The Muskogee cimeter. [volume] (Muskogee, Indian Territory, Okla.) 1901-19??, 1908-12-11

Washington.-In his message to
congress, read in both houses Tues
day, President Roosevelt makes i'm
portant suggestions as to what he
considers necessary legislation.
The president congratuates the ma
ton on its present excellent financial
standing but calls attention to the
need Of remedying defects in the cur
rency system He says:
The financial standing Of the nation
at the present time is excellent,
and the fnancial management of the ma
tion's interests by the government dur
ing the last seven years has shown the
most satisfactory results. But our cur
rency system is imperfect and It is ear
nestly to be hoped that the currency
commission will be Sble TO propose
thoroughly good system which will do
away with the existing defects
During the period from July 1, 1901, TO
September 30. 1908. there was an increase
in the amount Of money in circulation of
S902. .99l 800. The increase in the per capita
during this period was $706 Within this
time there were several occasions when
II was necessary for the treasury de-
partment to- come to the relief of the
money market by purchases or redemp-
tons of United States bonds by increas-
Ing deposits in national banks: by slim
ulating additional issues Of national bank
notes. and by facilitating mportations
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 S5,0OO,O00 Clearing
house associations throughout the coun-
try had been obliged to resort to the
eXpedent of issuing clearing house GER
tiicates, to be used As money. In this
emergency II was determined TO invite
subscriptions for $4,000 900 Panama canal
bonds. and 800 600 three per cent.
certificates Of indebtedness authorized by
the act of June 13, 1898. It was proposed
to redeposit in the national banks the
proceeds of these issues. and to permit
their use as a basis for additional Circu-
lating notes of national banks. The
moral effect of this procedure was so
great that it was necessary to issue only
S24, ,63l, $50 Of the Panama bonds and $l5,
+S6,5Co Of the certificates of Indebtedness.
During the period from July l. 1901, to
September 30 1908, the balance between
the net ordinary receipts and the net
ordinary expenses of the government
showed a surplus in the four years 1902
II
years 1904, 1905, 1905 and a fractional part
of the fiscal year 1909. The net result
was a surplus of 500, ,2S3, 1854. The finan-
cial operations of the government during
this period, based upon these differences
between receipts and expenditures, re-
suited in n net reduction of the interest
bearing debt of the United States from
1887 141, ,O4O to SSSi, ,25399O, Notwithstanding
that there had been two sales Of Panama
canal bonds amounting i'm the aggregate
to s54 63l $50, and an issue OF three per
cent. certificates of indebtedness under
the act OF June l3, 1885, amounting to
$l5, ,436, 500. Refunding operations of the
treasury department under the act Of
March IA, 1900, resulted In the CONVEX
sion into two per cent. consols of 1880 of
$500, 800 400 bonds bearing higher rates Of
interest A decrease Of sS,GS7 956 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 of the extraordinary eX-
pense of the Panama canal, and a saving
of nearly nine millions on the annual
Interest charge.
The message reiterates the well.
known views Of the president that the
control of great corporations, espe
cially the railroads OF The country
should be vested in the national gov,
ernment. He says:
believe that it is worse than folly
20 attempt to prohibit all combinations
as is done by the Sherman anti