New-York tribune., 1907-11-22
CANNON AGAINST HASTE
HIS VIEWS ON CURRENCY.
Speaker for Caution IN Legislation
at Coming Session.
Trrom The Tribune Bureau. ]

Washington Nov. 21.-Speaker Cannon ar
rived in Washington this evening and expressed
frankly his views the financial situation. but
exhibited his usual caution with regard TO cur
rency legislation.
Mr. Cannon's views the subject of legisia-
ton appear entirely to accord with those of
Senator Aldrich chairman of the Finance Com
mittee of me upper house, who Is understood to
hold THAI legislation cannot be enacted in time
to afford relief in the present stringency. while
Congress would be wiser to proceed slowly. as.
the stringency having passed, there would be
no occasion for precipitate action.
On the subject of financial legislation the
Speaker said:
Many people have in mind that immediate
legislation should be enacted touching the cur
rency question, and there are almost as many
schemes presented as there are individuals to
present them. There are, however very few. If
any. who could put in black and white legisla-
tion amending our currency laws that would be
satisfactory to the man who wrote the amend
Inent or to the great mass of the people.
Congress will meet on the second day of
December and the question of what legislation
is practicable doubt will be presented to both
houses I do not care at this time to suggest
my opinion in detail to what legislation
should be enacted. I prefer 10 await the recon-
mendations of the President, the Secretary of
the Treasury and the action of the appropriate
committees of the House and Senate.
THE masses in the United states never were
so rich as they are to-day. The cotton. the
corn the wheat the meats produced thls year
and now waiting marketing are of the value oil
at least S10OOO.0Oo.O00, and the people who
produced these products are substantially out
of debt There is demand for the great bulk
of the products in the United States. and there
70 of
the products in the markets of the world at
extraordinarily high prices. These products
cannot start to market because of the cur
rency panic or famine They will begin to go to
the market the moment the banks resume pay
ment of their obligations.
New York-the great clearing house Of the
United States-was the first to suspend pay
ment OF currency. 1t must be the first TO re-
sumo payment of currency, and the moment
New York resumes. that will unlock the thou
sand millions of currency, thereby restoring
credit In addition to this it will restore con-
fdenCe and credit. and 80 per cent of the
business of the United States is done on credit
such restoration of confidence and credit would
at once be equal to twice the whole volume of
our currency.
II am led to believe that the deposit of
the public moneys in the banks under the law.
the importation of gold from Europe. the
rapid increase of national currency by tho
banks. supplemented by the hearty co-opera-
tion of the Secretary of the Treasury and the
President. will in the near future enable New
York to resume payment of currency, and the
balance of the country will no doubt promptly
follow suit"
Mr. Cannon said he had come to Washing
ton to stay for the session. He will call at the
White House tomorrow to pay his respects to
81, hut 0t to hay
serious conference with the Executive. That
will come later.
With regard to the house committees the
Speaker said he had already given the matter
some consideration and that he had heard from
several state delegations which sought prefer
ment for certain of their members He could not
indicate any decisions. but said he would make
the appointments promptly and that within ten
days after Congress convened. or at most two
weeks all appointments would be announced
that is, considerably before the holiday recess.