Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1908-12-09


Washington. The message OF Presi.
dent Roosevelt was read In both
houses Of congress Tuesday In sub
stance the document was ms follows:
To the Senate and House OF Represen.
tatives: The financial standing OF the
nation ut the present time Ia excellent,
and the financial management OF the ma
tons interests by tho government dur
Ina the last noven years has shown the
most satisfactory results. Hut our cur
rsncy system Ia imperfect, and II IL ear
nestly to be hoped that the currency
commission will be able 10 propose a
thoroughly good system which will do
away with the existing defects.
During the period from July 1, 1901, 10
September 30. 1908. there was an increase
IN the amount OF money In circulation OF
$50. oe1. 500, The Increase In the per capita
during this period was s7.0G. Within this
time there were several occasions when
II was necessary for the treasury de-
psrtment TO como TO the relief OF. the
money market by purchases OF redemp-
tons OF United States bonds; by increas-
Ing deposits In national banks; by slim
uisting 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
1907 Immensely Increased the difficulty OF
ordinary methods OF relief by the mid
die OF November the available wording
balance In the treasury had been reduced
20 approximately $4,000 Clearing
house associations throughout the coun-
try had been Obliged TO resort TO tho
expedient OF issuing clearing house GER
tihcates. TO be used as money. In this
emergency II was determined TO invite
subscriptions for s50,Oo0,0OO Panama canal
bonds. and ti00,000.000 three per cent.
certificates OF Indebtedness authorized by
the act OF June 10. 1898. II was proposed
90 redeposlt In the national banks the
proceeds OF these issues, and TO permit
their use ms a basis for additional circu-
iating notes OF national banks. The
moral effect OF this procedure was so
great that II was necessary TO issue only
y24. 63i, $50 OF the Panama bonds and si5,-
ts6,bo0 OF the certificates of Indebtedness
During the period from July J. 1901, TO
September 80. 1908. the balance between
the net ordinary receipts and the net
ordinary expenses OF the government
showed surplus In the four years 1902
1908, 1906, and 1907. ana a deficit In the
years 1904, 1906, 1908 aud a fractional part
OF the fiscal year 1909 The net result
was n surplus OF 500. 2s3, tia.bi. The finan-
cial operations OF the government during
this period, based upon these differences
between receipts and expenditures. re-
s;ilted I'm net reduction OF the interest
bearing debt OF the United STAIRS from
teS7, l4i ,0i0 TO sSg7, 1858 900. Notwithstanding
that there had been two sales OF Panama
canal bonds amounting In the aggregate
10 s4.sSl $50. and an Issue OF three per
cent. certificates OF Indebtedness under
the act OF June ~. 1898, amounting Ia
eib. 4S6,b 800. Reminding operations OF the
treasury department under the act OF
March II, 1900, resulted In the CONVEX
sion into two per cent. consols OF 1880 OF
300. 800, 400 bonds bearing higher rates OF
Interest. A decrease OF sS,6S7956 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 reduction
Of the interest-bearlng debt by ninety
millions, In spite OF the extraordinary ex-
pense OF the Panama canal, and a saving
Df nearly nine millions on the annual
interest charge.
Control OF Corporations.
As regards the great corporations en-
ragged In Interstate business, and espe-
tally the railroads. / can only repeat
What ] have already again and again said
n my messages TO the congress. | be-
love that under the interstate clause OF
he constitution the United States has
,omplete and paramount right to con-
rol all agencies OF interstate commerce.
md ! believe that the national govern
nent alone can exercise this right with
wisdom and effectiveness 80 az both TO
ecuro Justice from. and 10 do Justice TO.
he great corporations which are the
most important factors In modern busi-
Tess believe that u is worse than
oily TO attempt TO prohibit all com /
,ina.ions as In done by the Sherman
Inti-trust law. because such law can
'e enforced only imperfectly and UNI /
Qually, and Its enforcement works al
most as much hardship as good
wise effort TO prohibit all combinations.
here shall be substituted a law which
hall expressly permit combinations
which are In the interest OF the public,
nut shall at the same time give 20 some
Igency In the national government full
'ower OF control and supervision over
hem. One OF the chief features OF this
ontrol should be securing entire pub
city In all matters which the public !
ht n flkul 10 knOWt anu IuTIneTtnOfe,
he power. not by judicial but by execu-
I've action. to prevent or put a stop to
very form OF improper favoritism or
ther wrongdolng.
The railways OF the country should be
ut completely under the interstate com.
,erce commission and removed from
he domain OF the antitrust law. The
nwar OF the commission should h@ made
80 tnat ~ couid exercise
omplete supervision and control over
,e Issue ~ securities ~ well as over
~ raising and lowering OF rates As
sgards rates, at least. this power should
! summary. Rates mus, be made
J low as is compatible with giving prop
returns 10 all the employees OF the rail-
Dad, from the highest TO the lowest
nd proper returns 10 the Shareholder
VI they must not. for instance. be re-
iced in such fashion as 10 necessitats
cut In the wages Of the employees or
10 abolition OF tho proper and legitimate
-ofits OF honest shareholders.
telegraph and telephone companies en-
,ged In Interstate business should be
II under the jurisdiction OF the inter-
ate commerce commission.
n Is very earnestly 10 be wished that
IT people, through their representatives,
,ould act In this matter. II is to
a interest OF all OF us that
ere should be premium put upon in
yidual Initiative and individual Ca