The Elbert County tribune., 1908-12-10

heuses OF congress Tuesday. In sub
stance the document was as follows:
Ts the Senate and House of Represen-
tatfves: The financial standing OF the
nation at the present time ia excellent,
and the financial management of the ma
tons interests by the government dur
ing the last seven years has shown the
riest satisfactory results. But our cur
rency system is imperfect. and II is ear
nestiy 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 30. 1908. there was an increase
in the amount of money in circulation of
1907. .9el 800. The increase in the per capita
during this period was s7.06. Within this
time there were several occasions when
II was necessary for the treasury de-
partment to come to the relief of the
money market by purchases or redemp-
tens of United States bonds; by increqs-
Ing deposits In national banks: by slim
ulatng additional issues of national bank
notes. and by facilitating fmportations
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 difficulty of
ordinary methods Of relief. BY the mid
die of November the available working
balance in the treasury had been reduced
house associations throughout the coun-
try had been obliged to resort to the
expedient of issuing clearing house GER
uficates. to be used as money. In this
emergency IL was determined to invite
subscriptions for $50. 900 Panama canal
bonds, and sl00.00o.0O0 three per cent
certificates OF Indebtedness authorized by
the act of June 10. 1898 1t was proposed
TO yedeposit in the national banks the
proceeds OF these issues, and TO permit
their use as a basis for additional circu-
lating notes OF national banks. The
moral effect OF this procedure was so
great that 1t was necessary to issue only
s24.631 $50 of the Panama bonds and sl5,-
t56.bse 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 surplus In the four years 1902
1l9Oo. 1906 and 1907 and deficit In the
years 1904 1906, 1908 and a fractional part
of the fiscal year 1909. The net result
was surplus OF 800. .2s3, 1854. The Imam
ciai 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
s9s7. .hl .o4o to $ss7. 7.25s.s9o Notwithstanding
that there had been two sales of Panama
canal bonds amounting in the aggregate
TO $54.631 $50, and an issue OF three per
cent certificates of indebtedness under
the act of June 10. 1898. amounting to
ti5.4ss.5oo Refunding operations of the
treassry department under the act of
March IA. 1900. resulted in the CONVEX
sion into two per cent consoIs of 1880 of
500. .2os 400 bonds bearing higher rates of
interest decrease of IS. 6s7. .956 in the
annual interest charge resulted from
these operations.
In short. during the seven years and
three months there has been a net sur
Plus OF nearly one hundred millions of
receipts over expenditures. n reduction
OF the interest bearing debt by ninety
mihfsas, in spite of the extraordinary ex-
pense of the Parama canal, and a saving
Of nearly nine millions on the annual
interest charge.
Control Of Corporations.
AZ regards the great corporations en-
geged In Interstate business. and espe-
eiany the railroads. I can only repeat
What have already again and again said
In my messages to the congress- be-
love that under the Interstate clause of
the constitution the United States has
complete and paramount right to con-
troll RA agencies of interstate commerce,
and believe that the national govern
mont alone can exercise this right with
wisdom and effectiveness so as both to
secure justice from. and to do Justice to.
the great corporations which are the
most important factors in modern busi-
ness. l believe that 1t is worse than
fony to attempt to prohibit all coD-
: binatieus as is done by the Shermaa
antitrust law, because such a law can
bs enforced only imperfectly and un-
squas7r. and its enforcement works al
most as much hardship as good
strongly advocate that instead of an un-
wfye effort to prohibit all combinations.
there shall be substituted law which
shnH expressly permit combinations
which are in the interest of the public.
but shall at the same time give to some
agency In the national government full
nj nd Juf<
them One of the chief features of this
contro1 should be securing entire pub
licfty In all matters which the public
has right to know. and Furthermore,
the power. not by judicial but by execu-
tive action. to prevent put a stop to
every form OF improper favoritism or
other wrongdoing.
T1se railways of the country should be
put completely under the interstate COM
merce commission and removed from
the domain OF the ANTITRUST law. The
power of the commission should be made
thoroughgoing SO that 1t could exercise
complete supervision and control over
tho issue Of securities as we'll as over
the raising and lowering of rates. AS
regards rates, at least. this power should
be summary. Rates must be made
A. low as Is compatible with giving prop
or returns to all the employees OF the rail-
road, from the highest to the lowest,
and proper returns 10 the shareholders,
but they must not. for instance, be re-
duced In such fashion as TO necessitate
. cut in the wages OF the employees or
the abolition of the proper and legitimate
profits OF honest shareholders.
Telegraph and telephone companies en-
gagged in Interstate business should be
put under the Jurisdiction of tho inter-
state commerce commission.
II is very earnestly TO be wished that
our people. through their representatives,
should act In this matter. 1t Is to
the interest OF all of US that
there should be a premium put upon In
dividusi Initiative and Individual Ca