The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-12-09


SO. 4se, 500 of the certificates of indebted
ness.
During the period from July 1, 1901. to
the net ordinary receipts and the net
ordinary expenses of the government
showed surplus in the four years 1892.
years 1904, 1905. 1905, and a fractional
part of the fiscal year 1903. The net
result was surplus OF $50 t 2sS o Ss4 Ihe
during this period, based upon these
differences between receipts and expendi-
lures, resulted in net reduction of the
States fPem sss7 1 90 to sss7 Sse
Notwithstanding that there had been two
sales of Panama Canal bonds amounting
III the aggregate to so4,631, $50. and an
issue of three per cent. certificates of
1908, amounting to 15,436.500. Refunding
operations of the Treasury Department
under the act of March a. 1900. resulted
in the conversion into two per cent con-
soils of 1890 of 5000. 500, 400 bonds bearing
higher rates of interest a decrease of
IS. So, $50 in the annual interest charge
resulted from these operations.
In short. during the seven years and
three months there has been a net surplus
over expenditures. a reduction of the in
terest-bearins debt by ninety millions. in
spite of the extraordinary expense of the
nine millions ON the annual interest
tory showing, especially in view of the
fact that during this period the nation
has neSItateu ito undertake any expenQI-
ture that ii regarded necessary. There
have been no new taxes and no increase
of taxes; on the contrary some taxes have
been taken off; there has been a reduce
Corporations.
As regards the great corporations en-
gagged in interstate business, and espec
tally the railroads, l can only repeat
what have already again and again said
that Under the interstate clause of the
Constitution the United States has conf
pete and p right to control ana all
believe that ethe national government
alone can exercise this right with wisdom
and effectiveness so as both to secure
justice from, and to do justice to, the
great corpora tons which are the most
important factors in modern business. /
believe that il is worse than folly to at
tempt to prohibit all combinations as is
done by the Sherman anti trust law,
imperfectly and unequally, and its en-
forcement works almost as much hardship
of an unwise EFFORT to prohibit all combi-
nations. there shall be substituted law
which shall expressly permit com binations
which in the interest of the public.
but shall at the same time give to some
agency of the national government full
them One of the chief features of this
control should be securing entire public
ity in all matters which the, public has. a
proven, not by judicial but by executive
action, to prevent or put a stop to every
form OF Improper favoritism or other
The railways of the country should be
Inerce Commission and removed from the
domain of the antitrust law. The power
of the commission should be made thor
oughgoing, so that II could exercise COM
plete supervision and control over the
Issue of securities as well as over the
raising and lowering of rates AS regards
summary. The power TO investigate the
financial operations and accounts of the
u-eaf1 hos hoe raff
able features in recent legislation. Power
TO make eombinatiots and traffic agree
ments should be explicitly conferred upon
the railroads. the permission of the COM
mission being first gained and the COM
in all its details. In the interest of the
public the representatives of the public
should have complete power to see that
no injustice is done TO the railroads. The
shareholders. the employees and the ship
pers all have interests that must be
guarded II is TO the interest of all of
them that no swintllinc stock 7sneculafion
should be allowed. and that there should
be no improper issuance of securities.
The guiding intelligenceS necessary FOR
the successful building and successful
management of railroads should receive
ample reniuneration: but no man should
he allowed 10 make money in connection
with railroads out OF fraudulent Oter-
capitalization and kindred stock gambling
performances; there must be no defraud-
ing of investors, oppression of the farmers
and business men Who ship freight, or
callous disregard of the rights and needs
of the employees. In addition TO this the
iterests OF the Shareholders. of the
employees, and of the shippers should
also be exercised SO as 70 see, that
the railroads do their duty by the public
and as a matter OF course this power
be guarded against one another To
give any one of them undue and improper
consideration Is TO do injustice TO the
others. Rates must be made as low as
is compatible with giving proper returns
to all the employees of the railroad, from
the highest to the lowest and prssz,tss
returns 10 the shareholders: but they
L. instance. I'M
fashion as to necessitate a cut in the
wages of the employees or the abolition
of the proper and Legitimate prosts @,
honest Shareholders.
Telegraph and telephone companies en-
gagged in interstate business should be
put under the Jurisdiction of the Inter-
state Commerce Commission
II is very earnestly, to be wished tina:
our people. through their representatives
should act IN this matter 1t is hard [,
say whether most damage to the counfrr
at large would come from entire failssrs
on the part of the public TO supervise ar
control the actions of the great corpora