New-York tribune., 1907-11-05
IBy The Associated Press. J

Washington, Nov. 1T may be stated that
such study the President and his consttu-
tonal advisers have been able to give to the
multitude Of projected currency bills has left
them under the conviction that none of them is
more promising or stands a better opportunity
of securing the approval of Congress than the
particular measure referred to by the President
in his last message to Congress in dealing with
this subject. That was the plan commonly as
| cribed to Secretary Shaw. which the President
| stated had in its essential features been ap-
proved by many prominent bankers and business
men. The Presidents s. description of the meas
ure was brief but comprehensive. He said:
According TO this plan national banks should
be permitted to issue a specified proportion Of
their capital in notes of given kind. the issue
to be taxed at so high rate as to drive the
notes back when not wanted in legitimate trade
This plan would not permit the issue of cur
rency 10 give banks additional profits but to
meet the emergency presented by times OF strin-
gency.
1t is possible that in the four weeks interven-
Ing before the assembling OF the Goth Congress
the President may conclude to adopt some other
plan or to amplify and work out the details Of
this means Of obtaining an elastic currency but
If he remains of his present turn Of mind it is
believed that he will feel obliged to recur TO
the original and simple Shaw plan.
After an interview with the President to-day
Representative Waldo, Of Brooklyn. a member
of the House Committee on Banking and Cur
rency gave it his belief that much attention
will be given TO financial legislation at the COM
ing session OF Congress. What the result would
be or what the particular aim Of the adminis-
tration in this connection would be- he was un-
able to state.
Communications by telephone had by the
Treasury Department to-day with several flnan-
a cd nd bpp nj
tone in all sections than at any other time dur
ing the last two weeks. One Of the Treasury
officials said the department was overwhelmed
with letters and kilograms from bankers in all
parts Of the country in regard to their taking
out increased circulation. The department Is
daily sending out large shipments of national
bank currency, and the aggregates would be
much greater were IL not for the delays incident
10 the withdrawal Of government bonds now
pledged TO secure public deposits and their re-
deposit to secure circulation, approved state
municipal and railroad bonds taking their place
as security for deposits.
The plan suggested for the increase of circu-
lation is working admirably. and the response
Of the banks is declared to be eminently satis-
factory and reassuring to the Treasury officials
Senator Nelson, OF Minnesota. came here to-day
with a delegation Of bankers from St Paul and
Minneapolis and had an audience with President
Roosevelt and Secretary Cortelyou late tonight
J. W. Lusk. c. T. Jaffray. ]. w. Decker and C.
w. Harrington were in the party. Measures for
the relief Of the grain men Of the Northwest
were talked over.
It was authoritatively announced by Secretary
Cortelyou tonight that he had agreed to extend
help and to do everything else possible to i'm
prove the situation with respect to the move
ment of grain. Just wnat he purposed doing he
would not state