Daily press. [volume] (Newport News, Va.) 1896-current, 1908-12-09
Congress is Advised to Legis|ate
so as to Have Great Interstate
Enterprises Controlled Rather
Than Demolished.
WANTS FOUR MORE BATTlEsH|Ps
Navy Bureau Should be Abolished
Says Mr.. Roosevelt, and Army and
Nawf Officers Should be Promoted
ACCORDING to Merit-American Citi-
zenship for Porto Ricans; indepen-
dence for Cubans.
(By AssocIated Press.)

WASHINGTON. ID. c.. Dec Sin
terest in both houses OF Congress
conferred today in the President
message Senator Aldrich. on behalf
of the Senate committee and Repre-
sentative Pavne for the House com
miitee appointed 10 notify the Presi-
dent thai tie two bodies were in ses-
sion. informed their respective houses
that they had performed this duty.
Secretary Latta followed close upon
the heels of the two committee. first
in the Senate and then in the House
The reading OF the message began
in the Senate at l2:l5 and in the
House a few minutes later.
Both Houses Filled.
The galleries of both Houses were
well filled. AMI almost all the seats
of senators and members were Occu-
pied by their owners.
All of them were supplied with
printed copies of the message which
proved to be a document of forty
four printed pages; with an elaborate
appeDdix containing numerous illus
fatiofs showing the results of the
work Of the forestry bureau.
Senators and members gave COM
paratively little attention to the read
ing of the message at the desk, but
most of them Immediately busted
themselves with the printed copies
before them.
The message which contained near
~ 10000 words, is given in part be-
low:
To the Senate and House of Repre-
sentatives:
The financial standing of the Nation
at the present time is excellent, and
the financial management of the
Nations interests by the Government
during the last seven years has shown
the most satisfactory results. But
our currency system is imperfect. and
II is earnestly to be hoped that the
Currency Commission will be able to
propose a 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 $9O2.991. 1893. The in
crease in the per capita during this
period was s7.06 Within this time
there were several occasions when
it was necessary for the Treasury De-
partment to come to the relief Of the
money market by purchases or re-
demptions of United States bonds: IS
increasing deposits in national banks:
by stimulating additional issues Of
national bank notes. and by facili;a-
ting importations from abroad of gold.
Our imperfect currency system has
made these proceedings necessary. and
they were effective until the monetary
disturbance in the fall Of 1907 I'M
mediately increased the difficultv OF
ordinary methods Of relief. BY the
middle of November the available
working balance il the Treasury had
been reduced to approximately $1,000
OOO Clearing house associations
throughout the country had been ohlig-
ed to resort TO the expedient OF s.
suing clearing house certificates. to be
used as money. In this emergency
II was determined TO invite subscrip-
lions for So. 600. 0"o Panama Canal
bonds. and SIn0. 900. O0a three per cent
certificates Of iniet tedness authoriz-
ed by the act Of June 13. 1898. II
vas proposed 10 re-depcsit in the ma
ticnaI banks the proceeds Of these
issues. and 10 permi: their use as
lasis for additional circulating notes
Of NATIONAL banks The moral sffec'
Of this procedure was 30 great that
IL was necessary TO Issue only $24.-
63I 1880 Ct fhePanama Canal bonds
and SIS 4365oo Of the certificates or
indebtedness.
During the periods from July l.
1901. to September 30. 1908. the bal
ance between the net ordinary re-
ceipts and the net ordinary expenses
Of the Government showed a surplus
IN the four years 1919. 1909. 1906 and
1897. and a deficit In the years 1904.
1905. 1898 and fractional part OF the
fiscal year 1909 The net result wa
q surplus Of 500 .2S3.II354. The fnan-
ciaI operations OF the Government; dur.
ing this period. based upon these DIFF
ferepces between receipts and eX-
penditures resulted in q net reduc-
ton OF the iBierest-beaTing debt of the
United States from $9s7.141.0to To
1897 .s53. $50. notwii hstanding that