Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-05
THERE WILL NOT BE
An EXTRA SESSION
President CORfsPs Win Cabinet
and RsIscls Plans Of The
Conservatives,
ROOSEVELT Has BEEN CONCERNED
President Still Silent on Financial
stuation--corteyou Has Not Fran.
ed Remedial Legislation Yot-sank-
ers' Responses Reasaurina to Ad.
ministration--No Extra Session.
President
lny Assoclnlnl pl.essl


WASHINGTON. Nov. 1.-THE deep
concern which members of the admin.
istration, including the PRECEDENT him.
self experienced during the recent H.
nancial disturbance was made manifest
today when mere details were learned
about the possibility of calling an OK.
ira session OF Congress. Tho extra
session will not be called but the
President seriously considered tho adj
Instability Of calling Congress togeth.
er before the regular time of meet
ing and the decision not to do SO wins
reached only after an earnest discus
sion of the matter in last Fridays
meeting of the cabinet.
The developments OF the last three
or four days have inspired a feeling
OF greater confidence by the admins.
tration and the impression IL that the
paniclsy condition of the week before
last has gone. not to return In the
near future. Among the conditions
which have combined to produce this
ieenng OF reinsurance, Is the fact that
hundreds of national bnnkers ali over
the United States have indicated their
engcrnoss TO co operate In tho pian OF
the Secretary of the Treasury and
the comptroller of the currency for
producing an expansion of national
bank ciculation.
Many rmmoIs We're heard in Wash.
ibgton today In regard to tho Presi-
dents plan affecting the financial sit
uauon. II is entirely true that the
1THSl0nnf
congress In extraordinary session ana
that he has been requested 40 an nj.
Tentative, to issue renssurinr state.
ment to the county. Neither OF these
things vii he done unless. the Presi.
ueht changes his mind and unless he
nisregards the counsel of certain of
MS advisers who seldom change thelrs
anu who have told him that the best
way 10 handle the present situation 10
to let II alone.
The object of calling Conrrass 70.
gether before the regular time. Of
course. would be to enact lee,sIatIon
providing for n more elastic currency
several reasons are given for tho Pres.
dents decision not to call an extra
session, any one OF which was con
sidered sufficient to justify the decl.
sion which Mr.. Roosevelt and the
members of the cabinet reached.
Could Not Convene Before Nov. IS
In the first place tho Goth Congress
VIII convene for its regular session
four weeks from tomorrow. and q
would he impracticable 10 ret Gov.
gress together for an extra session
before November 10.
1t is true that the call for the er.
IRA tariff session OF 1897 was not is.
sued by President Mckinley until
March .. but regular session had
Just ended nearly. all the membera OF
me senate and House were in Wash
inston' and 1t had been known for
meehs that an extra session was TO
be convened.
Another reason for deciding aeairst
the extra session plan nj THE time ,s
that. in the opinion of the President
ana Secretary of the Treasury cortei.
you, the necessity does not exist The.
peiieve that the conditions will i'm.
prove rather than grow worse in the
near future
IL was also considered that il woulj
be impossible to formulate any man
ol currency reform or relief for sub
mission to an extra session of Con
sress within the next few DAYS. Seq
reiarry Coltelyou has not even decided
on the recommendations which are ia
De presented in his regular annual
rspor. 10 Congress next month, al.
though he has been considering many
pans or currency Improvement. That
he will have sore important recon-
nendations to make goes without say-
ing but the secretary has not yet
decided upon just what form they
vii take.