The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1908-12-08
ANNUAL
MESSAGE
Is READ.
Congress Hears the
Presidents Views.
TRUST LAW ASSA|LED.
Amendment Of the Sherman Act
Is Advocated.
LAWS FOR LABOR URGED. |
Many Declarations Of Public In
terest In the Document.
TRUST LAW ASSA|LED.
LAWS FOR LABOR URGED.
Many Declarations Of Public In
terest In the Document.

Washington, Dec. s. The annual
message of the president. read in both
houses Of congress, is in full as follows
TO the Senate and House of Repre-
sentatiyes:
Finances.
The financial standing of the nation
At the present time Is excellent, and
the financial management of the ma
toms interests by the government dur
ing the last seven years has shown the
most satisfactory results But our cur
rency system is imperfect. and il is
earnestly to be hoped that the cur
rency commission will be able to pro-
pose thoroughly good system which
will do away with the existing defects.
During the period from July l, 1901,
to Sept. 80, 1908, there was an increase
in the amount of money in circulation
Of $500, 99l ,399. The increase in the
per capita during this period was s706
Within this time there were several
occasions when 1t was necessary for
the treasury department to come TO
the relief of the money market by
purchases or redemptions OF United
States bonds, by increasing deposits in
national banks, by stimulating addi-
tional issues of national bank notes
and by facilitating importations from
abroad of gold. Our imperfect cur
rency system has made these proceed
tngs necessary. and they were effective
until the monetary disturbance In the
fall of 1907 immensely increased the
difficulty of ordinary methods of re-
lief. BY the middle of November the
available working balance in the treas
ury had been reduced to approximate
ly 100000 Clearing house associa-
tons throughout the country had been
Obliged TO resort TO the expedient Of
issuing clearing house certificates, to
be used as money In this emergency
1t was determined to invite subscrip-
tons for SJ0,00o.0o0 Panama canal
bonds and s1o0,OOo.G00 3 per cent GER
tifcates OF Indebtedness authorized BY
the act Of June 13. 1893. 1t was pro-
posed TO redeposit in the national
banks the proceeds Of these issues and
to permit their use as basis for addi
tional circulation notes of national
banks. The moral effect Of this pro-
cedure was SO great that il was neces-
sary TO issue only S24, 631 $50 of the
Panama canal bonds and SIS. 436. 800 of
the certificates Of Indebtedness.
During the period from July /. 1901.
TO Sept. 90. 1903, the balance between
the net ordinary receipts and the net
ordinary expenses OF the government
showed surplus in the four years
1902 1903. 1906 and 1907 and a defici.
In the years 1904, 1905, 1903 and frac
tional part of the fiscs year 1903. The
net result was a surplus Of 500 2S3.
4l354. The financial operations OF the
government during this period based
upon these differences between receipts
and expenditures, resulted in net re-
duction of the interest bearing debt of
the United States from 1887, I41 .o4O to
$S9l, 253,990 Notwithstanding that there
had been two sales of Panama canal
bonds amounting In the aggregate to
Boa, 631 $50 and an issue of 3 per cent
certificates of Indebtedness under the
act of June b. 1898. amounting TO s15.
436,50o. Refunding operations Of the
treasury department under the act OF
March IA. 1900 resulted In the CONVEX
sion Into per cent consols Of 1890 OF
&200309,400 bonds bearing higher rates
of interest. A decrease of $685. .956
in the annual interest charge resulted
from these operations.
In short, during the seven years and
three months there has been net sur
plus 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 Panama canal and a
saving of nearly nine millions on the
annual interest charge. This Is an ex-
ceedingly satisfactory showing, espe
clally In view OF the fact that during
this period the nation has never hest
tated TO undertake any expenditure
that IT regarded as necessary There
have been no new taxes and no in.
creases of taxes On the contrary
some taxes have been taken or There
has been reduction of taxation.
Corporations.
AS regards the great corporations en-.
gagged In interstate business, and espe