The Mena weekly star., 1908-12-17

Washington. The message of Presi- dent Roosevelt was read in both houses of congress Tuesday In sub stance the document was as follows.
 TO the Senate and House of Rsprescn-. tatives The finaneiai standing of tlle nzticn at the present time s excellent and the financial management of the na- tion's interests by the government dur ing the last seven years has shown the most satisfactory results. But our cur rencv system IS imperfect. aud 1t s enr- nestly to be hoped thaf tho currency commission VIII be able to propose thoroaghly good system which will do away with the existing defects.
 During the period from July l. 1901 10 September s0 iaas, there was m increase in the amount of money in circulation uf $e0eSqi s99 The increase in the per capita during this period was sl.e6. Within this time there were several occasions when 1t was necessary for the trehsary de- partment to como ts the relief of the money market by pun ha&es CT redemp- tons of United States bonds by increas- Ing deposits in national banksj by stlm- ulaiing additional issbes of national bank notes. and hy facilitating inDortationa from abroad of sold. Our imperfect cur rency system has made thcse proceedings necessary. and they were effective untA the monetary disturbance in the fall af 1907 immensely increased the aiieuIty of ordinary methods of relief By the mid- die of November the available working balance in the treasury had been reduced to approximately 5000 0e, Clearing house associations throughout the conn try had been obliged 10 resort 70 the eSpedient of issuing clearing house ceg- tihcatea. to be used aa money In this emergency 1t was determined to invite
 
 bonds and Sl0o 0oo.e9o three per cent certificates of indebtedness authorized hy the act of June ls. isaS. Ii was proposed to redeposit in the national banks the proceeds of these issues. and Go permit their use as basis for additional circu- lating notes of national banks. The moral effect of this procedure was 70 great that II was necessary Co issne only sa4ssi go of tie Panama bonds and Sl5, i36 sN If the certificates of indebtedness. During the period from July | Ifqt, to SertsMher 70 ia0S the balance between n net ordinary receipts ana the net ordiasry expenses Of the government shoved q surplus in the fonr years i9o2 la13 iaas and f@7 and a deficit in the years lsei. lso5 i9aS and a fractional part of tke ascai year i9ga The net result was Q surplus of s1a 9S3 4tsit The iinan- eial operations Of tbe government during this period bassd upon these isferences between receipts aud eXppnalttr re- suited in net reduction of tae infsrest- hearing debt of the United states from sh5.lsieSo to SS97 sa3 ssa natwtls3ansiing that there had been two salca af Panama canal b0ads amounting in the a1sresatc to s54.csi s,n. and an Issue of threc per cent certificates of indebtedness undcr the act Of June l3 1858 amnuNting Co sis9s6Sp Refunding operations ef the treasury department under the act nf ffss.t Ian, q f.s- sion into two per cent cons0is of tea0 of 500 sos GO bonds hearng hiNher rates of Interest X decrease of sSyN14rs in the annual interest charge resulted from these opsrauons
 In shrri during the seven years and three months there has been nrt sur plus of nearly one hundred millions of receipts over expenditures. reduction of tho interest-bearing debt by ninety millions. in spite of the extraordinary cx- pcnse of the Panama canal aud a saving of nearly nine millions on the annual Interest charge.
 Control of Corporations.
 As rssar'~ the great corporations ca- Eerca in iuiefstate business aul cspe- ciaRy thc ralireaar ! ean onls repeat what ] have elrtaf asaia and agAiu said in my messsecs Co the congress ! br- llexe that under tle integs te fause of
 
 complete and paramount r,ehi io can- trol ail agencies of interstate corimrrce and l believe that the national gnyarn- nient alone can exercise this right Sith wisdom and effectiveness so as both GO secure iustas from and Co d1 justice co. the great corporations which are the most important faeicrs in modern husi- nes l believe that ig is woras than folly to attempt tp prohibit all com b Ntticns as is done hv thc Sherman antitrust law herHuse surN a AW cHn ha enforced only inpi ecly and ua- mallv ana i's enforcement works al- most as much hardahip as No0d sroagly advocate that instead ci an un+ wize effort 10 prohibit aN combinations. there shall be substituted a law which shail expressly permn combinations wlsch are iu the Interest cf the public sHt shall at the same tiWe give Co some agency in the national government fuN power ef control and supervision over tham One of the chief features of this coatroi should he securing entire puh- Ec'ty h an matters which the public has a right @ know. and furihernore, the power. not by judicial but by eyece- tive action. Co prevent or put d stop 60 other wrongdosnK.
 The railways of tho country should be put completely under the interstate com merce commission and removed from the domain Of the anti trust law The power Of the commission should be made thoronghgoiny, SD that lt could exercise complete supervision and control over the Issue of securities as we'll as over
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