New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-09
TO PUSH CURRENCY ACT
President Hopes for Financial
Legislation This Summer.
WILL MAKE SPECIAL PLEA
House Banking and Currency
Committee Expected to Take
Up Subject by June /.
rFrom The Tribune Bureau. J

Washington. Nav s-Presidcut Wilson
expressed himself in optimistic terms to-
dav regarding the prospects of financial
legislation at this session of Congress
aftor a conference with Representative
Underwood. the majority leader. The
President said he had before him the pre-
lirninarv draft Of the financial measure
nrepared By Representative Carter Glass,
which has been outlined I'm The Tribune.
Mr. Underwood told the President he
cxpected the Banking and Currency Com
mittee would be named by June ]. when
u would devote itself to the task of re
norting and passing the proposed legisla-
zion The President will send a special
message on the subject to Congress be-
fore that date.
Those who have had more experience
with the deliberations of congress are
less hopeful than the President that lesis-
lation will be actually passed at this ses-
sion although. as has been repeatedly
asserted in these dispatches, they regard
the chances OF getting the bill through
the House as excellent. The legislative
leaders will Toe pretty well satisfied II they
do that ana sffult a AAN't fAAt' ~ f'A :
from the Banking and Currency Commit
tee of the Senate. so that the measure
can be placed on the calendar or the
INNER house as unfinished business be
fore adjournment That would insure It's
prompt consideration when Congress
meets in December
The Presidents desire TO have the leSis-
la,ion enacted nj this time is in large
part due 10 his conviction that an efficient
reorganization of the present fiscal sys-
TEN would go far to Offset any tendency
To financial stringency which might re-
suit from the new tariff. and would at
least conserve public confidence and avert
anything even approaching a panic.
The House Committee on Banking and
Currency cannot act formally until II mas
actually been elected by the House, but
It's personnel is already pretty well known
and Mr. Glass Will continue 10 hold in
formal conferences with those who are
10 be associated with him OF the COM
mittee. Thus comparatively little time
will be required for consideration of the
measure after the committee is named.
The President has been told of the
extraordinary facility Of the Senate for
and of the number OF
Senators who regard themselves as pecul-
iarlv qualified 70 rearrange the financial
system OF the country. lie has also been
advised that ii will be practically lmpos-
sible to keep Congress In session after
the tariff bill has become law. These
warnings do not appear 10 cool his
ardor. however. lie believes II wise 10 30
right ahead with the important work
Just as il everything were favorable To
final enactment at this session.
The Senate Committee on Banking ana
Currency will take the Glass bill as the
basis of its deliberations as soon as a
copy is received by Chairman owen, ana
an earnest effort will be made 10 har-
morize the views OF the committee with
those of Chairman Glass and the Presi-
dent. so that 10 material delay need ensue
between the passage OF the bill by the
House and its report 10 the Senate. AS
the tariff bill is certain To remain for
some time I'm conference, the plan for
favorable report to the Senate and the
adoption of "A motion making the measure
tbs unfinished business before the final
annroyal of the tariff bill is believed 10
be practicable