Bismarck daily tribune., 1908-12-09
TRUST Law ASSA|LED.
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:
TO the Senate and House Of Repre-
sentatives:
Finances.
The financial standing of the nation
ut the present time Is excellent, and
the financial management Of the ma
tion's interests by the government dur
ing 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
will do away with the existing defects.
During the period from July /, 1901,
to Sept 80, 1908, there was an increase
in the amount of money In circulation
Of $500, ,399. The increase In the
per capita during this period was $7O6.
Within this time there were several
occasions when 1t was necessary for
the 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-.
t1onal issues of national bank notes
and by facilitating importations from
abroad of gold Our Imperfect cur
rency system has made these proceed
fngs 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
ury had been reduced to approximate
ly $5,000,000. Clearing house associa-
lions throughout the country had been
obliged to resort to the eXpedient Of
issuing clearing house certificates, to
be used as money. In this emergency
1t was determined to invite subscrip-
tions for $5O,OO0,OOO Panama canal
bonds and 500, 600 per cent cer-
ttfcates Of Indebtedness authorized BY
the act Of June Is, 1898. 1t was pro-
posed to redeposit In the national
banks the proceeds Of these issues and
TO permit their use as basis for addi-
fionai circulation notes Of national
banks. The moral effect Of this pro-
cedure was so great that it was neces-
sary to issue only $24,631, $50 Of the
Psnama canal bonds and SIS, ,436, 500 of
the certificates Of Indebtedness.
| During the period from July i, 1901,
% Sept 80, 1908, the balance between
me net ordinary receipts and the net
ordinary expenses Of the government
showed surplus In the four years
1902. 1903, 1906 and 1907 and a deficit
hn Tho years 1904, 1905, 1908 and frac-
sstnal part Of the fiscal year 1909. The
met result was surplus of S99,283,-
A13.54. The financial operations of the
government during this period, based
upon these differences between receipts
and expenditures, resulted in net re-
duction of the interest bearing debt of
the United States from $937, ,141,04o to
1897, ,253,990 Notwithstanding that there
had been two sales Of Panama canal
bonds amounting In the aggregate to
1851 $50 and an issue Of 8 per cent
certificates of Indebtedness under the
act Of June 13, 1893, amounting to $15,-
4S6,500. Refunding operations Of the
treasury department under the act Of
March IA, 1900, resulted In the conyer
sion into 2 per cent consols Of 1880 OF
s200, 800, 400 bonds bearing higher rates
4 of interest A decrease of $685., ,95e
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, a reduction
OF the interest bearing debt by ninety
millions, in spite Of the extraordinary
4 expense of the Panama canal and d
saving of nearly nine millions on the
annual interest charge. This is an ex.
seedingly satisfactory showing, espe
aially In view Of the fact that during
i Eilis period the nation has never hest
tated t0 undertake any expenditure
that 1t regarded as necessary. There
have been no new taxes and no In
Rreases Of taxes. On the contrary
some taxes have been taken OF. There
has been q reduction OF taxation.
Corporations.
As regards the great corporations en-
sagea iii Interstate business, and espe
lgl H.