The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-06-22

has any administration welded a more
powerful influence for peace? and when
nave we rested more secure In friend
ship with all mankind?
5 -FOUR wears ago the business of the
country was loaded with burdensome
internal taxes, imposed during the war
1901. and April 10. 1902, the country
mas been wholly relieved of that an
nuai burden of over one hundred mil.
lion dollars; and the further accumu-
iation of surplus which was constant
~ Withdrawing the money of the coun-
try from. circulation has been prevented
ny the reduction of taxation.
Between the 30th of June. 1900, and
the first of June, 1904, our Treasury
Department collected in revenues the
enormous sum of $2,203, 000, 900 and ex-
pended s2.02S.00o,o0o. leaving us with a
surplus of over $4,000, 900 after pay
Ing the $50. 900 for the Panama Ca
nal and loaning $4,6Oo.0O0 to the St.
Louis exposition. Excluding those
two extraordinary payments, which
are Investments from past surplus and
not expenditures of current income the
surplus for this year will be the rea-
sonable amount of about $4,000. 900.
Z transactions of the Treasury.
The vast and complicated transact
tions of the Treasury, which for the
last fiscal year show actual cash re-
ceipts of s4.259,290.262 and disburse-
ments of $4.113,19s.414. have been con-
ity and without the loss of dollar.
Under wise management the financial
act of March Ia. 1900. which embodied
the sound financial principles, of the
maintenance of our currency on the
stable basis of the gold standard, has
wrought out beneficient results. On
bearing debt of the United States was
81. o46. 049.0 20. On the LIST of May last
lthe amount of that debt was SS95,157,-
40. reduction of $150S91.5S0 By
ref fnfn hA-
still more rapidly reduced from $40,-
| 347,SS4 on the LIST of November, 1899.
to s24,176,745 on the LIST of June 1904.
an annual saving of over $4,000. 900.
When the financial act was passed the
thinly settled portions of our country
were suffering for lack of banking ia
Icilities because the banks were in the
large towns. and none could be orga-
nized with a capital of less than $780,
| 600. Under the provisions of that act.
there were organized down to the 1st
of May last 1926 small banks of $4,000
capital, furnishing, under all the safe
guards of the national banking sys-
tenn, facilities to the small communi-
ties of the West and South. The facil-
increased the circulation of national
banks from 1854. 402. 100 on the 14th of
March, 1900, to s445,9SS.5s5 on the list
of June. 1904. The money of the coun-
try in circulation has not only in
creased in amount with our growth in
business. hut it has steadily gained in
the stability of the basis on which 1t
rests On the LIST of March. 1897, when
began, we had in the country including
bullion in the Treasury. $l,S06,272,076.
This was s2S.14 per capita for our pop
ulation, and of this SS.S93 per cent was
gold. On the LIST of March. 1901, when
the second administration of Mckinley
began, the money in the country was
s24s72s This was s2S.S4 per cap
gold. On the list of May last the money
in the country was $2.S14.9S5. 446, which
was SSl.02 per capita. and of 1t 4s.02S
of currency has been arranged in such
way that the large government notes
in circulation are gold certificates.
while the silver certificates and green
backs are of small denominations. AS
the large gold certificates represent
gold actually on deposit, their presen-
tation at the Treasury in exchange for
gold can never infringe upon the gold
reserve. AS the small silver certifi-
Gates and greenbacks are always in
active circulation. no large amount of
them can be accumulated for the pur-
pose of drawing on tho gold reserve;
and thus. while every man can get a
gold dollar for every dollar of the gov
ernments currency, the endless chain
much has been effectively put out of
business. The Secretary of the Treas
ury has shown himself mindful of the
needs of business and has so managed
our finances as nlnSelI 10 expand anO
contract our currency as occasion has
required. When in the fall of 1902 the
demand for funds to move the crops
caused extraordinary money stringen-
cy. the Secretary exercised his lawful
right to accept State and municipal
bonds as security for public deposits.
thus liberating United States bonds
which were used for additional circu-
lation. When the crops were moved
and the stringency was over he called
for a withdrawal of the State and mu-
nicipal securities. and thus contracted
the currency. Again. in 1908 under
similar conditions, he produced similar
results. Tho payment of the $4,000
900 for the Panama canal made last
disturbance in finance. showed good
Judgment and careful consideration
of tho interests of business upon which
our people may confidently rely.
Regulation Of Combines.
Four years ago the regulation by law
of the great corporate combinations
called trusts" stood subs: antially
where it was when the Sherman anti
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 because
of any lack of disposition or attempt
to enforce them, but simply because
the laws themselves as interpreted by
the courts do not reach the dificulty.
If the insufficiencies of existing laws
can be remedied by further legislation.
it should be done. The fact must be
recognized, however. that all Federal
legislation on this subject may fall
short of its purpose because of in
herent obstacles and also because of
the complex character of our govern
mental system, which, while making
Federal authority supreme within its
sphere, has carefully limited that
sphere by metes and bounds that cam
not be transgressed.'
At every election, the regulation of
trusts had been the football of cam
paign oratOry and the subject OF many
insincere declarations.
Our Republican administration has
taken up the subject in a practical, SEN
sible way as ,busiDess rather than a
political question, saying what IT really
meant, and doing what lay a its hand
to be done to accomplish effective regu-
lation. The principles upon which the
Government proceeded were stated by
the President in his message of De-
cember, 1902, He said;
"A fundamental base of eiviliza ton
is the inviOlability of property; bat
this is in no wise inconsistent with the
right of society to regulate the exer-
else of the artificial powers which it
under the name of corporate franchises.
in such way as to prevent the mis-
use of these powers.
I'VE can do nothing of good in the
way of regulating and supervising
these corporations until we fix clearIy
in our minds that we are not attack
ing the corporations, but endeavoring
to do away with an evil in them We
are not hostile to them; we are merely
determined that they shall be so hand
led as to subserve the public good. We
draw the line against misconduct. not
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