The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1907-11-21
FINANCE RELIEF
COMING IN RUSH.
WASHINGTON SEES IMMEDIATE Eff
Feet OF CONTIGUOUS CUR
RENCY PLAN.
MONEY LEGISLATION SURE
Several Different Suggestions, but Con-
gress Will Most Probably Sur-
port Roosevelt.

WASHINGTON, d. c., Nov. IS
| Treasury officials and others most con
! versant with the national finances and
the currency conditions throughout the
country are almost unit in the opinion
that Secretary Cortelyou's announce
ment that he would issue $1OO,UOO,OOO
in treasury certificates and S5O,OOO,OOO
in Panama bonds is a complete consola-
ton for the present money problem.
kilograms received today at the treas
ury department from leading tinanciers
in the great money centers indicate that
this view is general and the opinion is
expressed that a very large proportion
of the money which has been withdrawn
by timid depositors will now be speedily
replaced i'll the banks and normal condl-
tons be reached, 50 far as an adequate
money supply is concerned, III very
few days.
Senators Praise Course.
That the action of the administration
III coming so vigorously to the relief OF
the financial situation will be more than
ample III the direction desired, was the
universal comment IF callers at the white
house today.
Senator Warren of Wyoming, said that
the action taken was exactly what was
needed.
The people at large will now realize
that there was no cause for the panic
and will stop boarding their money, he
added They will return to the savings
banks their deposits and business OF the
country will return to its normal condl-
ton. Business already was improving
Now it will 90 right ahead.
The relief ought to be almost i'm
mediate. was the comment of Represen-
IF hpllpyt
Congress will take up the matter of cur
rency legislation at once with view to
some accomplishment which will make
the present situation impossible of re
currence.
Senator Warner of Missouri believes
that the bankers will take the canal
bonds in a hurry. They have COM
planned of the lack of money and made
that an excuse to tighten up all around
the country. Now, don't see what eX-
cuse they can have for not loosening
up.
What Congress May Do.
There are SO few members Of
either house of Congress who deal di-
rectly with financial legislation in the
city that it is impossible to make any
definite prediction as to what course
financial legislation will take at the APP
preaching session. All who are here
however. agree that the conditions are
such that something must be done and
the pr~ponderarce OF opinion favors the
view that relief legislation will be more
prompt than has heretofore been pre-
dicted.
There are various opinions as to the
course that should be taken, some favor
ing the asset system, under which the
banks would be allowed to use their
property as the basis of credit, and 9th
erS the bond system under winch the
4 N1,i,.f
securities such as municipal bonds with
the requirement that they should be APP
proved by the secretary of the treasury.
The general idea seems to be that the
margin of tieXibiity should not extend
beyond % per cent. of a bank capital
and that in any event the enlarged issue
be so heavily taxed as to drive 1t back
when the emergency is passed.
Democrats Won't Oppose.
One reason for believing that there
will be comparatively little difficulty III
reaching an agreement on some basis IS
found in the fact that the so-callcd con
sentative element in the Republican
party is in complete accord with the ad-
ministration in their opinion that some
form of relief is absolutely necessary IN
the present emergency, to say nothing OF
possible further difficulties of the same
character. The only practical difficulty
which presents itself at this time is an
agreement on the form of legislation. At
the same time it is not expected that
anything will be accomplished without
much discussion, especially in the Senate,
where there is unlimited debate and
where there are many opinions as to
what should be done. There will also
be found there some disposition to criti-
else the present conditions.
There will also probably be some po-
litical discussion. 1t is not believed, how
ever that the Democrats will make a
stubborn opposition. but will rather CON
tent themselves in stating their position
and throwing the responsibility for action
on the party in power.