Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1908-12-10
Suggestions of Importance
Made in Document.
MOST NEEDED LEGISLATION
Control Of Corporations, In the Opinion
Of President Roosevelt, Should Be
Left to the National Government
Dissertation on the Status of the
Wageworker-Action of Labor Lead
ers Severely Criticised-Necessity
for Respect Of Law.

washington, Dec. 8.-The message of
President Roosevelt was read in both
houses OF congress. It was as follows:
To the Senate and House of Represent
tatives: The financial standing of the
nation at the present time is excellent
and the financial management of the ma
tons 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 ear
nestly to be hoped that the currency
commission will be able to propose a
thoroughly good system which will do
awayswith the existing defects. ~
During the period from July 1, 1901, to
September 80, 1908, there was an increase
in the amount of money in circulation Of
1902, 991, 1899. The increase in the per capita
during this period was $7.O6. Within this
time there were several occasions when
1t was necessary for the treasury de-
partment to come to the relief Of the
money market by purchases or redemp-
lions Of United States bonds; by increas-
Ing deposits in national banks; by slim
ulating 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 $5,OOO,OOO. Clearing
house associations throughout the coun-
try had been obliged to resort to the
expedient of issuing clearing house GER
tihcates, to be used as money. In this
emergency it was determined to invite
subscriptions for $50, OOO, 900 Panama canal
bonds, and 500, 100000 three per cent.
certificates of indebtedness authorized by
the act of June 10, 1898. It was proposed
to redeposit in the national banks the
proceeds of these issues, and to permit
their use as a basis for additional circu-
lating notes of national banks. The
moral effect of this procedure was so
great that it was necessary to issue only
$24631,9 $50 of the Panama bonds and $15,-
436,500 of the certificates of Indebtedness.
During the period from July l. 1901, to
September 30, 1908, the balance between
the net ordinary receipts and the net
ordinary expenses of the government
showed a surplus in the four years 1902,
1903, 1906, and 1907, and a deficit in the
years 1904, 1905, 1908 and a fractional part
Of the fiscal year 1909. The net result
was a surplus of $99 2S3, 413.54. The finan-
cial operations of the government during
this period, based upon these differences
between receipts and expenditures, re-
suited In a net reduct1On or the interest
bearing debt of the United States from
1887, 040 to $780,, 253990, Notwithstanding
that there had been two sales of Panama
canal bords amounting In the aggregate
to $54 631 $50, and an issue Of three per
cent certificates of Indebtedness under
the act of June 10, 1898, amounting to
Sill, 436, 500. Refunding operations of the
treasury department under the act Of
March A. 1900. resulted in the CONVEX
sion into two per cent. consols of 1880 of
5000, 300. 400 bonds bearing higher rates Of
interest. A decrease Of $s,6S7,956 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, reduction
Of the interest-bearing debt by ninety
millions, in spite of the extraordinary ex-
pense Of the Panama canal, and saving
Of nearly nine millions on the annual
interest charge This 10 an exceedingly
satisfactory showing, especially in view
Of the fact that during this period the
nation has never hesitated to undertake
any expenditure that it regarded as nee
essary There have been no new taxes
and no increase Of taxes; on the COM
trary some. taxes have been taken of;
there has been reduction Of taxation.