The Columbus journal., 1908-12-09

Washinston.-Them message of Presi-
dent Roosevelt was read in both
houses Of congress Tuesday. In sub
stance the document was as follows:
To the Senate and House of Represen-
tatises: The financial standing OF the
nation a; the present time is excellent,
and tie financial management Of the ma
fi"n'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 il is ear
aestty 10 he hoped that the currency
commission will be able to propose a
thoroughly good system which will do
away with the existing defects.
During the period from July 1. 1901. to
September So 1905, there was an increase
tn the amount Of money in circulation Of
s.1., 81. go. The increase in the per capita
during this period was $.cG Within this
time there were several occasions when
il was necessary for the treasury de-
partment TO come TO the relief of the
money market by purchases redemp-
iions OF United States bonds; by increas
ing deposits in national banks: by slim
uatinE 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
1905 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 S5.G90000. Clearing
house associations throughout the coun-
try had been Obliged to resort to the
eNpedieEt Of issuing clearing house GER
ti;ic:,tes. 10 be used money. In this
subscriptions for $50.0o0.GO0 Panama canal
bonds. and $lDo. coo 600 three per cent
certificates OF Indebtedness author ed by
the act Of June IL. 1898. 1t was e osed
20 redeposit in the national bs.-- he
proceeds OF these issues. and L nit
their use as a basis for addition.i .'rcu-
lating notes OF national banks. The
moral effect OF this procedure was SO
great that IL was necessary to issue only
s24. 63l $50 Of the Panama bonds and $l5,-
i56.bOO or the certificates OF Indebtedness.
During the period from July i, 1901. TO
September 8, 1908, the balance between
the net ordinary receipts and the net
ordinary expenses Of the government
showed a surplus in the four years 1902.
i@G: 1896. and 1897. and a deficit in the
years 1904, 1905. 1905 and a fractional part
Of the fiscal year 1903. The net result
was surplus of So .2SS 413.5i. The finan-
.ial operations of the government during
this period. based upon these differences
between receipts and expenditures. re-
suited in a net reduction of the interest
bearing debt Of the United States from
sss. 1900 to SS97. 81, 500. Notwithstanding
thai there bad been two sales of Panama
anal bonds amounting in The aggregate
to 81, 62i $50, and an issue Of three per
cent. certificates of Indebtedness under
the act OF June IL. ISIS. amounting to
SIS. so. RefundinG operations of the
IL n TI.a not If
March e, 1900. resulted I'm the CONVEX
sion into two per cent consolS of 1880 of
SEQ 2a. 40 bonds bearing higher rates OF
interest A decrease OF $685. 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 Understanding debt by ninety
millions An spite OF the extraordinary ey-
pense Of the Panama canal. and a saving
Of nearly nine millions the annual
interest charge.
Control Of Corporations.
As regards the great corporations en-
gagged in interstate busin- $. and espe-
ciaiIy The railroads. i can only repeat
what / have already again and again said
in riy messages to the congress I be-
lieve that under the interstate clause OF
the constitution the United States has
complete and paramount right to con-
troll all agencies of Interstate commerce
and 1 believe that the national govern
fnent 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. l believe that ii is worse than
folly 10 attempt 10 prohibit all com
antitrust law. because such a law can
be enforced only imperfectly and I'M
equally. and its enforcement works al
most as much hardship good.
strongly advocate that instead of an I'M
wise effort 10 prohibit all 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 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
lC;:y 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 a stop 10
every form Of improper favoritism or
other wronSGoing.
The railways of the country should he
put completely under the interstate COM
mer.e commission and removed from
the domain OF the antitrust law. The
power Of the commission should be made
acknowledging, SO that it could exercise
complete supervision and control over
the issue Of securities IS we'll as over
the raising and lowering Of rates. As
regards rates. AT least. this power should
be summary. Rates must be made
as low as is compatible with giving prop
er returns to all the employees of the rail-
rad frnYn the highest tn no lOxVeSt
and proper returns TO the shareholders.
but they must not, for instance. be re-
duced in such fashion to necesSitate
a cut in the wages of the employees or
the abolition OF the proper and legitimate
profits OF honest shareholders.
Tehgraph and telephone companies en-
gagged in interstate business should be
put under the jurisdiction of the inter-
state commerce commission.
1t is very earnestly to be wished that
our people, through their representatives.
should act in this matter. 1t is to
the interest Of all of us that
there should be premium put upon in
dividual initiative and individual ca
pacity, and an ample reward for the
great directing intelligences alone COM
petent 10 manage the great business OPP
erations Of to-day. II is well to keep in
mind that exactly as the anarchist is the
worst enemy of liberty and the reaction
airy the worst enemy of order SO the
men who defend the rights of property
have most to fear from the wrongdoerS
of great wealth, and the men who are
championing popular rights have most
TO fear from the demagogues who in the
name Of popular rights would do wrong
TO and oppresS honest business men.
honest men Of wealth: for the success Of
either type of wrongdoer necessarily in
vites a violent reaction against the cause