New-York tribune., 1907-12-04
FIRST FINANCE MOVE.
COMNITTEE IN HOUSE.
Fouler Kept as Chairman, but Bur-
ton and Weeks Mdy Control.
TFrom The Tribune Bureau !

Washington. Dee. 3-The House took the
first step toward financial legislation to-day,
when Speaker Cannon announced the member
ship OF the Banking and Currency COM
mittee. IN doing so he stated that he had ex-
ceeded by one member the number permitted
by the rules OF the House and asked unanimous
consent TO his action, which was granted
The committee retains as Its chairman MI
Fowler OF New Jersey, and in the main It's
personnel is unchanged. There were only two
vacancies on the committee It stood last
year one Of these being caused by the failure OF
Mr. Shartei Republican, MISSOURI to obtain re-
election. and the other by the voluntary WITH
drawal of Mr.. Legare Of South Carolina WHO
found the duties pertaining TO his work on this
committee to be IN conflict with his service on
other committees. Theodore E. Burton Repuo-
lcan, Ohio was designated for Mr.. Shartels
place and William T. Crawford democrat,
North Caronao for Mr.. Legares. The addi-
tional member is John McHenry Democrat,
PENNSYLVANIA Mr.. McHenry and Mr.. Crawford
are bankers and Mr.. Burton is an authority on
financial matters.
Following is the membership of the committee
as now constituted:
Fowler, New Jersey chairman: Prince. illi-
nois; Calderhead. Kansas: Powers, Maine; Nc
Moran. Michigan: Weems. Ohio: McCreary.
Pennsylvania: Knowland California; Waldo.
chusetts, and Burton, Ohio Republicans: Lewis.
Georgia; Pujo, Louisiana; Glass, Virginia: Gil
lespie, Texas; James, Kentucky: Crawford.
North Carolina, and McHenry, Pennsylvania,
Democrats.
1t is understood to have been the Speakers
purpose in naming the new members to over
come the predspostion Of the committee TO
substitute for every measure referred to 1t the
Fowler financial bill, and to insure for other
measures a fair and thorough consideration.
Mr.. Weeks of Massachusetts,. who was aooed
to the committee last Congress. is strong man
whose financial ideas are sound, and members
expect that he and Mr.. Burton Will dominate
the committee this year. MI McHenry is the
president of the Columbia County National Bank
and state superintendent Of the grange national
banks in his county.
At a conference between the Speaker and two
of the Senate leaders, 1t was agreed that no
serious effort would be made TO pass a fnahciai
measure in the House until the Senate had
acted and sent over its bill. The attention OF
the Speaker was called to the fact that. judg-
ing by past experience, any measure NihCh
might be passed by the Senate and then re-
ferred to the Committee on Banking and Cur
rencv would come back to the House trans
formed into the Fowler bill. and it is assumed
that 1t was to prevent this that Mr.. cannon
named the new members of the committee.
The Senate Committee on Finance met to-
dav and a general discussion of financial prop
ositions resulted Senator Aldrich emphasized
the necessity of proceeding slowly, and argued
that a thorough investigation of the needs OF
the financial system should precede any at
tennpt to prescribe a remedy Senator Bailey
suggested but did not urge. authorizing $500
ooOo60 Of bond secured currency. Senator
uansbrough urged consideration Of his central
hank scheme and Senator Money announced
himself opposed to such a bank No conclusions
were reached, and when adjournment was taken
it was with the understanding that the next
meeting would not De called until after the
holiday recess.
The proposition which appears most TO com
mend itself to the Senate leaders is one author
tzins the national banks to take out emergency
circulation. subject to a tax of S per cent and
secured bv state. county, municipal and railroad
bonds to the amount of S50o,0o0.0oo or S1.ooo'-
oooO01 1t is declared that with so heavy
tax there would be no danger of initiation, and
e n,o,,ld not be necessary to limit the amount
which might be taken out by any one pahh
| This scheme would further provide that no re
strictions should be placed on the retirement OF
| this highly taxed circulation
THE leaders of the Senate are in earnest in
| their purpose of enacting financial legis-
ure will be drawn and perfected before the ma
1oritv of the members OF the Committee or
| Finance are consulted regarding it.
| The President invited Senators Aldrich and
| Crane to the White House this evening to dis
| cuss financial legislation. The administration Il
of the opinion that this legislation should be en-
acted as promptly as is compatible with goot
| work not because an emergency is likely to re
Cur but with view to restoring general con
| fdence.
| <yyhen Senators AIdrich and Crane reached the
4 White House at 8 O'Clock they found Senator
| Lodge there. The entire financial situation was
| discussed in all its phases. The President pre-
! sented his reasons for believing that prompt
| legislation should be enacted. and the Senators
| assured him that despite the fact that thus
r Z p MI