Woodruff County news. [volume] (McCrory, Ark.) 1901-1910, 1908-12-10


Banks.
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 ma
ton on it's 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 ma
TONS interests by the government dur
ing the last seven years has shown the
most satisfactory results. But our cur
rency system is imperfect, and it is ear
nestly 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 l. 1901, to
September 80, 1908, there was an increase
in the amount of money in circulation of
1902 991, 1899 The increase in the per capita
during this period was S706. Within this
time there were several occasions when
IL was HcISoSdiy lOI lllt treasury uS-
partment to come to the relief of the
money market by purchases or redemp-
tons of United States bonds; by increas-
ing deposits in national banks; by slim
ulating additional issues of national bank
notes, and by facilitating importations
from abroad of gold. Our imperfect cur
rency system has made these proceedings
necessary. and they were effective until
the monetary disturbance in the fall of
1907 immensely incrpo Sad the dif1iCnltv of
ordinary methods of relief By the mid
die of November the available working
balance in the treasury had been reduced
to approximately $5OoO,O0O Clearing
house associations throughout the coun-
try had been obliged to resort to the
expedient of issuing clearing house GER
thcates, to be used as money. In this
emergency it was determined to invite
subscriptions for S50,O00000 Panama canal
bonds, and 800, 600 three per cent.
certificates of Indebtedness authorized by
the act of June 49, 1898. 1t was proposed
TO redeposit in the national banks the
proceeds of these issues, and to permit
their use as a basis for additional circu-
ating notes of national banks. The
moral effect of this procedure was so
great that it was necessary to issue only
&463l,9SO of the Panama bonds and $15,-
4S6,5OO 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
showed a surplus in the four years 1902
lsOS, 1905, and 1907, and deficit in the
years 1904, 1905, 1908 and a fractional part
OF the fiscal year 1909. The net result
was surplus of 500, 2S3, 413.54 The finan-
clal operations of the government during
This period, based upon these differences
between receipts and expenditures, re-
suited in net reduction of the interest
bearing debt of the United States from
%Ll4l,O4O to $780,, 253, 800, Notwithstanding
mat there had been two sales of Panama
canal bonds amounting in the aggregate
10 So463l,9S0, and an issue of three per
cent certificates of Indebtedness under
me act of June Is. 1893, amounting to
elo'4S6,oO0. Refunding operations OF the
treasury department under the act of
march IA, 1900. resulted in the CONVEX
SION SION into two per cent consols of 1880 of
s-VVSVS 400 bonds bearing higher rates of
interest. A decrease of sS.6S7 $50 in the
annual interest charge resulted from
these operations.
IN short during the seven years and
tnree months there has been a net sur
plus OF nearly one hundred millions of
receipts over expenditures, reduction
VI the Understanding debt by ninety
unions, In spite of the extraordinary ex-
pehse OF the Panama canal, and a saving
VI nearly nine millions on the annual
interest charge.
Inc message reiterates the we'll
Ahown views of the president that the
control of great corporations, espe-
clally the railroads of the country.
SHOULD be vested in the national gov
eminent. He says:
believe that it is worse than folly
attempt to prohibit all combinations
done by the Sherman anti
ho law' because such law can
W enforced only imperfectly and I'M
pquaiiy, and it's enforcement works al
s sHost as much hardship as good I
nuuiohgly advocate that instead of an I'M
t H'se effort to prohibit all combinations
s shere shall be substituted a law which
WIZ, expressly permit combinations
hi cI are in the interest of the public
as snall at the same time give to some
neency In the national government full
them iN 'upei 'i'ion oNei
M, ne railways of the country should be
pu' completely under the interstate COM
~ commission and removed from
No uomaln of the antitrust law. The
tL"er OF the commission should be made
ushgoing, so that 1t could exercise
tba "piete supervision and control over
tho issue or securities as well as over
rn idlslng and lowering of rates. AS
Ms sarus rates, at least. this power should
as summary. Rates must be made
or r ~" as Is compatible with giving prop
roos rms to all the employees of the rail-
ana from the highest to the lowest,
I'm, proper returns to the shareholders,
i'ey must not for instance, be re-
a on. IN such fashion as to necessitate
tho IN the wages of the employees or
proete oontion of the proper and legitimate
's OF honest shareholders
interests of the Waqeworker.
urhlng to conditions affecting the
maseworker and the man of small
ans' the president says:
cas-. .ai Savings banks will make 1t
N"Sy for the poorest to Keep their saw