The Julesburg grit-advocate., 1908-12-11

Weshingtoa.-The message OF Presi-
lsnt Roosevelt was read in both
houses OF congress Tuesday. In sub
Ukancs the document was a. follows:
To the Senate and House Of Reprsssa-
eativss: The financial standing OF the
aation At the present time 10 excellent,
ed the financial management OF the ma
Gon's interests by the government dur
Jag the last seven years has shown the
most satisfactory results. But our cur
ssncy system 10 imperfect. and II 10 ear
asstly to b hoped that the currency
0omnisstoA will BE- able to propose Q
thoroughly GOOD system which will DO
away with the existing defects.
During the period from July /. lSol. to
September u. 1908. there was an increase
q the amount Of money in circulation Of
eDA.eo1.aoo The Increase In the per capita
during this period was S7.0s. Within this
time there were several occasions when
q was necessary for the treasury de-
oartmsnt to come to the relief OF the
money market by purchases or redemp-
elons Of United States bonds; by increas-
Tag deposits in national banks: by stim-
siatins additional Issues Of national bank
notes. and by facilitating importations
from abroad Of gold. Our imperfect cur
esncy system has made these proceedings
aeesseary. and they were effective until
the monetary disturbance in the fall Of
e)N Immensely increased the difYiculty of
or6fnary methods Of relief. BY the mid
de Of November the available working
% approximately 5000, ,0oo Clearing
house associations throughout the coun-
try had been obliged to resort to the
sKpedient Of Issuing clearing house GER
oncatas, to BE- used ~ money. In this
emergency It was determined to invite
subscriptions for Co., 900 Panama canal
bonds. and e1oo, 100000 three per cent.
certificates Of indebtedness authorized by
the act OF June H. 1888 It was proposed
% rsdeposit in the national banks the
1rocssds Of these Issues. and to permit
their use a. . basis for additional circu-
satins notes OF national banks. The
moral effect Of this procedure was 10
great that II was necessary to issue only
o84.e11. 40 Of the Panama bonds and t15-
0k.eoo Of the certificates Of indebtedness.
During the period from July 1, 1901 to
Usptsmber %. 1901, the balance between
the net ordinary receipts and the net
ordinary expenses Of the government
showed Q surplus In the four years 1909,
~. 1S0e, and 1907. and . deficit in the
ysafs 1So4. 1906. 1905 and . fractional part
sf the fiscal year 1909. The net result
cial operations Of the government during
this period, based upon these differences
between receipts and expenditures. re-
suited in . net reduction of the interest
bearing debt Of the United States from
eos7.l41.o4o to ess7. .253,9sO Notwithstanding
that there had been two sales of Panama
canal bonds amounting in the aggregate
20 eH.63i. $50. and an issue of three per
cent. certificates of indebtedness under
the act Of June Is. 1898. amounting to
t15.%S6.50o. Refunding operations Of the
treasury department under the act Of
March II, 1900. resulted in the conver-
sion into two per cent consols of 1890 of
600. 3os, 400 bonds bearing higher rates Of
interest. A decrease Of $685., ,s56 In the
annual interest charge resulted from
these operations.
In short during the seven years and
three months there has been a net sur
plus Of nearly one hundred millions of
receipts over expenditures. a reduction
Of the interest bearing debt by ninety
penss of the Para canal, and q saving
Of nearly nine millions on the annual
interest charge.
Control Of Corporations.
A. regards the great corporations en-
gagged in interstate business. and espe-
eially the railroads. l can only repeat
what have already again and again said
In my messages to the congress. l be-
Nsvs that under the interstate clause of
the constitution the United States has
complete and paramount right to con-
troll all agencies of interstate commerce,
ind I believe that the national govern
khlsnt alone can exercise this right with
wisdom and effectiveness so as both to
secure Justice from, and to do justice to.
the great corporations which are the
most important factors in modern busi-
Lii = g..
eolly to attempt to prohibit all COM
binations a. il done by the shermaa
antitrust law, because such q law can
~ enforced only imperfectly and un-
equally, and Its enforcement works al
most As much hardship as good I
strongly advocate that instead of an un-
wise effort to prohibit all combinations,
there shall be substituted law which
shall expressly permit combinations
which are in the interest of the public.
but shall At tho same time give to some
agency in the national government full
power Of control and supervision over
them. One Of the chief features Of this
control should be securing entire. pub
aicity In all matters which the public
has . right to know. and Furthermore,
the power. not by judicial but by execu-
tive action, to prevent or put q stop to
every form of improper favoritism or
other wrongdoinE.
The railways of the country should Be-
Gut completely under tho interstate COM
merce commission and removed from
the domain Of the antitrust law. The
Dower OF the commission should be made
thoroughgoing, SO that 1t could exercise
complete supervision and control over
the issue Of securities a. we'll a. over
the raising and lowering Of rates. AZ
regards rates, at least. this power should
- summary. Rates must be made
- low a. 10 compatible with giving prop
- rstvrns to all the employees Of the rail-
toaA. from the highest to the lowest.
cd proper returns to the shareholders.
eat they must not, for instance, be re-
1ussl In such fashion a. to necessitate
Q sat In the wages OF the employees or
The abolition OF the proper and legitimate
Orsats sf honest sharsholders.
Telegraph and telephone companies en-
SAGsA IN interstate business should b
lest unAse the jurisdiction Of the inter
1eA3o commerce commission.
n y vsey earnestly to b. wished that
~ DesDsa, Through their representative.
V6ssA aet In this matter. II b to
tAs iatssSst Of all Of M that
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