Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-05
CONGRESSIONAL LEGISLATION
ON FINANCIAL. QUESTION

ON FINANCIAL QUESTION:
IL President Roosevelt needs the
advice of the conservative clement in
the financial void ana calls for an
extra session of Congress. it Will prob.
ABLY prove TO be one of the most i'm.
portant gatherings OF the national
lawmakers ever held In time of
peace IL such session was
held. II would be called upon to make
new laws governing stock operations
ana To enact legislation on tho sub.
Iect ponnlarly known as currency re.
io'm both of which are undoubtedly
needed MS has been proved to the sat.
islaction of all by the events of the
past two weeks. On the question of
ourhing the stock gamblers. the Daily
Press has already spoken. ana there
Is no noed ut this time to repeat It's
views on the matter.
AS matters stand now there is M
means by which currency can he az.
banded To meet such requirements ne
have lesn pressing upon the business
interests for the past four or FIVE
years. What IS needed Is a more olos.
the currency system. For years the
aolest ana most expert nnanclers nave
been calling the attention OF Congress-
TO The rigidity of the present currency
Jaw. but without any practical cifect
because OF the oppos.,,on OF a certain
c'ass of iinanciers who. for reason.
best known for 10 themselves. aid not
want any currency reform. and ,heea
men mad more influence with Congress
Than those who desired 10 see t,e n.
nancal affairs of the country plocod
on u sounder and better basis. Az tho
conditions exist at the present time.
except ms government bonds become
available, and they have long ceased
TO be eifcctive, the amount of chr.
rency not counting gold remains lust
as small when the public call for il
Is the greatest as when il is in excess
OF the gone.al needs.
'"iS op'fuuSly ucleCtlNr SyS.
tom operates has l,een so often illus.
trated, that no we'll informed citizen
can be ignorant OF the mischief in.
VOWED. Given the slightest tendency
to panic, no matter how irrational. 4,
becomes dmcult for even tho most
solvent banks to meet al once tho
drafts made upon them by their dc.
posi'ors. 1t is not n question OF sol
vency. II is question of actual cash
ana rs that is practically limited by
laws to some thirty dollars head
'he banks are exposed TO almost ma
much danger in times such ms have
been experienced In New York and
o'her cities, rs property owner
would be from fire IL there was no
water supply for the fire department
Wee it the purpose OF the government
to provoke panics. II could hardly
nave nit upon better plan than that
embodied in the existing currency re.
strictions.
'NN~hN uIntANHl HI New YORK
winch has afflicted such appalling
losses on innocent and helpless neo.
pie, has emphasized the necessity OF
currency reform and has proved that
thee is reason for the demand upon
The President to call an extra session
OF Congress to enact II. Tho con.
sensus OF opinion among the honest
ana conservative fsnancicrs is what
'he country needs. is an act OF Con.
gross permitting cvery national bonl;
under careful supervision OF the GOV.
ernment. TO issue legal tender notes
TO The extent of fifty Pc cent. of it's
capital. 1t is believed by the National
Bankers Association. that with the
adoption OF such plan. there would
ra no fear of shortage OF money re-
deemabic in gold than there is that
the food supply will fall short of what
the American people will require
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II is now predicted that If Roose
velt does not run. most of his follow
ers Viii vote for BRYAN. They conl9
/ dn ~