Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-11-19
FinancierS Throughout the
Country Anticipate Eager
Demand for Short Term Ger
tificateS and Panama Bonds,
FINANCIAL LEGISLATION
FIRST WORK OF CONGRESS
Leaders in Both Houses Agree
on Necessity But Are Still
Far From Agreement on the
Plan,

ran,
lBy Morning journal Special Leased Wire
Washington, Nov. lS.--Presiden
Roosevelt has been commended an,
congratulated throughout the day OF
the wisdom and success OF the finan
clal relief measures launched yester
day by the administration Man.
kilograms from all parts of the coun
try, including New York, Chicago an,
other large cities. have been arriYinl
all day at the White House, and afte
being read by the president have beer
referred to Secretary Cortelyou. Tn,
callers at the White House. who hav,
been numerous. have each added an
opinion on the optimistic side of tn,
situation. a
Checks Run In Buffalo.
The president was informed from
Buffalo that his letter expressing con.
fidence in the financial soundness ol
the country had been printed In severa
languages in Buffalo and distributed
among depositors who were making d
run on bank there, with the effecl
OF checking the run. Before the bus
mess day of the treasury had ended
many applications arrived for the new
certificates OF indebtedness. The fisca
uses to which these certificates may
be put will make the demand for then
very general, according To the opinion
of experts In the department The,
may be registered In the treasury ans
partake of the nature of a govern
ment bond, and MS such be deposited
as security for national bank circula
tion or deposits. When not registered
ii is predicted they viii circulate free
Ia he. Inf a
certificate will amount to ~ l..
cents a month. and a holder may cas-
lily obtain credit for the nmount OF
interest he Is entitled to at his bank
Assurance was given today that the
gold reserve Of the government was
behind these certificates. and this
fact, added to their interest bearing
Feature. win make them eagerly
sought
Legislation Is Certain.
The hint contained i'm the presi-
dents letter that financial relief legls-
lation was assured resulted in many
inquiries during the day to develop the
exact situation. II is admitted the
president has consulted freely with the
leaders of both houses of congress. by
mail and in person, but just what is
the present status of the executive
plans is withheld. one point of unan-
unity Is certain. Every senator and
member of the house Of representa-
tives who has called at the White
House during the financial stress has
been free To say that financial legis-
lation would be the first business OF
the next session of congress. Beyond
this point the unanimity has ceased,
and many men have proposed plans.
The president has been heartily
seconded by every comment today In
his statement OF the soundness OF the
country's finances and that the van
ishing point of the financial furry has
arrived. As indicative Of the state Of
mind in congress Il may be stated that
in a gathering of six republican sena-
tors. Messrs. Foraker. Lodge. War
rem. Scott, Bulkley and Warner all Of
them expressed the decided opinion
that some financial legislation Is nee
essary and will be enacted during the
approaching session Of congress. but
there was much difference OF opinion
OF what could or should be done. No
senators were present and
there was no opportun-
ity Of seeing the democratic view at
this time. IN the house there Is q dis
position that they demand that the
financiers reach an agreement before
asking congress to act The general
impression there. as in the senate. Is
that there should be legislation, but
more Is made OF the difficulty Of ar
riving al an agreement as 10 the form
IL will take.
Senator Long. Of Kansas. believes
the president has done all In his pow
er to restore confidence in the action
taken yesterday and that the result
will exceed expectations President
II fHaN TOD an
relief measures By Representative
Of Missouri He said that
81 Louis particularly appreciated the
action taken because the banks there
had been exceptionally conservative
The letter Of the president. Mr. Par
fholdt said. would restore confidence.
for the lack of which there had never
been any excuse.
senator Borah. % Idaho. believed
the relief measures would accomplish
the desired result The senator has
lust reached Washington from the
west and said that the financial sit
uation ln Idaho has not reached an
acute stage. senator Bourne. of ore
gon. said on leaving the White House
that De had moi had an opportunity 90
read the presidents letter. but be-
lieved lt would accomplish much
good.
Currcucs Panic.
BENJAMIN Ide Wheeler. president of
the University Of California. who was
a caller at The White House today
endorsed az unost excellent the relief
measures % the administration. He
said
Il want % -ay a few words about
This panic. ! have just come across
the country from California. and there
l. not one condition resembling the
81 1898. California. like