The Forrest City times., 1908-12-11

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 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 congratulates the na- tion 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 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 rency system is imperfect. and 1t Is ear nestly to be hoped that the currency commission will be able to propose thoroughly good system which will do away with the existing defects
 During the period from July l. 1901. to September 90. 1908. there was an increase Tn the amount of money in circulation of s9O2. .99l 399. The increase in the per capita during this period was s706. Within this time there were several occasions when It was necessary for the treasury de- partment to come to the relief of the
 
 tons of United States bonds; by increas- ing deposits in national banks. by stim- llating additional issues of national bank notes, and by facilitating importations from abroad of gold Our imperfect cur reney system has made these proceedings pecessary. and they were effective until the monetary disturbance in the fall of lO1 immensely increased the difficulty of ordinary methods of relief By the mid ole or November the available working balance in the treasury had been reduced to approximately 5000 GOO Clearing house association, throughout the coun- try had been obliged to resort to the expedient of issuing clearing house cer- tfcates to be used as money In this emergency it was determined to invite subscriptions for s50000 GOO Panama canal bonds, and Sl00 GOO GOO 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 1t was necessary to issue only $24 .63l, ,9s0 of the Panama bonds and sl5.- $500 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
  1903, 1906, and 1907. and a deficit in the years 1904. 1905. 1908 and fractional part of the fiscal year 1909. The net result ~as surplus of s99 2S3. 354 The fnan- eial operations of the government during this period. based upon these differences between receipts and expenditures, re- sulted in a net reduction of the interest bearing debt of the United States from f9S7. .41 .o40 to sS97. 253, 990 notwit ithstanding that there had been two sales of Panama canal bonds amounting in the aggrega to $5463i ,9S0 and an issue of three per cent certificates of indebtedness UT der the act of June i3 1898 amounting to sl5.4s6,5O0 Refunding operations of the treasury department under the act of March 1+ 1900 resulted in the conver- sion Into two per cent eonsols of 1930 of sa03oe 400 bonds bearing higher rates of interest. decrease of sS6S7. .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 reeelpts over expenditures a reduction or the interest t-hearing debt by ninety millions in spite of the extraordinary ex- pense of the Panama canal and saving or nearly nine millions on the annual interest charge
 The message reiterates the we'll
 
 control of great corporations espe- cially the railroads of the country should be vested in the national gov ernment. He says:
 l believe that it is worse than folly to attempt to prohibit all combinations as Is done by the Sherman anti trust law, because such a law can be enforced only imperfectly and un- equally. and its enforcement works all most as much hardship as good. I 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
 The railways of the country should be put completely under the interstate com merce commission and removed from the domain of the antitrust law The power of the commission should be made thoroughgoing, so that it could exercise complete supervision and control over the issue of securities as we'll as over the raising and lowering of rates As regards rates, at least. this power should be summary. Rates must be made as low as is compatible with giving prop CT returns to all the employees of the rail- road. from the highest to the lowest and proper returns to the shareholders but they must not. for instance be re- dueed In such fashion as to necesstate cut in the wages of the employees or the abolition of the proper and legitimate profits of honest shareholders
 interests of the Waeeworker
 Turning 10 conditions affecting the Sageworker and the man of small means. the president says:
 Postal Savings banks will make it easy for the poorest to keep their saw