The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1908-12-08
.aLl,1l1akers
e11lindcd Of
Their Duty
] 5 Progress
for SeUe1l Years
is Shown

4
WARRINGTON, Dec. s.-President
Roosevelt today sent his message to
Congress. which in part follows:
no the Senate ami House OF Repre-,
sentatives:
The Rnanclaf standing of the Natior
.sat the present time Is excellent and
the financial management of the Ma
tlon,s interests by the Government
during the last seven years has SHOWN
che most satisfactory results. But oul
currency system is imperfect, and II
Is earnestly to be hoped that the Cur
2rency Commission will be able to pro
pose a thoroughly good system which
viii do away with the existing defects
During the period from July l. 1901,
toSept. 80, 1908, there was an Increase
IN the amount of money Ia circulation
of 1902 1891 1893. The increase per cap
ita during this period was was ST.O6
Within tais time there we're several
occasions when It was necessary for
the Treasury Department to come to
the relief Of the money maTket by pur-
chases OF redemphons OF United
States bonds; by increasing deposits
III national banks; by stimulating adj.
1ltiopal issues Of national bank notes,
and by facilitating importations from
abroad OF gold. Our imperfect curren.
cy system has made these proceedings
4 necessary and they were effective TN
tiltthe monetary disturbance IN the fall
OF 1907 immensely increased the diff
entity of ordinary methods Of relief
BY the middle Of No ~mber The avail
able working balance in the Treasury
had been reduced to approximately
( 5000, 900. Clearing nouse associa,
ttons throughout the country had been
obliged to resort to the cxpedleat OF
issuing clearing house certificates, to
be used as money. In this emergency
II was determined to invite subscrlp
tons for $5O,OOO.OOO Panama Cans.
Bonds, and $1OO0Oo.OO0 three per cent
certificates of Indebtedness author;zeu
by the act OF June IL, 1898. 1t was
proposed to re.deposit in the national
banks the proceeds of these issues
and to permit their use as a basis 70,
additional circulating notes OF national
banks. The moral effect of this pro.
cedure was so great that it was nee.
+ essary to issue only $s4 1851 1850 Of the
Panama Canal Bonds and $15. .426, 800
gof tine certificates of Indebtedness.
,a During the period from july !, 1901,
Z 70 September 80 1905, the balance be.
tween the net ordinary receipts anu
the net ordinary expenses OF the Gov.
eminent showed a surplus In the four
years 1902, 1908, 1906 and 1907, and a
deficit in the years 1904, 1906, 1908 and
a fractional part of the fiscal year
1905. The netresule <as a surplus of
$ss,2SS,41S.54. The financial opera.
tons OF the Government during this
period, based upon these differences
between receipts and expenditures. re,
suited in a net reduction of the inter.
est-bearing debt of the United States
from 1887, ,l41,O4o to $SsY,253,99O, not.
,wtthstandtng that there had been two
sales of Panama Canal Bonds amount.
ing In the aggregate to s54, ,63l $50, ana
IAN issue of three pc. .ont certificates
of Indebtedness under the act Of June
sils, 1898, amounting, to $15,4SS,5oo. Re.
ftu1lnding operations of the Treasury
Department under the act Of March
Is 1900, resulted in the conversion