Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-06-22

iiioiiSS III tue country WAS ga |, -3o,S.o.
This was $2S.34 per capita. and of this
45.273 per cent. was gold. On the 1st of
| May last the money in the country was
$2,S14 ,9S5, 446, which was $3102 per
| capita, and of it 4S.02S per cent. was
gold. This great increase of currency
| has been arranged in such a way that
the large government notes in circula-
ton are gold certificates, while the
silver certificates and greenbacks are
| of small denominations. AS the large
gold certificates represent gold actual
~ on deposit, their presentation at the
Treasury In exchange for gold can
| never infringe upon the gold reserve.
AS the small silver certificates and
greenbacks are always in active circu-
lation. no large amount of them can be
| accumulated for the purpose of drawing
on the gold reserve: and thus, while
| every man can get Il gold dollar for
| every dollar of the governments cur
rcncy, the endless chain which we were
once taught to fear SO much, has been
| effectively put out Of business. The
Secretary of Treasury has shown him
| self mindful of the needs of business
| and has so managed our finances as
|
currency as occasion has required.
When in the fall of 1902 the demand for
funds to move the crops caused eX-
| traordinary money stringency, the Sec
| rotary exercised his lawful right to ac-
| cept state and municipal bonds as Sc
| curity for public deposits, thus liberat-
ing United States bonds which were
used for additional circulation. When
the crops We're moved and the strin-
gency was over he called for a with
| drawal of the state and municipal Sc
| curitieS, and thus contracted the cur
rency. Again, in 1903, under similar
| conditions, he produced similar re-
| suits. The payment of the 100000 900
| for the Panama Canal made last month
without causing the slightest disturb
ance in finance, showed good judgment
and Il careful consideration of the in
terests of business upon which our
people may confidently rely.
Four years ago the regulation by law
of the great corporate combinations
| called trusts stood substantially
where it was when the Sherman Anti
Trust Act of 1890 was passed. Presi-
dent Cleveland, in his last message of
December, 1896, had said:
| Though Congress has attempted to
deal with this matter by legislation.
the laws passed for that purpose thus
far have proved ineffective, not be-
cause OF any lack of disposition or at
| tempt to enforce them, but simply be-
cause the laws themselves as inter-
pretcd by the courts do not reach the
difficulty. If the insufflciencies of
| yiS.fi, 1.,,r- bn h.
further legislation, it should be done
| The fact must be recognized however
| that all Federal legislation on this
subject may fall short of it's purpose
| because of inherent obstacles and also
because Of the complex character of
our government system. which, while
making Federal authority supreme
| within it's sphere. has carefully
| limited that sphere by metes and
bounds that cannot be transsrcssed.
| At every election, the regulation of
| trusts had been the football of cam
paign oratory and the subject of many
| insincerc declarations.
Our Republican administration has
| taken up the subject in practical,
| sensible way as a business rather than
n political question. saying what it
really meant. and doing what lay at its
hand to be done to accomplish effective
| regulation. The principles upon which
| the government proceeded We're stated
| by the President in his message of
| December 1907. He said:
IA fundamental base of civilization
| is the inviolabilty of property: hut
| this is in no wise inconsistent with the
| right of society to regulate the exercise
| Of the artificial powers which it con-
| fers upon the owners of property. I'M
der the name of corporate franchises,
| in such Il way as to prevent the misuse
| Of these powers.
I'VE can do nothing of good in the
way of regulating and supervising
| these corporations until we fix clearly
| in our minds that we are not attacking
the corporations, but cndcavoring to
| Gn away with any evil in them. We
| are not hostile to them; we are merely
determined that they shall be 81
handled as to subservc the public
good. We draw the line against mis-
| conduct, not against wealth.
I'm curbing and regulating the
| combinations of capital which are or
may become injurious to the public we
must he careful not to stop the great
enterprises which have lcgitinatcly re-
| duced the cost of production, not to
abandon the place which our country
has won in the leadership Of the inter
rational Industrial world. not to strike
down wealth with the result of closing
factories and mines, of turning the
wage-workcr idle In the streets and
leaving the farmer without a market
for what he grows.
Il believe that mOnOpOles, unjust
Determinations. which prevent or
cripple competition. fraudulent over
capita liZation. and other evils in trust
organizations and practices which in
jCriously affect interstate trade. can be
prevented under the power of the Con-
gresS to regulate commerce with for
cign nations and among the several
States through regulations and re-
0uiremcnts opcrating directly upon
slch commerce. the instrumentalties
thereof, and those engaged therein"
After long consideration. Congress
passed three practical statutes: on the
18th of February. 1909, an act to