Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1907-11-22
FINANCE RELIEF
COMING IN RUSH.
WASHINGTON SEES IMMEDIATE Eff
Feet OF CONTIGUOUS CUR
RENCY PLAN.
MONEY LEGISLATION SURE
Several Different Suggestions, but Con-
gress Will Most Probably Sup
port Roosevelt.

WASHINGTON, D. c., Nov. IS
Treasury officials and others most con-
versant with the national finances and
the currency conditions throughout the
country are almost unit in the opinion
that Secretary Cortelyou's announce
ment that he would issue $500, 100000
in treasury certificates and SoO,OOO,OOO
in Panama bonds is a complete consola-
ton for the present money problem.
kilograms received today at the treas
ury department from leading fnanciers
in the great money centers indicate that
this view is general, and the opinion is
expressed that very large proportion
of the money which has been Withdrawn
by timid depositors will now be speedily
replaced in the banks and normal condl-
lions be reached, so far as an adequate
money supply is concerned, IN very
few days.
Senators Praise Course.
That the action of the administration
liz coming SO vigorously to the rellef OF
the financial situation will be more than
ample in the direction desired, was the
universal comment of callers at the Whlte
house today.
Senator Warren of Wyoming, said that
the action taken was exactly what was
needed.
THE people at large will now realize
that there was no cause tor the pane
and will stop boarding their money, he
added 'They will return to the savings
hanks their deposits and business of the
| country will return to its normal cond1-
tion. Business already was improving.
Now it will go right ahead"
.Trhe relief ought to be almost i'm
| mediate, was the comment OF Represen-
tative Needham of California Il believe
10 no of
rency legislation at once with view to
some ACCOMPLISHMENT which will make
| the nresent situation impossible of re-
| currence.
Senator Warner of Missouri believes
that the bankers will take the canal
| bonds in a hurry. ''They have com
| blamed Of the lack of money and made
! the country. Now, don't see what eX-
cuse they can have for not loosening
up
What Congress May Do.
either house of Congress who deal d.
rectly with financial legislation in the
| city that it is impossible to make any
| definite prediction as to what course
| financial legislation will take at the APP
| preaching session. All who are here,
| however, agree that the conditions are
| such that something must be done and
| the preponderance of opinion favors the
| view that relief legislation will be more
| prompt than has heretofore been pre-
dicted.
There are various opinions as to the
course that should be taken. some favor
| ing the asset system, under which the
| banks would be allowed to use their
property as the basis of credit, and 9th
ers the bond system under which the
| bank issue could be enlarged only upon
securities such as munic oal bonds with
| the requirement that they should be ap-
| proved by the secretary of the treasury.
| The general idea seems to be that the
margin of fexibility should not extend
| beyond 25 per cent. of banks capital
| and that in any event the enlarged issue
| be so heavily taxed as to drive it back
when the emergency is passed.
Democrats Won't Oppose.
| One reason for believing that there
will be comparatively little difficulty In
| reaching all agreement on some basis IS
found in. the fact that the so-called con-
| sentative element in the Republican
party is in complete accord with the ad-
ministration in their opinion that some
| form of relief is absolutely necessary IN
the present emergency, to say nothing OF
possible further difficulties of the same
| character. The only practical difficulty
which presents itself at tins 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 debate and
where there are many opinions as to
what should be done. There will also
be found there some disposition to criti-
else the present conditions.
There will also probably be some po
litical discussion. 1t is not believed, how
| ever that the Democrats will make a
stubborn opposition, but will rather con-
tent themselves in stating their position
and throwing the responsibility for action
on the party in power.