Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1908-12-10

Washington.-The message OF Pres,.
dent Roosevelt was read in both
houses OF congress Tuesday. In sub.
stance the document was es follows
To the Senate and Hou.e OF Represe,.
tatives; The financial standing Of the
hauon at the present time Is excellent.
ana the financial management OF the ma
TONS interests by the government dpr.
ing the last seven years has shown IN.
most satisfactory results. But our cur
rency system Is imperfect, and II Is ear
nestiy to be hoped that the currency
commission will be able 10 propose a
thoroughly good system which will do
away with the existing defects.
During the period from July 1 isoi n
september 30. 1905. there was an increase
In the amount of money in circulation o.,
sozssl.&. The increase In the per capita
during this period was sos. Within this
time there were several occasions when
u was necessary for the treasury de-
partment to come 10 the relief OF the
money market by purchases or re,Iernp-
lions OF United States bonds: by increas-
Ing deposits In national banks: BY slim
ulating additional issues Of national bank
notes. and by facilitating importations
from abroad of gold. Our imperfect cur
rency system has made these proceedings
necessary. and they were effective until
the monetary disturbance in the fall OF
, 1907 immensely increased the difficulty Of
ordinary methods OF relief. BY the mid
die OF November the available working
balance In the treasury had been reduced
TO approximately 100000. Clearing
house associations throughout the coun-
try had been Obliged 10 resort 10 the
expedient Of issuing clearing house GER
uhcates. TO be used money In this
emergency II was determined to Invite
subscriptions for E90co.0oo Panama canal
bonds. and fi00.G.o0o three per cent
certificates Of Indebtedness authorized BY
the act OF June II. iSs. II was proposed
TO redeposit in the national banks the
proceeds Of these issues. and to permit
their use As a basis for additional circu-
iating notes Of national banks. The
moral effect OF this procedure was -
great that II was necessary to issue only
0t.s5i. 50 OF the Panama bonds and SIS
<ss.soo OF the certificates Of indebtedness.
During the period from July /. 1891. 70
September ~. 1905. the balance between
the net ordinary receipts and IN. net
ordinary expenses Of the government
showed a surplus In the four years isss
fS3. Ess and 1877. and Z iedcit In the
years 1906 1876. 1875 and a fractional part
of the fiscal year 1919 The net result
was a surplus OF So - ti,s4 The fnaa-
eial operations OF the government during
this period. bas~< upon these differences
between receipts and expenditures. re-
suited in a ret reduction Of the interest
bearing dstt Of the United States from
eSs iu.o4o TO So. ~ go. Notwithstanding
that there had been two sales Of Panama
canal bonds amounting In the aggregate
TO St. 81. so. and an issue OF three per
cent certificates Of Indebtedness under
the act os June IL lSs. amounting Ga
81. as 500. Refunding operations OF the
treasury department under the act Of
March II. 1870. resulted in the eonver-
sion into two per cent consols Of 1900 Of
ssca De. 40 bonds bearing higher rates OF
interest. A decrease Of t.Ss.sS In the
annual Interest charge resulted from
these operations.
In short. during the seven years and
three months there has been a net sur
plus OF nearly one hundred millions Of
receipts over expenditures. reduction
Of the interest-bearing debt by ninety
millions. In spite o( the extraordinary ex-
pense Of the Panama canal and n saving
of nearly nine millions on the annual
interest charge.
Control Of Corporations.
As regards the great corporations en-
gaxed In interstate business. and espe-
eiaiiy the railroads. I can only repeat
what have already again and again said
in my messages to the congress / be-
ueve that under the interstate clause OF
the constitution the United States n4S~
complete and paramount right 10 con-
troll all agencies OF Interstate commerce.
aud I believe that the national govern
Yneut alone can exercise this right with
wisdom and effectiveness 80 as both TO
secure Justice from. and TO do justice to.
the great corporations which are the
most important factors In modern busl-
ness I believe that II IL worse than
folly to attempt to prohibit all COM
binations as Is done by the Sherman
antitrust law. because such law can
be enforced only imperfectiy and un-
equally. and its enforcement works al
most as much hardship as good
strongly advocate that instead Of an un-
wise effort TO prohibit all combinations.
there shall be substituted law which
shall expressly permit combinations
which are In the interest OF the public.
but shall at the same time give TO some
agency In the national government full
power Of control and supervision over
them One OF the chief features of this
control should be securing entire pub
iicity In all matters which the public
has a right to know. and furthermore.
the power not by judicial but by execu-
tive action. to prevent or put stop TO
every form of improper favoritism or
other wrongdoing.
The railways of the country should be
nut completely under the Interstate COM
merce commission and removed from
the domain Of the antitrust law. the
mower OF the commission should be made
,horoughgoIng, so that IL could exercise
comnlete supervision and control over
,ba issue of securities as well as over
the raising and lowering Of rates. As
regards rates, at least. this power should
IS s,mmarv Rates must be made
as low as is compatible with giving prop
er returns TO all the employees OF tne raii-
go ,ror, the highest to the lowest.
"a nroner returns to the shareholders,
hut they must not, for instance. be re-
ducea In such fashion as TO necessitate
a cut in the wages Of the employees or
,ha abolition Of the proper and iegitimate
nrofits OF honest shareholders.
telegraph and telephone companies en-
pared in interstate business snouio oe
nut under the jurisdiction OF the inter-
state commerce commission
,,,r neonle' through their representatives.
shonid act in this matter. IL Is 70
sLs interest Of all OF us tnat
,hsre should be a premium put upon IN
sa.,s,ai Initiative and individuai ca
nacity. and an ample reward ior .e
rreat directing intelhgences aiohe 80
netent TO manage the great business ~ n
erations Of to-day. II Is wen ~ ,hs
~ ., enemy OF liberty and the reaction
Mo.s .sa worst enemy OF order. so the
sry sn % Who defend the rights of properly
have most to fear from the wronsaoers ors. ers
Of great wealth. and the men h.vs VINO most @
championing popular rights ,rbo mSs in the
10 fear from the demasosaeI, ns,,d do wrong
name Of popular rights Srs,ress men.
70 and opp =, ~salth; for the success OF
sshes type % Of wrOngdOer Sase ,s
@ v,,ss 4 % Violent reaction against the cause
ne ne wronsdoer nominaily uphoiaS'
Need Of Capitalization; T.. ma
The proposal to make ,uss. tss ana ns
t,e.s, ~ soyernment supreme o'e'' @A1