The Montgomery tribune. (Montgomery City, Mo.) 1892-1910, 1908-12-11

1poratTons, the President Thinks,
Should Be Left to the National
Government-Labor Leaders Come
I'm for Criticism-Respect for Law
Vital to the WeIi-Being Of Country.
I =
Hashington.-The message Of Presi-
deHf Roosevelt was read in both
hoSses of congress Tuesday. In sub
STAGE. the document was as follows:
To the Senate and House of Represen-
tatt*es:- The financial standing Of the
nation at the present time is excellent.
and the financial management of the ma
TOMS interests by the government dur
ing the last seven years has shown the
most sa satisfactory results. But our cur
rency system is imperfect, and 1t is ear
nestly ito be hoped that the currency
combustion will be able to propose a
thoroughly good system which will do
away with the existing defects.
D6ring the period from July 1, 1901, to
September 80, 1908, there was an increase
in the amount of money in circulation of
1907, 991, 1893. The increase in the per capita
during this period was sos. Within this
timeE there were several occasions when
1t was necessary for the treasury de-
a W COlIlS " LIE thG VI lie
money market by purchases or redemp-
tons Of United States bonds; by ~increas-
fngEdeposits in national banks; by slim
ulatpg. additional issues of national bank
notes, and by facilitating importations
FROM abroad OF gold. Our imperfect cur
rencY system. has made these proceedings
necessary, and they were effective until
the monetary disturbance in the fall of
1907 immensely increased the difficulty of
ordinary methods of relief. BY the mid
die of November the available working
balance in the treasury had been reduced
TO approximately $4,000, 900. Clearing
house associations throughout the coun-
try chad been obliged to resort to the
expedient Of issuing clearing house GER
tif1cates, to be used as money. In this
emergency 1t was determined to invite
subscriptions for S50,000, 900 Panama canal
bonds, and 500, 00O, 900 three per cent.
certificates of Indebtedness authorized by
the act of June 10, 1898. 1t as proposed
to f%edeposit in the national banks the
proceeds Of these issues, n to permit
their use as a basis for additional circu-
tatitfg notes of national banks. The
moral effect Of this procedure was so
great that 1t was necessary to issue only
va. S1 $3.50 of the Panama bonds and s15,-
t36, 400 of the certificates of Indebtedness
Dhring the period from July /, 1901, to
September so, 1908, the balance between
the net ordinary receipts and the net
ordinary expenses of the government
showed a surplus in the -four years 1902,
l903a 1906, and 1907. and a deficit in the
years 1904, 1905, 1908 and a fractional part
of fhe fiscal year 1909. The net result
wass a surplus of 500. 2SS, 413.54 The finan-
cial: operations of the government during
thisFperiod, based upon these differences
between receipts and expenditures, re-
suited in a net reduction of the interest
bearapg debt Of the United States from
A nfl 30 iGlT < mn . ill.,
that7there had been two sales of Panama
canal bonds amounting in the aggregate
TO $4, 631, $50, and an issue of three per
cent! certificates of indebtedness under
the tact of June 10, 1898. amounting to
SIS, 4$6,5O0. Refunding operations of the
treasury. department under the act Of
March IA, 1900, resulted In the CONVEX
sion. into two per cent. conspls of 1880 Of
5000, a09, 400 bonds bearing higher rates of
interest. A decrease of 1851, 956 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
MILLIONS, In spite of the extraordinary ex-
pense of the Panama canal, and a saving
of pearly nine millions on the annual
Interest charge.
Control OF Corporations.
AS regards the great corporations en-
gagged in interstate business, and espe-
Scially the railroads, I can only repeat
what I have already again and again said
Tn my messages to the congress. / be-
Iieve that under the interstate clause of
the constitution the United States has
complete and paramount right to con-
ssrol all agencies of interstate commerce,
and ] believe that the national govern
ment 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 bust
ness. I believe that 1t is worse than
folly to attempt to prohibit all COM
binations as Is done by the Sherman
antitrust law, because such a law can
be enforced only imperfectly and un-
equally, and its enforcement works al
most as much hardship as good. ]
strongly advocate that instead of an un.
wise effort to prohibit ali combinations
there shall be substituted a law which
shall expressly permit combinations
which are in the interest of the public
but shall at the same time glYe to some
agency in the national government ful
power of control and supervision oveI
them. One of the chief features Of THU
control should be securing entire pub
licity in all matters which the public
mas q right TO know, ana IurtnerHfOre
the power, not by judicial but by execu
tive action, to prevent or put a stop tt
every form of improper favoritism Of
other wrongdoing.
The railways of the country should b.
put completely under the interstate com
merce commission and removed from
the domain of the antitrust law. TIL
power of the commission should be mad
t-horoughgoing, SO that 1t could exercisl
complete supervision n control owe
the issue of securities as well as owe
the raising and lowering OF rates. A
regards rates. at least, this power shoul,
be summary. a.. Rates must be mad
as low as is compatible with giving prop
er returns to all the employees of the rail
road. from the highest to the lowest
and proper returns to the shareholders
but they must not. for instance. be re
duced In such fashion as to necessitat
. cut In the wages of the employees o
the abolition of the prope and legitimat
profits Of honest shareholders.
y Telegraph and telephone companies en-
gagged in interstate business should b
<xt vn1ar the furtudtottnn ~ fha tptAv