The Harrison times., 1908-12-12

houses or congress Tuesday In sub
stance the document was as follows:
To the Senate and House of Represen-
tatives: The financial standing of the
nation at the present time is excellent,
and the financial management of the ma
tion's 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, 1905 there was an increase
in the amount of money in circulation Of
1902 99l, S99. The increase in the per capita
during this period was s7O6. Within this
time there We're several occasions when
II was necessary for the treasury de-
partment to come to the relief of the
money market by purchases or redemp-
tions Of United States bonds; by increas-
ing deposits in national banks; by stlm-
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
ordinary methods Of relief. BY the mid
die of November the available working
balance in the treasury had been reduced
TO approximately $50O0,000 Clearing
house associations throughout the coun-
try had been obliged TO resort to the
-eXpedlent of issuing clearing house GER
tiiicates, to be used as money. In this
emergency 1t was determined to invite
subscriptions for $780, 900 Panama canal
bonds, and slOO,OOO,OOO three per cent
certificates OF indebtedness authorized by
the act of June l3, 1S9S 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-
lating notes Of national banks. The
moral effect OF this procedure was so
great that 1t was necessary to issue only
S24, 63l, $50 OF the Panama bonds and $l5,-
4S6,50O of the certificates OF indebtedness
During the period from July /, 1901, to
september 9O 1908, the balance between
sthe net ordinary receipts and the net
ordinary expenses OF the government
showed a surplus in the four years 1902,
1908 1906, and 1907 and a deficit in the
years 1904, 1905, 1908 and fractional part
of the fiscal year 1909 The net result
was a surplus of 500, 2S3 4l354 The finan-
cial 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
1887, 141 ,OiO to 1897 253 800, Notwithstanding
that there had been two sales OF Panama
,canal bonds amounting in the aggregate
to s5+, 63l $50, and an issue OF three per
. cent. certificates OF Indebtedness under
the act of June 49, 1898, amounting to
SIS 436, 500. Refunding operations of the
treasury department under the act OF
March a. 1900, resulted IN the CONVEX
sion into two per cent consols OF 1880 OF
sS2O0, 800 400 bonds bearing higher rates OF
interest decrease OF sS,6S7 956 in the
annual interest charge resulted from
these operations.
la short, during the seven years and
Trthcse 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
millions, In spite OF the extraordinary eX-
pense of the Panama canal, and saving
of nearly nine millions on the annual
interest charge.
Control Of Corporations.
, AS regards the great corporations en-
gagged in interstate business, and espe-
cially the railroads, | can only repeat
what have already again and again said
uieve that under the interstate clause OF
She constitution the United States has
complete and paramount right to con-
troll all agencies Of interstate commerce,
and l believe that the national govern
ment 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 bust
folly to attempt to prohibit all com
binations as is done by the Sherman
antitrust law, because such law can
be enforced only imperfectly and un-
equally, and its enforcement works al
most as much hardship as good,
strongly advocate that instead OF an un-
wise effort to prohibit all combinations,
there shall be substituted a law which
shall 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
power OF control and supervision over
them. one Of the chief features OF this
control should be securing entire pub
iicity In all matters which the public
has a right to know and furthermore,
the power, not by judicial but by eNccu-
tive action, TO prevent or put stop 10
every form of improper favoritism or
other wrongdoing,
The railways OF the country should be
nut completely under the interstate com
merce commission and removed from
the domain OF the antitrust law. the
mower of the commission should be made
thoroughgoing, so that 1t could exercise
complete supervision and control over
the issue of securities as well as over
the raising and lowering OF rates, AS
regards rates, at least this power should
he summary. Rates must be made
as low as Is compatible with giving prop
ar returns TO all the employees OF the rail-
road from the highest to the lowest
and proper returi.1 TO the shareholders
nut they must not, for instance, be re-
duoed I'm such fashion as TO necessltate
A cut in the wages OF the employees or
the abolition OF the proper and legitimate
prof,ts of honest shareholders,
Telegraph and telephone companies en-
gagged in interstate business should be
put under the jurisdiction OF the inter
state commerce commission
IL is very earnestly TO be wished that
our people. through their representatives,
should act In this matter, II Is 10
bthe interest OF all OF us tina!
there should be a premium put upon 10
dyidual initiative and individual ca