The Utah County Democrat. [volume] (Provo City, Utah) 1898-1909, 1908-12-10

Washington The message OF Preai.
dent Roosevelt was read in both
houses OF congress Tuesday. In sub.
stance the document was as follows
To the senate and House OF Represen-
tativcs The financial standing OF the
nation al the present time ~ excellent.
and the financial management NJ the na-
tion's interests by the government dur.
ing the last seven PEARS has shown The
most satisfactory results But our cur
rency system Is imperfect aud Il ~ ear
oesuy to be hoped that the currency
commission Will be able 10 propose "A
thoroughly good system which will do
away with the existing defects
During the period from July 1, 1901. 20
September 90 1908. there was an Increase
In the amount Of money In circulation OF
s902,ooi.Sa9. The Increase IN the per capita
during this period was t7.os Within this
time there were several occasions when
u was necessary for the treasury de-
partment 10 come 10 the relief OF the
money market by purchases or redemp-
lions OF United States bonds by increas-
Ing deposits In national banks, by slim
ulatlng additional issues OF national bank
notes, and by Facilitating lmportations
from abroad OF gold. Our imperfect cur
rency system has made these proceedings
necessary. and they were effective until
the monetary disturbance In the fan OF
1907 immensely Increased the dlflcull, of
ordinary methods % relief nv the mid
die OF November tho available wording
balance In the treasury had been reduced
10 approximately fi00O.O00 Clearing
house associations throughout tho roun-
try had been obliged 90 tesort 10 the
expedltnt OF Issuing clearing house ccr-
tincntes 10 be used as money IN this
emergency II was determined 10 invite
subscriptions for 500 oO0O0O Panama canal
bonds. and 500 100000 three per cent.
certificates OF lndebtedncsa authorized by
the act OF June "a, 1898 n was proposed
20 redeposlt IN the national banks tho
proceeds q these issuea. and to permit
their use a. a basis for additional circu-
latinE notes OF national banlss Tho
moral eject OF this procedure was 40
great that u was necessary to issue only
Hi.63i.gS0 Of the Panama bonds and sl5-
s36.sou Of tho certincaies OF Indebtedness.
During the period from July I, 1901. TO
September TO- i9os. the balance between
the net ordinary receipts and the net
ordinary expenses OF the government
showed surplus IN the four years 1909.
1908 1905. and 1907. and "a deficit In the
years 1904. 1906. 1908 and a fractional part
OF the hscal year 1914 The net result
was surplus Of so .2s3 ti3A The finnn-
ciai operations of the government during
this period. hased upon these dinerencca
suited h net reduction OF the Interest,"
bearine dest OF the United states from
t5s1. IA 90 70 1881. 49, 900. withdrawing
that there had been two sales OF Panama
canal bonds amounting In the aggregate
TO y5;.esi.s $50, and an Issue OF three per
cent certificates OF indebtedness under
the act OF Juno a. 1898. amounting to
$1b. ssc.boo Refunding operations OF the
treasury department under the act OF.
March u, 1900. resulted In the CONVEX
sion into two per cent. consols OF 1880 OF
sipo.aoS. 400 bonds bearing higher rates OF
interest decrease OF ss6s195s In the
annual Interest charge resulted from
these operations.
In short during the seven years and
three months there has boon n net sur
plun OF nearly one hundred millions 90
receipts over expenditures reduction
Of The intereHt-bearing debt by ninety
millions, In spite OF the extraordinary ex-
penAe OF the Panama canal and a saving
OF nearly nine millions on the annual
interest charge.
Control Of Corporations.
A regards the great corporations en-
gsgcd In interstate business. and espe-
cially the railroads. l can only repeat
what have already again and again said
In my messages 10 the congress / be-
Hove that under tha Interstate clause of
the constitution the United States has
complete aud paramount right TO con-
troll All agencies Of Interstate co,,,,,,.,,'s.
ana believe that Tie nafionsi ',n.srn'
ment alone can exereis. thi. rlrhl .',th
wisdom and effectiveness so as both 10
secure justice from and To DO luatice to-
the great corporations witch are the
ness believe that A II ,vorse ,na,
folly 10 attcmpt 10 niohih,i All cam
hioaiions "a N done ~ tha sh.r,a,,,,
nnti.trunt law heca,,se amen n ia. ,,,,,
be enforced only inperfoetiy an1 M
equally. and ITS enforcement ,yorl. III.
moet ns much hardship ~ roma
strangely advocntc maj Instead III ~, 80.
WISE effort 10 prohibit an comhtnsf,on.
tnore shall be substituted a inv ,vhtrl
shall exuresslv hermit COMPLEMENTARY
which are IA the intereS az ia nnbnc
bot shall al the same time give 10 so,ne
agency In the national governmeut ful
nnwer Of confrol ana sitn,,,tsl., ,,'.,r
them one OF the chief featnres ~ th,s
--+--4-r--- = r--rr-t --r---r---r-- --r- IT. r-r,-
liclty In all inatters which Inc nnbllc
has a rlrht 10 know. ana furtherpore
The power. not by judicial but bv exccu-
tive actlcn to prevent or nut a stop 10
VERY form OF Improper favorltism ar
oiher wronRdoine
The raliwn,s ~ the co,ntrv sh,,,ia ~
Dut compi.feiy nnder Tho lntersfote sor,-
nerce eotnfnisalon ana ren,oval 49,,
fi,a dotnnin ~ The antl.trust Ia, ny.
nh,xrr Of lie co,nn,sslnu sbo,,td H., ,,,'.,t,
ihoroueheoine 10 that n eo,,ld ,x.,sise
complefe mpervlsion ana control 49,
ti.e isana of SECURITIES III v,ali NJ. o,.,r
the ralsine ana lnwerins ~ rafa. a.
rtearde eaies Al ienst fbis ,o,..., Nj
4. stmmar, p,,ns n.,,st h.. ',,,s,,.'
~ ia, ~ N ,or,natil,l@ ,,'i,i, ',t,,tn 49,.
IN returns IA All ~ emnIoves ~ M. Nm
ROMA from tx hirhaa, ~ ~. i,.,.'.',
ana proper rrtnrns 40 no shar.hot,lers
but they must not for instance. BE- re-