The Randall County news. (Canyon City, Tex.) 1908-1926, 1908-12-11

To the Senate and House az Rcpresen-
tauves: 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 10 be hoped that the currency
commission viii be able 10 propose a
thoroughly good system which will do
away with the existing defects
During the period from July /, 1901. TO
September 20, 1865. there was an increase
in the amount Of money in circulation Of
$500. 1889. The increase in the per capita
during this period was sos Within this
time there were several occasions when
II was necessary for the treasury de-
partment to come 30 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 importation.
from abroad OF gold our imperfect cur
rency system has made these proceedings
necessary and they were effective until
the monetary disturbance in the fail Of
1857 immensely increased the difficulty OF
ordinary methods Of relief BY the mid
die Of November the available working
balance in the treasury had been reduced
10 approx matsly s5.010O10. Clearing
house associations throughout the coun-
try had been obliged to resort 20 the
expedient Of issuing clearing house GER
tihcates. 10 be used as money. In this
emergency It was determined 10 invite
subscriptions for So ho1 no Panama canal
bonds and 500. co ON three per cent.
certificates Of Indebtedness authorized by
the act Of June Is, iSsS. Ii was proposed
10 redeposit in the national banks the
proceeds OF these issues and 10 permit
their use as basis for additional circu-
latinC notes OF national banks. The
moral effect OF this procedure was SO
great that il was necessary tn issue only
80 S3l $50 Of the Panama bonds and Sl5.-
500 Of the certificates Of indebtedness.
During the period from July J. 1871, 10
September "a. zoos the balance betweer
the net ordinary rercp's and the net
ordinary expenses uf the government
showed a surplus IN the four ears 1872
1903. 1905. and 1857. and def il in the
years 1874. ls5 ladS and fractional part
Of the fiscal y,gr ~ The net result
was a surplus q 81 - il354 The fnan
cial operations Of TIE government during
this period based upon these differences
between rece'p's and expenditures re-
sui cd in a net reduction 81 Ire interest
bearing debt Of TIE United States from
tgS7. l4l oi1 10 .'9-.253 '1l. Notwithstanding
that there had been two sales Of Panama
canal bonds amounting IN the aggregate
TO sj463i $50. and an issue Of three per
cent cert # atcs OF indebtedness under
tho ar, ~ Inn. n IVq> amounting to
,l5 sa5 5a9 p.r,,rdjnr on.ra,fons Of the
,r.ss,,r, derar-r,ent under the act NJ
MAJ Il l4.1 resulted in INC ro,yer-
eio, in.o two nor cent cnnsols of ION ~
s910 g0a ano bo,is hearing higher rsfes ~
intor.st de-. reasa ~ s. sy7 g5f Z, the
a,r,.1 interest charge rast,l-ad from
tbese or,eratto,s
-. a.,.!-,. .t,o so..a- ,...-. .,s
49, r,a,,f.s ,rarc has boo, ne, 60
- - ti,,,,3l5 NJ.
~ 49, - - '''..'''..f -
49,. - -
m. e. $50. - ~. ,.,,.,..i.. 80,
80 ... -. - "a
- 49,, m, - -
-. -
ControI OF corporations.
As regards the great corpara lions en-
gagged in interstate business and espe-
clally the railroads, ! can only repeat
what have already again and again said
In my messases TO the congress. l be-
Ieve that under the interstate clause Of
the constitution the United States has
complete and paramount right 10 con-
trol all agencies Of interstate commerce.
and ! believe that The national govern
mcnt alone can exercise this right with
wisdom and e',ecti} eness 50 as both TO
secure justice from and TO DO justice 70.
the great corporations which are the
most in pnwani factors IN mod bust
ness believe that il is worse than
folly 10 attempt TO prohibit an com
bin6'ions as is done by the Sherman
antitrust law. because such law can
be enforced only lmperfectly and un-
equally, and IFS enforcement works al
most as much hardship as good. I
strongly advocate lat Instead Of an IN
Mise effort TO prohibit all combinations,
thee shall be substituted a law which
shall eNpresslT permit combinations
which are 10 me interest OF the pubhc'
but SHAH ~ TIE Same lile give L" some
agency ln the haupn'' government luii
power 81 conirei ana supervision over
them. one ~ me 'nlei features OF uiis
control Should ne securing ehufe pup
lcity In all matters Whch me pubhc
has right to Know, ana furthermore
The power not 10y Jollc'aI nut by eNe'u-