The Wenatchee daily world. [volume] (Wenatchee, Wash.) 1905-1971, 1908-12-08

S9S7,141,O4O to $S97,253, $50, not
withstanding that there had been two
sales of Panama Canal bonds amount
| ing in the aggregate to $54, 631 $50,
/ and an issue of three per cent certifi-
Gates of Indebtedness under the act
of June 10, 1898, amounting to $15,
436,50O. Refunding operations of
the Treasury Department under the
act of March IA, 1900, resulted in
the conversion into two per cent con-
soils of 1880 of $200,309, 400 bonds
bearing higher rates of interest. A
decrease of $S,6S7,9 in the annual
interest charge resulted from these
operations.
In short, during the seven years
and three months there has been
net surplus of nearly one hundred
millions of receipts over expenditures
a reduction of the interest-bearing
debt by ninety millions, in spite of
the extraordinary expense of the Pa
mama Canal and a saving of nearly
nine millions on the annual interest
charge This is an exceedingly sat
isfactory showing, especially in view
of the fact that during this period
the nation has never hesitated to I'M
dertake any expenditure that it re-
garjed as necessary. There have
been no new taxes and no increases
of taxes; on the contrary some taxes
have been taken off; there has been
reduction of taxation.
Corporations.
AS regards the great corporations
engaged in interstate business, and
especially the railroads, | can only re-
peat what | have already again and
again said in my messages to the
congress. l believe that under the
interstate clause of the constitution
the United States has complete and
paramount right to control all
agencies of interstate commerce,
and | believe that the national gov
eminent 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 business. | believe that it
is worse than folly to attempt to pro-
hibit all combinations as is done by
the Sherman antitrust law, because
such law can be enforced anly i'm
perfectly and unequally, and it's en-
forcement works almost as much
hardship as good. l strongly advO-
cate that instead of an unwise effort
to prohibit all combinations, there
shall be substituted law which shall
expressly permit combinations which
are in the interest of the public, but
shall at the same time give to some
agency of the national government
full power of control and supervision
over them. One of the chief features
of this control should be securing
entire publicity in all matters which
the public has right to know, and
furthermore, the power, not by judi
cial but by executive action, to pre-
vent or put stop to every form of
improper favoritism or other wrong
doing.
The railways of the country should
be put completely under the Inter-
state Commerce Commission and re-
moved from the domain of the anti
trust law. The power of the COM
mission should be made thoroughgo-
ing. so that it could exercise complete
supervision and control over the is
sue of securities as well as over the
raising and lowering of rates. As
regards rates, at least, this power.
should be summary. The power to
investigate the financial operations
and accounts of the railways has been
one of the most valuable features of
recent legislation. Power to make
combinations and trafac agreements
should be exqlicitly conferred upon