The Washington herald., 1907-11-04

There viii be no extra session Of Con-
gress to consider financial legislation.
II Congress does enact any measure of
currency reform. which is not improbable.
it will hardly be till well along into the
winter, after there has been extended con-
ference and interchange of views More
confidence is essential now. rather than
more laws.
These are authoritative statements re-
garding widely circulated report that
the President has been seriously con
mands from fnanciers all over the coun-
try. who promised that opposition 10 his
corporation policies would be withdrawn.
The President has received numerous let
ters requesting an extra session TO en-
act new currency law They have come
! from many bankers and hnanciers. but
are mostly letters Of the thoughtIess kind.
and have been given scant consideration.
except in so far as they voiced anew a
general conviction that Congress could
not shirk its duty longer.
The extra session idea would retard
rather than further, such legislation. The
regular session of Congress will convene
four weeks from to-day. the first Mon
day in December. An extra session would
not he called except in case of a great
public emergency on less than two weeks
notice. The extra session Of November 3.
1893. TO dispose Of the reciprocal CONNER
ciaI convention with Cuba was called by
proclamation. dated October %. but Sen
ators and members had had a general
warning considerably in advance Of that
date
Folly of Extra Session.
The extra session Of that year, which
met just four weeks before the statutory
date for the regular session. accomplished
practically nothing. Even the organiza-
ton of Senate and House. which requires
three or four weeks biennially at the be-
ginning of Congress. was hardly corn
pleted The extra session then empha-
sized chiefly the hostility Of Congressional
leaders to such meetings Of the legislative
branch. unless there be a most urgent
need.
Secretary Of the Treasury Cortelyou
has not made up his recommendations for
financial legislation The President will
have something on the subject in his
message, but he will hardly be ready 20
inform Congress Of his wishes in that
regard till he has heard fully from his
Secretary Of the Treasury. The Comp
troller Of the Currency, Mr.. Ridgely. will
repeat in his annual report his recon-
mendations of last year, that certain na-
tional banks be permitted TO issue not
to sxceed 80 per cent of the amount OF
their bond-covered notes in notes uncov-
cred by bond deposits" II is believed
this principle for a more elastic currency
will be recommended by the President,
but many important details are yet to be
considered.
1t was also announced here yesterday
afternoon that call for an extra session
at this time might undo all the hard worl
the administration has performed in the
last two weeks in staying the money
panic. II would emphasize 10 the country
in the most forcible manner possible the
gravity of the situation. and alarm those
timid people who have been quieted 10 =
degree by the reassuring statements.
A Cabinet officer who would almost
certainly be in the Presidents confdenc,
about promises that opposition TO hi.
corporation programme would cease SAID
last evening that no such promises haC
been given.
Regarded as Timely.
In one respect the present agitation i.
regarded here as timely. in that it will
stimulate Congressman TO reconcile thei
differences about amendments TO the cur
rency laws, and further the prospects O
some general financial legislation. Thes,
differences have existed for several years
and have been bitterly contested. Th,
House Committee Of Banking and Cur
rency reported favorably at the last ses
sion q comprehensive bill for asset cur
rency. which. in, the main. follows tn,
recommendations of Comptroller Ridgely
There was vigorous minority report
however. and It was early rec ognize,
that its enactment by Senate and Hous
was impossible at that time
The recommendations Of bankers VIII
have written the President recently ar
r very diversified There is no genera
agreement upon any one important prin
, ciple. Former Director of the Mint Rob
, erts, now president of a big Chicag
bank. wants a central bank Of issue. sucl
as most European countries have. Tn
: Treasury authorities say. however tha
a the public is not educated up to that yet
and such a law cannot be enacted 70
many years
Some bankers want to enlarge the lis
of securities that will be accepted 70
2 Treasury securities. Large offerings hav
= been made of railroad and other bonds
The Treasury Department has sent ou
scores of notices in the last few day
that the securities proposed were no
legal and must be rejected.
NIr. MortOn's Views.
. It is said that ex-Secretary Of the Nav,
Paul Morton, who had a long conferenc
: with the President Tuesday and wa
i present at the Cabinet meeting for
: time. said the hostility of certain Ne1
: York interests to the Presidents policie
was softening Mr.. Morton was also on
: of those who urged the necessity of earl
!, financial legislation. These statement
from the head of the Equitable Insur
ance Society were discussed during tn
. | - 4 rw.-.-- ShEr-l&. s< IN ~ oo