The Washington herald., 1907-11-22
CANNON OPTIMISTIC
Declares Nation Never So
Prosperous as NOWs
PRAISES CoRTELYOU'S ACTION
viii Line Up with President ROose-
Welt for Any Needed Currency
LeEisIafion-TeIIS About the Vast
Riches of the west-WaffS on New
NOrk-Diseusses Our Needs.

Speaker Cannon arrived in Washington
last night fun Of optimism about the
eountry's condition, particularly that OF
the West
While declaring that there is no conceiv-
able reason for any strlngency in business
centers. ne VIII stand right with Presi-
dent Roosevelt for any currency legisIa-
ton that may be needed for the adjust
ment OF business conditions.
The Speaker has been much impressed
with the manner in which the President
and Secretary Cortelyou have risen 10
the occasion in the matter Of anaying
public excitement, and he will not permit
political considerations 70 interfere with
bringing 10 success the next session OF
Congress in the matter Of legislation that
may be needed.
Not Opposed to Action.
Another important development on the
arrival Of the Speaker was the correction
Of an erroneous report that he was op-
posed TO any currency legislation. He
made It clear that he is not committed 10
any plan, IN view OF the multiplicity OF
measures offered by various persons in
and out Of Congress.
Discussing the situation, the Speaker
said.
The masses Of the people in the United
States never were SO rich as they are
to-day The cotton. the corn the wheat,
and the meat produced this year and now
awaiting 20 be marketed are o. the value
of at least ten billion dollars, and the
people who produce them are substan-
TALLY out OF debt. There IS a demand
for the great bulk Of these products N
the United States. and there IS a demaaa
for all we have TO spare in the markets
Of the world at extraordinarily high
prices. These products cannot start 10
market because Of the currency famine
Waits on New York.
They VIII begin to go to market the
moment the banks resume payment OF
their obligations. New York. the great
clearing house OF the United States. was
the first 10 suspend the payment OF cur
rency. II must be the first TO resume
the payment of currency. and the mo-
ment New York resumes that will TN
lock the three thousand millions of cur
rency and thereby restore confidence
In addition to this, il will restore
credit, and as 90 per cent OF the business
of the United States is done upon credit
such restoration Of currency Will at once
restore credit equal to twice the whole
volume OF the currency.
L am led TO believe that the deposit OF
public money in the banks under the
law, the Importation OF gold, the rapid
increase of the national currency by the
banks. supplemented by the hearty CO.
operation of the Secretary Of the Treas
~ and the President. viii in the near fu-
ture enable New York to resume the pay
ment Of currency and the balance of the
country Will promptly follow suit"
Discusses Legislation.
Speaker Cannon. when questioned par
ticularly about currency legislation. said:
THAT is something that 1 do not care
TO speak about ar this time. There will
be time enough TO decide what is TO be
done when we reached an agreement as
TO what is necessary. I am in favor of
the passage of all legislation that the
country needs, and In favor Of doing it rs
quickly as il can be accomplished. But
there are great many measures pro-
posed for the treatment Of the currency
We shall have 10 hear what is suggested
BY the President and by the Secretary
of the Treasury. Then much will depend
on what may be suggested by the Com
mittee on Banking and Currency when
il is formed.
Many Remedies Proposed.
There have been many suggestions:
there seem to be as many different ones
as there are persons who think that there
ought 10 be a remedy. That is to say.
almost every man has a different plan.
In nay section Of the country, there is
a big corn crop and big hog crop. A
little farther away, there is a big wheat
crop and there are plenty of steers. The
prices are just now a little or That is
due 10 the fact that there is a scarcity
of currency, but Just as sooE as the
country finds that there is ample money
to do business, the bonds win be broken
and t.e crops will go to market
There is no stagnation of business and
no uneasiness. such as has been repre-
sented as existing in the West