Waterbury evening Democrat., 1908-12-08
TRUST LAW ASSAILED,
Amendment of the Sherman ACl
 Is Advocated.
LAWS FOR LABOR URGED,
Many Declarations of Public in.
 tefest In the Document.

Washington, Dec 8. The annual message of the president, read in both houses of congress, is in full as follows: lTo the Senate and House of Repre- ' sentatives:
 Finances.
 The financial standing of the nation at the present time is excellent, and he financial management of the na- btion's interests by the government dur hng the last seven years has shown the most satisfactory results. But our cur rency system Is imperfect, and it is earnestly to be hoped that the cur rency commission will be able to pro- pose a thoroughly good system which Twill do away with the existing defects.
 During the period from July l, 1901, itu Sept. 30, 1908, there was an increase dn the amount of money in circulation rof $902, 991. .399. The increase in the per capita during this period was $7.O6. Within this time there were several occasions when it was necessary for fhe 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 lrency system has made these proceed t1ngs 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 lury had been reduced to approximate Ny $5O00,O 900. Clearing house associa- tions throughout the country had been obliged to resort to the expedient of Issuing clearing house certificates, to be used as money. In this emergency Ht was determined to invite subscrip- tions for $5O,OOO,OO0 Panama canal bonds and S100,OO0,00o 3 per cent cer- ktfcates of Indebtedness authorized by khe act of June 13, 1898. It was pro- posed to redepostt in the national banks the proceeds. of these issues and 10 permit their use as basis for addi- k3onal circulation 1sJtes of national banks. The moral effect of this pro redure was 80 great that it was neces- Rary to issue only $24631 9so of the
 Panama canal bonds and S15, ,436. 500 of khe certificates of indebtedness.
 k During the period from July l, 1901, D Sept. 90. 1908, the balance between khe net ordinary receipts and the net Rrdfnary expenses of the government Hbowed a surplus in the four years D02, 1903. 1906 and 1907 and deficit b the years 1904. 1905, 1908 and a frac- housi part of tte fiscal year 1909. The pet ressiit was a surplus of Se9, oS3,- B13.64 The financial operations of the government during this period. based upo0 these differences between receipts Ai1d expenditures. resulted in a net re- Muction of the interest bearing debt of khe United States from S9sT, Al, ,O4O to k37 ,258, ,990 notwithstanding that there hsd been two sales of Panama canal bonds amounting in the aggregate to k54. 4.eS1 ,9e0 and an issue of 3 per cent certificates Of indebtedness under the hot of June 13, 1898, amounting to S15,- bS6,500 RefundinG operations of the Treasury department under the act of March II. 1900, resulted in the conve7- sion into per cent consols of 1a30 of k200, ,309,400 bonds bearing higher rates bf interest \ decrease of SS.6S7, ,956 tn the annual interest charge resulted From these operations.
 ! In short. during the seven years and xhrce months there has been a net sur plus of nearly Onr hundred millions of receipts over expenditures. q 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- cially iu view of thr fact that during this period inc nation has never hesi- lated |" undertake any expenditure that f. regarded as necessary There have been no new taxes and no fn- creaSes of taxes. On tho contrary, some taxes have been taken off There has been q reduction of taxation.
 Corporations.
 { As regards the great corporations en- esged in interstate business. and espe- cially the railroads, I can only repeat what 1 have already again and again said in my messages to the congress. believe that under the interstate clause of the constitution the United States has complete and paramount right to control all agencies of inter state commerce. and I believe that the national government alone can exer- else this right with wisdom and eff i eectiyeress So as both 10 secure justice |