Los Angeles herald., 1909-08-27
TAFT TALKS ON
MONEY SYSTEM
WITH ALDRICH
EXTRA SESSION OF CONGRESS
MAY BE CALLED IN 1910
CHAIRMAN OF MONETARY COM,
MISSION TO GO ABROAD
President VIII Not Complete Trip tc
South and West Until Two
Weeks Before National
Legislators
fBy Associated Press ]

N dent Taft mad two and nall
- hours talk this afternon with
Senator Nelson w. Aldrich chairman
of the monetary commission, and Sec
retary MacVeagh.
| Senator Aldrich is about to take ur
adjustment Of the country's monetary
| system and it was in this connection
he was called in conference by the
president. Mr.. Taft was anxious tc
ascertain whether the monetary COM
mission will be ready to report this
winter.
1t is understood no definite answer
was given, but chances are the COM
mission will not be able to place its
conclusion before congress for several
months.
There has been talk of calling con-
| gress in extra session in the fall of 1916
! to begin consideration of the legisla-
tion looking to the enactment of such
changes in the monetary system as the
| commission may deem eXpedient
Mr. Aldrich will sail for Europe Sat
urday to study the financial system OF
the leading European countries.
! Mr. Aldrich would not discuss the
subject of postal savings banks. 1t is
not believed that he is altogether op-
| posed to the idea, but he frankly has
| told the president that he thought the
question should await the enactment
of the monetary legislation.
The monetary commission is con-
fronted by the problem Of retiring gov
ernment two per cent bonds or OF
maintaining their value. The latter is
believed to be difficult If there Is 70
be large issue of three per cent bonds
. s,-I1, .NP 1lo
fund of the treasury for advances on
account of the purchases of the Pan
anna Canal company's property.
Bond Issues Considered
The question of bond issues author
ized in the new tariff bill was conslo-
cred at the conference. Secretary Mac
Veagh said he had not progressed
much further than when he last saw
the president with reference to select
/ ing members OF the new tariff CON-
mission. John Hays Hammond calico
on President Taft this afternoon. Mr.
Hammond will leave Monday for Arr
zona on business. He was invited to
accompany President Taft throughout
his two months trip, but will join the
party at Salt Lake City in September
President Taft's conference with
Senator Aldrich and Secretary ol
Treasury MacVeagh covered variety
of TOPICS, and is one of the series OF
important talks the president is having
with leaders in the different branches
of the government before startlhg OF
his tour of the west and south.
Mr.. Taft will not get through with
the travel program he has outlined
within two weeks Of the assembling
of congress. In the meantime he is
leaving behind definite instructions as
to the disposal Of various matters OF
government, and has set a number OF
his subordinates to work on inquiries
and the consideration of special topics,
which are to be taken up and discussed
by him In his message to congress.
President Taft positively refused to
discuss in any way the Ballinger- Pm
chot controversy.
Senator Aldrich will go over with the
president and with Secretary Mac
Veagh the administrative features OF
the new tariff bill.
Senator Aldrich wrote this part OF
the bill, and Secretary MacVeagh is
anxious to know the intent of congress
on certain phases of the administrative
work which have ben called into
question. Mr.. Aldrich also is expected
to outline the scope of recommendations
TO be made by the monetary commis-
sion.
Changes in the treasury department
incident to the administration of
new tariff law also will be discussed.
President Taft is anxious to learn II
the monetary commission will have its
report ready for consideration by the
coming session of congress. If the re-
vision of the monetary system is 70
be placed before congress this winter,
the president may decide to withhold
until next winter various recommen-
dations, for other branches of legisla-
ton on the theory that If too much
work is placed on congress at one time
nothing definite will be accomplished.