Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-11-22
CANNON LOOKS
FOR SPEEDY
RECOVERY
SAYS NEW YORK BANKS
MUST END "STRlNGENCY
Never So Prosperous
AS Now Declares Veteran
Speaker Silent Concerning
Plans Of Coming Congress.
fBy Morning journal special Leased wire

fBy Morning journal Special Leased Wire
Washington. Nov 21.-Speaker J0-
seph G. Cannon. Of the national house
Of representatives. arrived here this
evening and will remain FOR the COM
lng session Of congress. The speaker
viii confer with members Of congress
as they arrive for the new session. To-
night Speaker Cannon said he would
call at the White House within a day
or TWO to pay his respects to the presi-
dent. He t0ok occasion to deny a re-
port that the president had summoned
him 10 Washington al this time 10
discuss financial legislation. but
speaking 10 a representative Of the
Associated Press. Mr.. Cannon careful
~ outlined his views on the financial
situation.
Many people have in mind that
immediate legislation should be enact
ed touching the currency question, -
said Mr.. Cannon, "aud there are al
most as many schemes presented a.
there are individuals to present them
There are, however. very few. II any.
who could put in black and white leg
islation amending u currency laws
that would be satisfactory 20 the man
who wrote the amendment or to he
great mass Of the people. Congress
viii meet on the second day Of De
cember. ana the question Of what leg
lslation Is practicable no doubt viii be
presented TO both houses. | don't care
at this time to suggest my opinion in
detail as to what legislation should be
enacted. I prefer to await the recon-
mendations Of the president. the see
rotary Of the treasury and The action
Of the appropriate committees Of the
house and senate.
THE masses Of the United states
nora uauar gn rich aa fhgy are fnnug
The cotton, the corn, the wheat, the
produced this year and now
awaiting marketing are of the value
Of at least ten billions. and the people
produced these products are sub
stantially out of debt. There Is a de-
mand for the great bulk OF the prod
ucts Of the United States and there is
q demand for all that we a to
spare Of the products In the markets
II the world AT extraordinary high
These products cannot start TO
market because of the currency panic
pr famine. They will begin to go 10
market the mOment the banks re-
payment of their obligations.
New York, the great clearing house
II the United States, was the first 10
suspend payment Of currency. II must
be- the first 10 resume payment Of cur
and the moment New York re-
that viii unlock the millions OF
currency, thereby restoring IL 10 nor
mai conditions. Therefore. IL will re-
confidence and as 80 per cent OF
he business Of the United States "
on credit such restoration Of
'rcdit will az nee De equal % twice
whole volume Of our currency.
II am led 20 believe that the deposit
" public money in the banks under
he law. the importation Of gold from
Europe. the rapid increase Of national
urrency OF the banks supplemented
" the secretary Of the treasury and
he president will in the near future
nable New York 10 resume payment
nd the banks of the country viii no
follow suit.