Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1908-12-09
THE NATION PROSPEROUS
EEsseommeudstions Covering a Wide
Rage of Subjects-Iinances, Com
bnstons, Transportation, Natural
Resources and Other. Interesting
Topics Brought to the Attention of
a0ur LaWmahng Body.

The message Of President Roosevelt
10 the second session of the Sixtieth
Congress. was read Ill both houses.
and was In substance as follows:
70 the Senate and House of Repres-
entatlyes:
Finances.
The financial standing Of the nation
at the present time is excellent, and
the financial management Of the ma
tion's interests by the Government
dnIing the last seven years has hown
the most satisfactory results. But
our currency system is imperfect. and
It is earnestly to be hoped that the
Currency Commission will be able to
propose thoroughly good system
which Will do away with the existing
defects.
During the period from July 1,
1901, TO September 80, 1905, there
was an increase in the amount of
money In circulation of $9O2,991 ,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 the Treas
urY Department to come to the relief
OF the money market by purchases of
redemptions of United States bonds;
by increasing deposits in national
banks; by stimulating additional is
sues OF national bank notes, and by
facilitating importations from
abroad of gold. Our imperfect cur
rency system has made these proceed
ings necessary, and they were effec-
tive until the monetary disturbance
In the fall of 1907 immensely increas-
ed the difficulty Of ordinary methods
OF relief. BY the middle of Novem-
ber the available working balance in
the Treasury had been reduced to ap-
proximately $5,0OO,00o.& Clearing
house associations throughout the
country had been obliged to resort to
the elrpedient of issuing clearing
house certificates, to be used as
money. In this emergency it was de-
termined to invite subscriptions for
$50, 100000 Panama Canal bonds, and
$1G0, 900 ,O0G 5 per cent certificates of
lndebtedness authorized by the act of
June Is, 1908 1t was proposed to re-
deposit In the national banks the pro-
ceetts of these issues, and to permit
their nse as a basis for additional cir
eulafang notes of national banks. The
moVaR effect Of this procedure was so
great that 1t was necessary to issue
only $4El $50 of the Panama Canal
bonds and SIZE, 5,436, 500 of the certif-
eates of indebtedness.
DnTng the seven years and three
months there has been a net surplus
of nearly one hundred millions of re-
ceIpts over expenditures. a reduction
of the nferest-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
exceedingly satisfactory showing, es-.
pecially In view of the fact that dur
ing tins period the Nation has never
hesitated to undertake any expendi-
fure tia: iE regarded as necessary.
There have been no new taxes and no
increase &f taxes; on the contrary
some taxes have been taken off; there
has ham a reduction of taxation.
{, Corporations.
As regards the great corporations
epgaged In interstate business, and
especially the railroads, I can only
repeat What / have already again and
again said IN my message to the Con-
gress. / believe that Under the inter-
state clause of the Constitution the
United States has complete and para
mount right to control all agencies of
Interstate commerce land I believe
chat the National Government aleae
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 business.
I believe that it is worst than folly
70 attempt TO prohibit all combira-
tions as IS done by the Sherman anti
trust Law, because such law can be
enforced only imperfectly and un-
equally, and its enforcement works
almost as much hardship as good. I
strongly advocate that instead Of an
unwise effort to prohibit all combina-
slons, there shall be substituted law
which shall expressly permit combina-
tons which are in the interest of the
public, but shall at the same time
give TO some. agency of the National
Government fail power Of control and
supervision over them. One of the
chief features. of this control should
be securing entire publicity in all
matters which the public has right
TO know, and furthermore, the power,
not by judicial but by executive
action, to prevent or put stop to
evcry. form of improper favoritism or
other wronsdoing.
The railways Of the country should
be put completely under the Inter
STATE Commerce Commission and re-
moved from The domain of the anti
trust Law. The power Of the Comniis-
sion should be made throughgoing, so
THAT Il could exercise complete super
vision and control over the issue of
Snap Shots.