Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1908-12-16
BETTER CURRENCY
SYSTEM URGED
By President Roosevelt in Message to
Congress
Telegraph and Telephone Companies
Under Government Control


cepted as President Roosevelt's fare
we'll message was presented to con
gress yesterday, and in it there is
noted nothing calculated to give it
classification as memorable docu-
ment. 1t follows the conventionalities
of such a paper. There can be no
telling when the Philippines should
be accorded self-government, he says
though that time must surely come
Fortifications there and in Hawaii to
protect harbors from assault land
ward are urged; competent young Of
ficers in army and navy should be
jumped over the heads of elderly In
competents,' he affirms; good trusts
should be sanctioned but corporations
regulated; railways should be placed
entirely under the interstate commits
sion and removed wholly from the do
main of the antitrust act; employees
should obtain larger share of inter
phone companies should be placed un
der the interstate commission; a
strong centralizing spirit is mani
tested by the president; the injunc
ton is defended; postal saw
fngs banks advocated; an employers
liability law defended; half holiday
during summer" for all government
workers is urged,-half each day OF
only on Saturdays is not stated; the
doubling of all judicial salaries is de
manded and a score of other themes
discussed.
Finances.
The financial standing of the ma
ton is excellent" says the president
but our currency system is imperfect
and it is earnestly to be hoped thai
the commission will be able to pro
pose thoroughly good system which
will do away with existing defects
From July 1, 1901, to Sept 80, 1908
there was an increase of money il
circulation of 1902, 991, 399, an in
crease per capita of $7.06. Within
this time there were several occasions
when it was necessary for the treas
ury to come to the RELIEF of the mar
ket by purchases or redemptions o.
bonds; by increasing deposits In ma
tional banks; by stimulating add
tional issues of national bank notes
and by facilitating importations from
abroad of gold. Our imperfect cur
rency system made these proceedings
necessary, is the conviction of the
president.
During the past seven years there
has been net surplus of nearly one
hundred millions of receipts over ex
penditures. a reduction of the inter
est-bearing debt by ninety millions
in spite of the extraordinary expense
of the Panama canal, and saving o
nearly nine millions annual interest
There have been no new taxes and M
increases of taxes; on the contrar.
some taxes have been taken off; there
has been a. reduction of taxation.
Corporations.
II believe that under the interstate
clause of the constitution the Unltet
states has complete right to contro
all agencies of interstate commerce,
saws the president, and beileve
that the national government alone
can exercise this right with effective
ness So as both to secure justice
from. and to do justice to, the grea
corporations. / believe that II i
folly to attempt to prohibit all comb
nations as is done by the Sherman an
thrust law | advocate law wnlci
shall permit combinations which are
in the interest of the public but shat
at the same time give to some agency
of the national government 1ui
power of control and supervision
One of the chief features of this con
troll should be securing entire puDiic
ity in all matters which the pubic
has a right to know, and furthermore
the power, not by judicial but by ex
ecutive action, to prevent or put
stop to every form of improper favor
itism or other wrongdoing.
"The railways should be put com
pletely under the interstate com
merce commission and removed from
the domain of the antitrust law. Inc
mower of the commission should be
made thoroughgoing, so that 1t couie
exercise complete supervision ane
control over the issue of securities as
well as over the raising and lowering
of rates. AS regards rates, at least
this power should be summary. Inc
shareholders, the employees and the
shippers all have interests that mus
be guarded 1t is to the interest," o.
all of them that no swindling stocs
speculation should be allowed, anc
that there should be no improper IS
snance of securities There must DC
no defrauding of investors, oppres
sion of farmers and business men VINO
ship freight, or callous disregard Of
the rights and needs of the employees
Rates must be made as low as Is
compatible with giving proper returns
to all employees. from highest to low