The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-06-17
AS TO CURRENCY LEGISLATION.

ent extra session of Congress. But
word comes from Washington that the
members of Congress are getting res
tive and tired Of the long pull; that
they want to close out the tariff legis-
lation and go home
| But there is no likelihood Of the tar
if legislation being closed out very
soon, for long, tedious consideration
of that bill in the Senate is certain,
and Speaker Clark s estimate that the
session is not likely to end until Oc
tober, is more likely to prove accurate
than any shorter estimate; fer the
means of prolonging debate and action
in the Senate are houndless. 1t is an
rounced. for instance, that Senator La
Toilette intends to make q three weeks
speech against the Democratic tariff
they stand, he may easily do this. Other
Senators may speak as long as they like
also, and there is no reason why there
should be any expectation of the House
bill passing the Senate without very
long delay; and the great number Of
necessary amendments will add to that
delay,
President Wilson is anxious to have
currency law passed, so that relief
may be had on the financial side If any
trouble arises because of the enactment
of his pet tariff measure; and he very
Justly sees that the House might be oc.
cupying itself with the currency ques-
ton while the Senate is acting upon
the tariff bill. There will be ample
time for the House to receive and fully
consider the currency bill before the
Senate gets through with the tariff bill
But on the other hand, members OF
Congress want to get away, and Secre-
tary McAdoo of the Treasury has paved
way for this He had already made
the announcement, as soothing propo-
sition to the financial disquiet In New
York, that he will supply National
Banks which may at any time wish to
put out additional National bank note
currency, whatever notes they may re-
quire, upon deposit with him Of ap-
proved securities, which may include
State bonds or corporation bonds of es-
tablished values. He made this an
to quiet the disturbed con
dition Of the New York financial mar
ket last week, and as he holds $500,00O,-
600 of National bank notes and emer-
gency currency prepared by Secretary
to meet the contingencies
of the Vreeland law, there should be
no delay in issuing these notes in case
they are needed. And so members of
Congress think that this will be enough,
bothering themselves with cur
rency legislation at this time.
In this, in a way, they are right; but
still, since currency legislation is likely |
to be had during the present admins
tration, the country would be glad to
have President Wilson s views met, and |
a currency bill prepared such as he
would approve.
At first il was understood that Presi- |
dent Wilson was Of the opinion that the
tariff revision which he stands for
would be welcomed by the public and
be wholly beneficial; but he has now
been brought to see the probability of
a good deal of disturbance upon the |
passage of this bill, and noting the
loneliness Of the New York financial
market, he is now Of the opinion that
ought to be done with the
currency, so that if any trouble arises,
that can be charged to the effect Of the
tariff bill. he will have a practical rem
edy to apply. But it is not sufficient to
have merely an addition TO the cur
rency. such as Secretary McAdoo is
prepared to issue, but there are other
that ought to be made by
way Of safety and pernanence that
ought to result in the remodeling of
our currency system. But if the mem
bers OF Congress think that the Treas |
ury's readiness to supply additional cur
rency is all that is necessary, they are
action on the currency, especially since
there are a number Of the majority |
members who believe that the propo-
sal to revise the currency comes from
the "money power" in New York, and
as the Democrats do not seem to feel |
any particular reliance upon their abil.
ity TO deal with the currency, perhaps |
it is just as well that they do not under
take to do so-that is, if President Will
son will excuse them.
ANOTHER CRY OF "WOLFI"