The Spanish Fork press. [volume] (Spanish Fork, Utah) 1902-current, 1908-12-10


vital to the Well-Beine of Country.
Notwithstanding message of Presi-
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-
atlves The financial standing of the
4 ,ation at the present time is excellent,
,nd the financial management of the ma
{ hons interests by the government dur
" ng the last seven years has shown the
/. host satisfactory results. But our cur
'5rncy system is imperfect, and it is ear
& lesty to be hoped that the currency
4 Hommssion will be able to propose a
{ horoughly good system which will do
s sivay with the existing defects.
t During the period from July l, 1901 to
sptember &c. 1908, there was an increase
3s&i the amount of money in circulation of
33it2, 99l ,399. The increase in the per capita
uring this period was S706. Within this
tme there were several occasions when
I'D was necessary for the treasury de-
%artment to come to the relief of the
Money market by purchases or redemp-
sans of United States bonds; by increas-
Ns&g deposits in national banks by slim
h'ldllloIldl ISSUES OIL ndtlOnHl DanK
2AHSes, and by facilitating importations
KSkom abroad of gold Our imperfect cur
s,Ahncy system has made these proceedings
a|ssk Nessary, and they were effective until
Live monetary disturbance in the fall of
1{Fl immensely increased the difficulty of
s8fiinary methods of relief. BY the mid
,Ife of November the available working
Valance in the treasury had been reduced
N# approximately 100000 Clearing
t|HRngp associations tbrO1lphn1t
2'4fy had been obliged to resort to the
Apedient of issuing clearing house GER
< iicates, TO be used money. In this
4 Emergency 1t was determined to invite
descriptions for $4,000 900 Panama canal
b8onds, and 100000 600 three per cent.
ttutifiCates of Indebtedness authorized by
BE act of June 10, 1898. 1t was proposed
u redeposit in the national banks the
Htoceeds of these issues, and to permit
fheir use as a basis for additional circu-
4atng notes of national banks. The
shOral effect of this procedure was so
MTeat that 1t was necessary to issue only
Wt6Sl, $50 of the Panama bonds and $l5,-
$500 of the certificates of Indebtedness.
a During the period from July l, 1901 to
ESeptember 3d. 1908, the balance between
Fhe net ordinary receipts and the net
Ardinary expenses of the government
Hhowed a surplus In the four years 1902
FS 1906, and 1907, and a deficit in the
GEARS 1904. 1905, 1908 and a fractional part
IA the fiscal year 1909. The net result
pas a surplus of $99 2S3. 413.54. The finan-
kAa operations of the government during
fs period. based upon these differences
H4tween receipts and expenditures re-
fed in net reduction of the interest
Earring debt of the United States from
7.141 .O40 to 1897. 253. $3.50. notwths landing
Dat there had been two sales of Panama
&nal bonds amounting in the aggregate
~ s54 $50, and an issue of three per
INT certificates of indebtedness under
H#e act of June IS, 1898. amounting to
AS6,50O. Refunding operations of the
Measury department under the act of
MARCH a. 1900. resulted in the CONVEX
#Hn into two per cent consols of 1880 of
M0SO9 400 bonds bearing higher rates of
interest. decrease Of SS.6S7 ,956 in the
mnual interest charge resulted from
ese operations
lin short, during the seven years and
W&ree months there has been a net sur
Mls of nearly one hundred millions of
Weipts over expenditures, a reduction
E6 the interest bearing debt by ninety
E8llions, in spite of the extraordinary ex-
4nse of the Panama canal, and a saving
M nearly nine millions on the annual
#erest charge.
Control of Corporations.
MAs regards the great corporations en-
Mged in interstate business, and espe-
PLY the railroads, 1 can only repeat
pat have already again and again said
m my messages to the congress. / be-
ne that under the interstate clause of
M constitution the United States has
Mnplete and paramount right to con-
M all agencies of interstate commerce,
~ | believe that the national govern
I'M alone can exercise this right with
M2dom and effectiveness so as both to
pure justice from, and to do justice to.
M great corporations which are the
st important factors in modern bust
s. | believe that 1t is worse than
I'm to attempt TO prohibit all COM
Ations as is done by the Sherman
n-trust law, because such a law can
enforced only imperfectly and I'M
tally, and its enforcement works al
81 as much hardship good.
f9ngly advocate that instead of an un-
~ effort to prohibit all combinations.
fie shall be substituted a law which
8l expressly permit combinations
ch are in the interest of the public,
# shall at the same time give to some
ncy in the national government full
Ger of control and supervision over
Pm One of the chief features OF this
rol should be securing entire pub
~ In all matters which the public
right to know, and Furthermore,
power, not by judicial but by eXecu-
Il action, to prevent or put stop 10
~ form of improper favoritism or
II wrongdoing,
pc railways OF the country should be
completely under the interstate com
zee commission and removed from
domain of the antitrust law. The
ger Of the commission should be made
ouGhgong. so that it could exercise
Mplete supervision and control over
issue of securities well as over
raising and lowering of rates. As
ards rates, at least. this power should
urinary . Rates must be made
ow as is compatible with giving prop
e'urns to all the employees OF the rail
!" from the highest to the lowest
proper returns to the shareholders
they must not, for instance, be re-
WI In such fashion as to necessitate
wv IN the wages of the employees oil
.aoohtion OF the proper and Legitimate
I@ Of honest shareholders.
tgraph and telephone companies en-
FL In interstate business should be
under the jurisdiction OF the inter.
commerce commission.
u very earnestly to be wished thai
people through their representatives
'u act in this matter 1t is L
interest of all of us tina
should be premium put upon in