New-York tribune., 1913-05-14
CURRENCY RUSH MEETS
TARIFF PANIC THREATS
Leaders Practically Agree to
Put Bill Through This
Session.
FEAR ARTIFICIAL FURRY
Interests Would Welcome 1t,
Says Senator Martin
Both Houses Against
Delay.

Washington. May l3.-BeleVing an
emergency currency measure should be-
put on the statute books Immediately
following the passage of tariff bill,
thus forestalling business depression.
artificial or e. Use. leaders of the
Senate and House have practically
reached an agreement that "A currency
bill shall he put through at the extra
session even if it appreciably delays
adjournment.
President Wilson himself is said to
be exceedingly anxious for the enact
ment of currency legislation before ad-
jOurnment. and the administration pro-
gramme is SO shaping that the Senate
will act upon monetary measure
without unreasonable delay. Action
in the House has been assured for
some time
The programme is that the bill as It
is introduced in the Senate will he
representative Of compromise be
tween the views Of the majorities Of
both houses of Congress. and when
the measure reaches the upper body
it will have lain sailing. except for
such Repu' n opposition as may be
offered. Democratic leaders of the
Senate have virtually agreed with the
President that it will be politically
expedient To pass an emergency cur
rency measure on the heels Of tariff
revision.
Will Curtai Discussion.
Matters will be hastened by the SCI
ries of conferences now in progress.
which will result in an agreement
upon the essentials of the Glass cur
rency bill before the introduction in
the House. The views Of the Senate
Democrats Will bc learned before in
stead Of after the passage Of the
House measure. and in this way it is
hoped to prevent an unusually long
discussion in the upper BODY.
There is. of course. the possibility
that both Democrats and Republicans
will be so tired out after the tariff
bill passes that final action IN the
Senate will be delayed. but the Presi-
dent and his close advisers hope and
believe it will not be so.
President Wilson and The trainers
Of the currency bill are known To have
particular reasons FOR the prompt
enactment Of monetary legislation.
Uncertainty exists regarding the ef-
feet the tariff may have on business.
despite Democratic assertions that de-
preston will not result The admn-
istration wants To- play safe and it is
argued in the inner circle that an
emergency currency measure would
have a steadying effect in the event
Of q financial crisis. While denying
that there will exist any occasion for
business depression. Democratic lead
ers are not needless of the predictions.
more or less openly voiced that bust
ness interests may nerI bolstering up.
Fears Manufactured Furry.
Senator Martin. of Virginia. one cf
the Democratic leaders of the Sen
ate. is among those who have con
scented to aid the President i'm putting
currency bill through. lie says
emergency currency legislation Of thls
character should 90 on the books. fol-
lowing the passage Of The tariff bill
when we know that there are inter
ests which would welcome "a financial
furry in the wake Of the Democratic
tariff bill. My advice is 20 BRING out
the currency bill and pass il. There
should be no emergencies 10 meet but
if any are brought about We should lee
ready"
President Wilson. although unused
10 the slow processes of legislation
through coordinate branch Of the
government. fully realizes that when
the tariff bill is passed. probably IN
August. there will be "A disposition on
the part Of legislators TO hurry away
from Washington. He has had one
misgiving all along regarding currency
reform That is the probable indispo-
sition Of the Senate TO take up a mat
ter OF such importance immediately
after the long grind on the tariff.
II is learned to-day, however. that
the Presidents desire for action in the
Senate as well as in the House at this
session has Influenced Senate leaders
to undertake the task, onerous though