The Mena weekly star., 1907-11-21
|G SOLDIERS HONE TROUBLE |NHAT TWLLgONGRESS DO?
Impossible to Predict What Course Financial Legislation Will Take
 at Coming Session.
PROMPT RELIEF LEGISLATION EXPECTED

The General Belief in Washington 10
 That There Will Be Little Difficulty
 in Reaching an Agreement on Some
 Basis-Senate May Prove Stumbling
 Block to Quick Action.
 Washington, Nov. 19.-There are so few members of either house of con gross who deal directly with financial legislation in the city, that it is i'm. possible to make any definite predic- tion as to what course financial legis- lation will take at the approaching session. All who are here, however. agree that the conditions are such that something must be done and the pre- ponderance of opinion fayors 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 favoring the asset system, under which the banks would be allowed to use property as the basis of credit, and others, the bonds system under which the bank issue could be en- larged only on securities such as muni- cipal bonds with the requirement. that they should be approved by the secre- tary of the treasury. The general idea seems to be that the margin of flexi- bility should not extend beyond 25 per cent of banks capital and that in any event the enlarged issue should
 be so heavily taxed as to drive it back
 when the emergency is passed
 One reason for believing there will be little difficulty in reaching an agree ment on some basis is found in the fact that the so-called conservative element in the republican party Is in complete accord with the administra- ton in the opinion that some form of relief is absolutely necessary in the present emergency, to say nothing of possible future conditions of the same character The only practical difficulty which presents itself at this time is an agreement on the form of legisla- tion. At the same time it Is not ex- pected that anything will be accom- plished without much discussion. es- pecially in the senate, where there Is
 unlimited debate and where there are
 many opinions as to what should be dose. There will also be found there
 some disposition to criticise the pres ent conditions.
 There will aslo probably be some political discussion. It is not believed however, that the democrats will offer any stubborn opposition, but will
 rather content themselves in stating their position and throwing the respon sibility for action on the party in power.
 That the action of the administra tion in coming so vigorously to the re | lief of the financial situation will be more than ample in the direction de sired, was the universal comment oi | callers at the White house Monday
 Senator Warren, of Wyoming, said l that the action taken was exactly
 what was needed "The people at large will now realize that there was nc | cause for the panic and will stor hoarding their money" he added
 "They will return to the banks their deposits and business of the country will return to it's normal condition
 Business is already improving. Now | it will so right ahead"
 '"The relief ought to be almost i'm
 mediate,p was the comment of Repre- sentative Needham, of California. "l | believe congress will take up the mat
 ter of currency legislation at once with | view to some accomplishment which | will make the situation impossible oi recurrence. So far as have been able
 to ascertain, the business of the coun l try is on as sound basis as ever. That slight shake in the confidence of the | country should cause a tie-up in the
 currency is question which will need
 careful consideration"
 1 Senator Warner of Missouri, believes that the bankers will take the canal | bonds in a hurry. They have com | plained of the lack of money and made an excuse to tighten up all over the country. Now, do not see what ex
 cuse they can have for not loosening up"
 | Treasury officials and others most conversant with national finances and
 the currency conditions throughout | the country are almost a unit in the | opinion that Secretary Cortelyou's an
 nouncement that he would issue a 1 s1O0 ,O00,000 in treasury certificates
 and s50,000,000 in Panama bonds Is a
 complete solution of the present mon | ey problem. tt
 Telegrams received Monday morning | at the treasury department from lead | ing fnanciers in the great money cen I ters indicate that this view Is general and the opinion is expressed that a
 very large proportion of the money
 which has been withdrawn by the timid depositors will now be speedily
 replaced in the banks and normal con
 ditions be reached, so far as an ade- quate money supply is concerned, in a
 very few days.