The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1907-11-05
mr.. FRlGK SEES
the PRESIDENT
WITH GARY AND RooTsTHEY DIS.
cuss LEGISLATION FOR MORE
FLEXIBLE CURRENCY.
~ 80

FLEXIBLE CURRENCY,
WASHINGTON. Now ii. G.
Frick and e. H. Gary. chairman Of the
hoart OF directors OF the United States
Steel CORPORATION, spent two hours
with President Roosevelt at the White
House, discussing the business stun:
ton in the country and considering
plans for currency reform that viii
give.a larger vol"me Of money to the
country. No official statement about
the conference could be obtained from
the visitors or from the White House.
Messrs. Frfck and Gary. who are re.
ported to have participated in the con.
ference at the residence OF j.. p. Nor
gan in New York on Sund1y night, ar.
rived here shortly before 0
Secretary Of State Root was sum,
moned from the STATE department to
Join the conference. When Messrs.
IaH#A4H|.fa
Frlcls and Gary emerged from the Pres,
dents office they were asked about
their mission. but declined to make
any statement. They left on the first
train for New York. Secretary Loci
was likewise uncommunicatiye. as was
Secretary Root. There Is good reason
to believe that the main object OF the
visit was to discuss with the President
the best measure to recommend to
congress to provide a more flexible
currency.
Not the Least Alarm.
There wns nothing to indicate tina.
there Is alarm at the financial situa.
ton. but bankers and fi%ananciers gen.
orally have learned from the expert
ence Of the past two weeks that some
sort Of currency reform is necessary.
The tremendous increase in the vol
lime OF business demands a corresponds
ing increase in the volume of money.
But the exact nature OF the law or
amendment to present laws that Is ia.
yored most geenrally is difficult to as.
certain. 1t is said few bankers agree
on this point. and for that reason It
is not probable any very specific rec.
concentrations will be made on the
subject by the President in his mes.
sage to congress.
President Roosevelt. It Is said, has
not written that portion OF his mes
sage dealing with the financial situa.
ton and making recommendations
With relation to 1t. Rumors were cir.
cuiatei here that as a result OF the
visit of Messrs. Frick and Gary the
President was rewriting that part OF
his, message. but 1t was learned that
he had ont addressed himself on that
subject. That he will make some rec
concentrations is taken as n certain
ty. and It is probable he will follow.
about the same lines that he follow
ed In previous messages. 1t Is pointed
out that two years ago President
Roosevelt made suggestions looking
to an increase in the volume OF cur.
rency. but congress has not yet seen
fit to act upon that advice.
Praise for Steel Corporation.
Another report in circulation here as
Il result OF the conference was to the
effect that Messrs. Frick and Gary
had come here to request the President
to desist In his anti-corporation cru
SADIE for the present in the interest
of the business calm. That report is
very emphatically denied by those in
a position to know the fncts. Several
months ago the bureau OF corporations
began an Investigation OF the United
States Steel Corporation, which has
not yet been completed. but there is
no hesitation upon the part OF the gov
ernment officials in stating that moth
ing has been found in the conduct Of
the big steel corporation to warrant
any action upon the part of the gov
eminent. In fact. the conditions thus
far uncovered by the Investigation are
very creditable to the corporations
management. The United States has
no intention Of beginning any proceed.
ings against the company.
Nor is 1t believed that Messrs.
Frick and Gary attempted to influence
the President with respect to his Off
cial actions concerning tho corpora
tons. Their visit is understood to
have been solely for the purpose Of
discussing the best financial measure
that congress could enact to relieve
the shortage of money.
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