The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-12-09

NASfil NGiON. Zee. a.-i ne
presidents message was sent to both
houses of congress today and read be-
fore those bodies. Senators and con-
gressmen gave little attention 10 the
reading but busted themselves with
printed copies of the message which
had been furnished them. The gal
leries of both houses We're crowded:
The message follows:
MESSAGE
To the senate and House of Represent
atlye-i
FINANCES.
The financial standing OF the Nation
At the present time Is excellent and
the financial management of the Ma
tion's interests by the Government dur
ing the last seven years has shown
the most satisfactory results. But our
currency system is imperfect. and IL is
earnestly to be hoped that the Currency
Commission will be able To propose a
thoroughly good system which will do
away with the existing defects.
During the period from July !, 1901.
10 September 30. 1905. the balance be-
tween the net ordinary receipts and the
net ordinary expenses Of the Govern
ment showed surplus in the four
wears 1902 1a03. 1906 and 1907 and 4
deficit In the years 1904. 1905. 1905 and
A fractional part OF the fiscal year 1909.
The net result was surplus of 500
2S3.4t35i. The financial operations of
the Government during this period.
based upon these differences between
receipts and expenditures. resulted in
"A net reduction of the tnterestbenring
debt OF the United states from Sas..-
14f.0ie to Ss97.253, $50. notwt thstanding
that there had been two sales of Pan
anna Canal bonds amounting In the
aggregate 10 S54.63i.9SO. and an issue
of three per cent certificates Of indcbt :
edness under the act OF June -. 1898.
amounting 10 s15. 436.5nn Refunding
Operations OF the Treasury Department
under the act of March T. 1909. resulted
in the conversion into two per cent
consois of 1880 OF sec. .302, loo bonds
bearing higher rates Of interest A
decrease of sS.6Ss.95e in the annual
interest charge resulted from these
In short. during the seven years
and three months there has been "A net
surplus OF nearly one hundred millions
of receipts over expenditures. reduc-
tion Of the interest bearing debt Of
by ninety millions. In spite of the eN-
traordinarN expenses ot The iana ma
Canal. and saving OF nearly nine
millions on the annual interest charge
This Is an exceedingly satisfactory
showing, especially in view OF the fact
that during this period the Nation has
never hesitated to undertake any eN-
pendltnrc that IL regarded as necessary
There have been no new taxes and no
increase Of taxes on the contrary some
taxes have been taken Off there has
CORPORATIONS.
As regards the great corporations
engaged in Interstate business. and cs-
peciaiiy the railroads. can only re-
peat what | have already again and
again said in my messages to the Con-
gress. I believe that under the inter
state clause OF the Constitution the
United states has complete and par.
amount right 10 control all agencies OF
Interstate commerce. and believe that
the National Government alone can "a,
rrcise this right with wisdom and
effectiveness so both to secure
Justice from, and Go do justice 10, the
great corporations which are tie mosi
important factors I'm modern business
I believe that IL is worse than folly %
attempt 10 prohibit ali combinations as
is done by the sherman antitrust law
because such law can be enforced
only impcrfeetlY and uneduallN. and ITS
enforcement works almost as much
hardship as good. strongly advocate
that instead of an nnwisc effort to
prohibit all combinations, there shall
be substituted law which shall eN-
pressly permit combinations which are
In the interest Of the public, but shall
AT the same time give 10 some agency
of the National Government full power
Of control and supervision over them
one Of the chief features Of this control
should be securing entire publicity Al
All matters which the public has righi
90 know. and furthermore. not h4
judicial but by executive action to
prevent or put stop to every form OF
improper faVoritism on other wrong
doing.
The railways Of the country should
lie put completely under the control OF
the Interstate Commerce Commi ssion
and removed from the domain OF the
antitrust law. The power OF the COM
mission should be made thoroughgoing
80 that il could exercise complete
control over the issues of securities as
well a. over the raising and lowering
. ftf.s Il 1fH gafi At =
this power should be summary Tn,
power to investigate the financial
operations and accounts Of the railways
has been one of the most valuable
features in recent legislation Power
20 make combinations and traffic agree
mcnts should be explicitly conferred
upon the railroads. the permission OF
the Commission being first gained and
the combination or agreement being
published in all It's details. In the In
terest of the public the representatives
of the public should have eomplet,
power TO see that the railroads do their
duty by the public. and as a matter OF
course this power should also be cN-
"rciscd so as to see that no injustice
is done to the railroads The share
holders, the employees and the shippers
All have interests that must be guarded
lt Is To the interest of all of them thai
no swindling stock specuiations should
be allowed. and that there snonld be ne
improper issuance of securities. The
guiding intelligences necessary for the
successful building and successful ma NJ
agcmpnt of railroads should receive
ample remuneration, but no man should
be allowed to make money in connect
ion with railroads out of fraudulent
ver-capitalization and kindred stock
gambling performances. there must be
no defrauding of investors. oppression
Of the farmers and business men who
ship freight. or callous disregard of the
rights and needs of the employees In
addition to this the interests of the
shareholders, of the employees and OF
the shippers should all be guarded as
against one another To give any one