertaining for less than
81 900 year The new salary law
for senators and representatives went
into effect -On March a. so that they
all have $2,500 more year to spend
than heretofore, the uniform salaries
of the members of both houses being
now $500, with an extra $4,000 for
the vice president and the speaker
Cabinet officers are also enjoying their
increase to $4,000 and several of
them have chosen new and more ex-
pensive homes.
Among those who have come to
Washington during the past week
have been Representatives Dalzell and
Payne, the latter leader of the Repub-
H., .f 1.
former member OF the all-powerful
rules committee. Mr.. Dalzell has ex-
pressed the opinion that the Philip
pine tariff bill will play an important
part in the coming session and has, in
fact intimated that it will constitute
the only important legislation, aside
from the regular appropriation bills.
Mr.. Payne Is also of the opinion that
there will not be much important leg
islation. and that most of the time of
the house will be spent by the Demo-
Gratis 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
wondering II all this means that the
presidents earnest effort u secure leg
islatiOn providing for supervision over
railroads stock and bond ilsues are
to be met with failure ana If the
house leaders purpose to make the
,.fe tn
the exclusion Of all other legislation.
1t 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
grant and If the speaker and his as
sociates on the rules committee 90
back on the chief executive his legis-
lative program will not get far.
Senator Guggenheim, of Colorado,
reputed to be the richest man In his
state bas been here and predicts
hard times, a financial stringency. etc.
But Secretary Wilson is disposed to
take little stock in the predictions Of
the wealthy men who can see nothing
rosy I'M a situation In which their
stocks and bonds have deprecated in
value MIR. Wilson asserts that he has
received communications from a num-
ber OF his friends among the western
bankers saying that they have large
sums Of money to loan and that they
are receiving gratifying offers from
the east for the use of their surplus
funds at good interest on excellent Sc
eurity. Six to per cent is offered,
according to the secretary. and In
some instances II is payable in ad-
vance. "They are beginning to appre-
Nl..aF
must go to the men who produce
most of It, the farmers.r said the sec
rotary today. Last year the farm
products of the country were worth
$6, 500, 600. 600. This year they will
be worth from $500. 900. 900 to $1,000
600. 900 more. have often told cap
ltalists that II they would make their
railroad securities as safe as govern
ment bonds they would have no trou-
BILE In borrowing money. The recent
exposures of the methods OF juggling
with railroad securities and all that
sort Of thing have made people cau-
tiOus about where they lend their
money, but the man who takes proper
precautions about the character Of his
securities will experience no trouble
borrowing" The secretary expects n
bumper cotton crop with great PROS
perity In the south as a result. and he
does not see how there can come
hard times or panic when the coun-
try Is producing such tremendous
funds Of natural wealth. annually. II
ls Interesting 20 note that the seere-
tary's Views with regard 10 the char
acter Of securities aceords perfectly
with the presidents belief that the
government should supervise the Is
sue OF railroad securities and thus pro-
tect the innocent investor from fraud,
II is also significant that that far
seeing. II undesirable" citizen, r. ~.
Hartman, takes the same view Of the
financial situation as Mr.. Wilson. Mr..
Hartman declares that this country
has It's panic behind IT,"
Secretary Taft has completed his
trip across the continent and sailed
for Manila, which he will reach, after
all. In time TO open the Philippine con-
eress. He will spend nearly a month
In the Islands and then, 10 save time,
will return by way Of the Trans-Siber-
ian railroad, which makes the trip
about te ndays shorter than Via tho
Pacific From all reports the secre-
tary has had an enthusiastic reception
IN the west. ,and statesmen from that
section are a unit Ia declaring that he
will have every western delegation IN
the next Republican national conyen'
ton This Is the hope Of the presl'