The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-05
PRESIDENT NOW
FAVORS SHAW plan
Subject Of Currency Reform En-
gaging His Attention and
Cabinets.

WASHINGTON. November 4.-Presi-
dent Roosevelt conferred for nearly
two hours to-day with Secretary Root,
r.. Fl. Gary. chairman of the board OF
directors OF the United states Steel
Corporation, and Henry G.. Frick, also
of that corporation. h only state
ment ,obtainable at the White House
was to tho effect that the conference
dealt solely with the financial situa-
tion. 1t was said that the President
,contemplates making no direct state
ment at this time. From an authorita.
tive source however, 1t was learned
that the President Is consulting with
the Individual members OF his Cabi-
net who have had special experience
in large financial questions respecting
the Legislation to be recommended to
Congress at Its approaching session
relating to currency reform. or course,
the Secretary of the Treasury has
taken the leading part OF these con-
krences, but 1T Is also true that the
President is not declining advice from
any other promising quarter. and he
has spent many hours recently In dis
cussing thi simportant subject, these
conferences taking place at night as
we'll as in the daytime. and, in fact,
at any opportune moment.
QUICK tttelicf. lmpOsstble.
The discussion so far has served to
bring about the conviction that 1t Will
be difficult to get any beneficial legis-
.lation of this Character through Con-
gress quickly. This was one OF the
reasons why. the President did MOI
recently appealed to him to call an ex-
ira session OF Congress Immediately to
deal with the finances of the country.
notwithstanding. the present great
-. 4.e "a ~ ,,L a tI<,E n~Jcft~~ s,ofInno1
bank system. as we'll as III correla-
tive companies are being subjected by
the currency s~tringency. 1T Is feared
that some time must elapse before the
sons-bankers, merchants, l~aw-givers
and college profesorl-can be fused
into one practicable and effective meas
ure OF relief.
Stnnd by Shaw Plan.
1t may be stated that such study as
advisers have been able to give to the
multitude of projected currency bills
has left them under the conviction h a
after all none of them is more promis-
securing the approval OF Congress, than
the particular measure referred to by
the President in his last message To
Congress in dealing with this SUBJ
cribed to Secretary Shaw. which the
President stated had. In it's essential
features. been approved by many
according to this plan, national
banks should be permitted to issue a
specified proportion of their capital IN
notes of a given kind, the issue to
be taxed at so high a rate as to drive
the notes back when not wanted In
Legitimate trade. This plan would not
permit the issue of currency to give
banks additional profits. but to meet
the emergency presented by times OF
stringency."
It is possible that in the four weeks
intervening before the assembling OF
the Sixtieth Congress. the President
NAV conclude to adopt some other
plan. or to amplify and work out the
details of this means of obtaining ar
elastic currency, but IL he remains o.
his present turn of mind it Is believed
that he will feel obliged to recur to
the original and simple Shaw. plan.