The morning journal-courier., 1908-12-09

pendturcs, resulted ta R net reduction of the intorcst-bearing debt of the United States from S9S714l,040 to $897,253,990 notwithstanding that there had been two sales of Panama canal bonds amounting in the aggre- gate Co $6t63l,9SO, and an issue of three per cent certificates of indebt- edness under the act of June 13, 1898, amounting to $l5,4S6,500, Refundng operations of the treasury department under the act of March l4 1900, re- suited in the conversion Into two per cent, consols of 1890 of S2O0, 309, 400 bonds bearing higher rates of interest A decrease of ss,6ST956 in the an nual interest charge resulted from these operations
 In short, during the seven years and three months there has been a net surplus of nearly one hundred millions of receipts over expenditures, a reduction Of the interest-bearing debt by ninety millions, in spite of the extraordinary expense of the Pan- anna canal. and a 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 ox- pendlture that 1t regarded as neces- sary There have been no new taxes and no increases of taxes; on the con trery some taxes have been taken off; | fIN t.u 1 ton.
 Corporations.
 As regards the great corporations engaged in interstate business, and es- pecially the railroads ] can only re- peat what l have already again and again said in my messages to the con gress. l believe that under the inter- state clause of the constitution tho 1 United States has complete and para mount right to control all agencies of | interstate commerce, and l believe that the national government alone can exercise this right with wisdom and effectiveness so as both to secure ! Justice from, and to do justice to, the ! great corporations which are the most < important factors in modern business. believe that 1t Is worse than folly ] to attempt to prohibit all combina- ! tions as Is done by the Sherman anti ! trust law, because such a law can be enforced only imperfectly and unequal ! lyi and It's enforcement works almost as much hardship as good. strongly advocate that instead of an unwise effort 10 prohibit all combinations. l 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 of the national govern ment full power of control and super vision over them. One of the chief features of this control should be sec curing entire publicity in all matters ! which the public has a right to know, | and furthermore, the power, not by l judicial but ny executive action. to prevent or put a stop to every form i of improper favoritism or other wrongdoinG.
 The railways of the country should be put completely under the inter- state commerce commission and re- moved from the domain Of the anti trust law The power of the com mission should he made thoroughgo- ing, so that 1t could exercise com t plete supervision and control over the issue of securities as well as over the raising and lowering of rates. As re- gards rates, at least, this power should be summary. The power to inyesti-