The Washington herald., 1907-12-02
ALL TALK FINANCE.
Continued from Page One.

the country needs most is a refreshing
nap"
Senator Culom CRep.. In)-"There Will
be many bills TO amend the currency
laws, a perfect food Of them. But / be-
lieve there ought 10 be no haste i'm the
matter"
Senator James 4. Hemeuway Rep..
Ind ~ don't believe that currency leg
islation this Congress can affect condi-
tons as they exist now. but there should
be legislation for "a flexible currency 20
meet the conditions arising at the crop
moving period and in times Of depression,
such as we have just gone through This
currency should be an emergency medium
subject 20 a graduated tax small the first
month after its issue but increasing each
month until il will be sufficiently high
TO force the issues out OF circulation when
the emergency calling them into being
has passed
Anticipates Long Session.
Senator julius c. Burrows CRep.. MichD
Congress will be in session until July
L probably. There is much business
ahead The first matter that will claim
attention. OF course. is legislation to re-
lieve the currency situation. There ought
TO be no haste i'm that matter. We ought
to try to find out just what the trouble
is. and then proceed TO remedy il per
manently. The plan may involve an en-
tire change in the currency system. For
example. there is much talk of a central
bank. There ought TO be legislation for
the upbuilding Of our merchant marine
1 don't see how il is possible for Con-
grcsS TO adjourn before July L."
Representative Charles y. Fowler, Of
New Jersey, called attention TO the fact
that he predicted the recent financial
| furry i'm a speech before the executive
council of the American Bankers Asso-
citation at St Louis. October Is. 1906 Mr..
I Fowler. who was the chairman of the
/ Committee on Banking and Currency of
the House of Representatives, claims that
/ he also predicted the recent troubles on
| the last day OF Congress Among other
( things, he said
/ Il now declare that if this govern
ment continues its present policy of in
{ jecting into the articles of trade and COM
mere. a fixed bond-secUred currency, by
swapping securities, by bond specuiations.
by Treasury manipulations. and by EN-
ocUtive orders. we shall continue 10 move
i only with an accelerated speed toward A
commercial breakdown. a domestic crisis.
/ a commercial tragedy. compared with
which the present currency panic is only
/ "a pleasant summer outing
/ Representative Cushman tWash.)-"As
/ far as the present money system of the
/ United States IS concerned. ] think that
| I'm some particulars il might DE improved.
/ Elasticity is a good quality in any COM
modify up 10 a certain point, but not be
/ yond that point. Whenever / buy "A pain
/ OF suspenders ] always like elasticity in
/ them. but I don't want them To stretch
/ so much that they won't hold up a pair
/ Of trousers with absolute security and
| certainty"
Confidence Only Needed.
Senator Hopkins Rep., HID doubt If
there is any serious demand for currency
/ legislation. There is plenty Of money in
the country, and all that is needed is
confidence 10 place I i'm circulation where
il viii be useful to meet the demands OF
business. but you can't legislate conf
dence"
Representative Littlefeld CRep.. Me-
/ Doubtless there will be some effort made
| to pass remedial currency legislation
present conditions should tend to produce
/ such gislation-something which viii
tend to prevent recurrence Of the situa-
ton now confronting US"
Representative SuIzer dem. y. "
u believe Congress viii create a centra
bank Of issue, 70 be located in Washing
ton. such as was provided in bin ! i'm
! troduccd last winter. l am also of IN,
opinion that a measure will be passeC
that will rehabilitate the American mer-
chant marine.
! Representative Kahn CRep. CdL)-'I
seems to me that ex-Secretary Shaw. in
a speech recently came pretty near ex
pressing the correct idea when he de
clarcd in favor of a central bank, z
United States bank, backed by the Fed
eral government. like the Bank Of Eng
land, the Bank Of France. and the Bank
Of Germany / do not say that there is
any probability Of passing law estab
fishing such a system. yet 20 my minC
that would come very near being the
IDEAL banking system
| Representative Loudenslager tRcp., y
IJl-"Doubtless Congress at this session
will make some attempt at currency
legislation Personally, 1 do not believ,
that there IS much need for legislation"
Approves Brynn's Plan.
Representative Kinkaid Rep., Nebr)-
a government guarantee of bank de
posits, il seems TO me. would do a grea
deal toward preventing money panics
People would then have absolute con
fidcnce when placing their money on dc
posit in banks. 1 DO not know eXactl.
what Mr.. Bryan's idea is. and I do no
favor a guarantee plan because he advo
Gates it. but because / believe it would %
wise and would maintain confidence il
banks
Representative Webb Dem. y. c.
"Tne national banking laws require ma
tionaI banks to maintain a . per cen
reserve fund. That keeps practically one
fourth of all the money in the Unite
States tied up at all times. Il seems I
, me that that reserve fund could be con
. verted into government bonds and thes
bonds kept in the bank vaults in piac
OF the cash reserve"
Representative Clayton CDem.. A!a.)-''
am opposed 10 every plan Of asset cur
reney / have thus far seen. They don
look good 10 me when I come to eXamin
them We have plenty Of money in tn
country now; We are in the midst o
great prosperity. and all that we need
something not only 70 keep the peopl
r from boarding their money. but to kee
the banks. as well, from boarding tn
p peoples money
Minority TO Agree.
Representative James Dem, KY
, minority member Of the Committee o
Banking and Currency-"During the con-
ing week the minority members of tn
Committee on Banking and Currenc
viii meet and agree upon a plan Of cur
rency legislation which we will advocat,