The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1908-05-26
DEFICIT
IN UNITED STATES
TREASURY
Makes Currency LegisIa-
tiOn Necessary
Uncle Sam in no Condi-
ton to Lend Assistance
in Case of Financial
Distress This Fall.

rear is general that the mouse ana SEN
ate may be unable to agree on an |
emergency currency law, earnest eff
forts are being made by the leaders to
bring about a general agreement to
accept either the Vreeland bill or the !
Aidrich bill 1t is declared that there |
is no possibility of any compromise. |
The differences that developed in con-
ference over the two measures are be-
lieved to be irreconcilable. One house
or the other must yield, or there will
be no legislation.
In the last two days of the week just
closed lot of missionary work has
been done in the interest of currency
legislation. Those engaged in it kept
their own counsel, and it did not be-
come known until yesterday that
while the conferees had formally dis
continued holding the sessions, the
| leaders acting with the conferees were
bending every effort to bring about an
agreement. A<number of conferences
on emergency currency were held to-
night, but the results will not develop
| until tomorrow.
Great disappointment is expressed
by members of the house and the SEN
| ate over what now appears to be
| fiasco on the currency question. Con-
gress met last December rigEt on the
| heels of a panic that was serious in
its influences upon commerce and
trade Throughout the United States.
The senate committee on finance, of
which Mr.. Aldrich is chairman, went
| to work at once in an effort to draft
measure that would provide an abun-
dance of currency for emergencies
The measure was confessedly make
shift. 1t was intended only to serve
scientific system of banking and cur
rency for the United States.
The Aldrich bill was passed. in the
senate after considerable debate. 1t
was amended in several particulars, in
every case with the consent of Mr..
Aldrich.
With the railroad Sond feature of
the bill stricken out, the measure be-
came more popular in the house,
where formerly it had been con-
demned, and the hope was then ex-
pressed that the Aldrich bill, or
something approximating it, would be
enacted into law.
Trouble started when the house
| committee on banking and currency
tabled the senate measure. An agita-
ton against it was begun with the re-
suit that it was only necessary to
mention "Aldrich bill" in the house to
start an oral debate. The Vreeland
bill was then evolved. Before it could
be passed the house Republicans had
| party conferences.
| Complaint has been made by house
conferees that in their dealings with
the senate they have been acting in a
purely ministerial capacity. Their
hands have been tied by an evident
determination on part of large
majority Of the house Republicans
that in no circumstances must the
Vreeland bill be changed in the slight
est respect. When the conferees met,
therefore, they found there was moth
ing to do. The senate conferees
stood pat on the Aldrich bill, while
the representatives of the house con-
fessed that 1t was futile to longer con-
tinue the sessions.
Since the word has gone out to the
country that congress is about to ad-
journ without passing an emergency
currency bill, members of the house
have been deluged with protests. They
have been warned that while the signs
do not point to another panic it
would be well to make provision for
an emergency. Taking the cue from
remark made In the course OF
speech by Representative Burton, of
Ohio, business men and bankers in the
west insist that if there is bumper
crop this year the demand for cur
rency will be as urgent as if gaunt
panic ciwere stalking abroad in the
land. For these reasons certain house
Republicans who are influential in
legislative affairs are i1sistent that
the day of adjournment may be we'll
postponed in order that every oppor-
tunity may be afforded for the passage
VI q hAiNiby -bilAs <AAhOAG NllSOS cllO
Speaker Cannon.
The good offices of the administra-
ton may yet be used to induce con-
gress to put through currency meas
ure. Significance in this connection
is attached to the action of President
p. Roosevelt in referring the omnibus
Epublic building bill to the secretary Of
the treasury for review. This meas
ure carries appropriations aggregating
$50, 900, 900. While this is large sum
of money TO draw from treasury that
is now $4,000, 900 behind, 1t should be
borne in mind that he outlay author
lied Will not be expended imme-
adiateJy 1t will be expended over a
period of several years. There is rea-
son to o-beiisye that the public building
bill VIII be used as an example to
which the administration will point In
making known its wishes that some
thing be done b put the treasury In
a state Of preparedness in the event
of financial emergency in the fall,
Just at this time the treasury Is in
| M uhana tn "a 10 tha RELIEF nf the