Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1908-12-10

III IoT TOT Law
Vital to the WeIl-BeingF of Country.
Washington.-The 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-
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 1t is ear
nestly to be 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 30, 1908, there was an increase
In the amount of money in circulation of
1902, 991 1893. The increase in the per capita
during this period was $7.06. 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
rcncy 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 vi
try had been obliged to resort to the
eXpedient OF issuing clearing house GER
tifcates, to be used as money. In this
emergency 1t was determined to invite
subscriptions for $50, 0OO.0 900 Panama canal
bonds, and 800, 900, 900 three per cent.
certificates of indebtedness authorized by
the act Of June 10, 1898. 1t 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 his procedure was so
great that 1t was necessary to issue only
$24.63 $50 of the Panama bonds and s15,-
1885, 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 VI liz government
showed a surplus in the foul years 1902,
1903, 1905, and 1907, and a deficit in the
years 1904, 1905, 1908 and q fractional part
of the fiscal year 1909. The net result
was a surplus of 500, 2S3, Alb "a. The finan-
cial 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
1887, 141. O40 to 1897, 253, 800, notwithstanding
that there had been two sales of Panama
canal bonds amounting in the aggregate
to $54, 631, $50, and an issue of three pei
cent. certificates of Indebtedness under
the act of June 10, 1898, amounting tt
Sis, 436, 500. Refunding operations of the
treasury department under the act Of
March IA, 1900, resulted in the nv
sion into two per cent. consols of 1880 o.
5000, 800, 400 bonds bearing higher rates o.
interest. A decrease of sS,687, 956 in tn,
annual interest charge resulted from
these operations.
In short, during the seven years ant
three months there has been a net sur
plus of nearly one hundred millions o
receipts over expenditures, a reduction
of the interest-bearing debt by ninet.
millions, in spite of the extraordinary ex
pense of the Panama canal, and a sayin,
of nearly nine millions on the annua
interest charge.
Control of Corporations.
AS regards the great corporations en-
gagged in interstate business, and espe
cially the railroads, I can only repea
what I have already again and again sal
in my messages to the congress. I be
lieve that under the interstate clause O
the constitution the United States ha
complete and paramount right to con
troll all agencies of interstate commerce
and I believe that the national govern
ment alone can exercise this right wit
wisdom and effectiveness SO as both t
secure justice from, and to do justice tt
the great corporations which are tn
most important factors in modern bus
ness. l believe that 1t is worse tina
folly to attempt to prohibit all con
binations as is done by tlfe Sherma
antitrust law, because such a law ca
be enforced only imperfectly and III
equally, and its enforcement works a
most as much hardship as good.
strongly advocate that instead of an III
wise effort to prohibit all combination
there shall be substituted a law whic
shall expressly permit combination
which are in the interest of the publ
but shall at the same time give to son
agency in the national government flu
power of control and supervision ovt
them. One of the chief features of tn
control should be securing entire pull
lcity in all matters which the publ
has a right to know, n furthermor
the power, not by judicial but by execl
tive action, to prevent or put a stop
every form of improper favoritism
other ~wrongdoing.
The railways Of the country should
nut completely under the interstate con
NF....e aaN,,xiooinp and rnyonyaI FRI
the domain of the antitrust law. II
power Of the commission should be maj
~thoroughgoing, so that 1t could eXercl
complete supervision and control ov
the issue of securities as well as ov
the raising and lowering of rates. !
regards rates, at least. this power shou
he Rates must be ma,
as low as is compatible with giving pro
er returns to all the employees of the ra
road, from the highest to the loves
and proper returns to the shareholder
but they must not, for instance, be 7
duced in such fashion as to necessita
a cut In the wages Of the employees
the abolition Of the proper and legitima
profits of honest shareholders.
Telegraph and telephone companies Q
gagged in interstate business should
put under the jurisdiction of the int
state commission.
1t Is very earnestly to be wished IN
our people, through their Representative
should act in this matter. 1t is
the interest Of all of us tn
there should be a premium put upon
diyidual initiative and individual {
5acity, n an ample reward for I
great directing intelligences alone col
petent to manage the great business {
c~rations Of to-day. It Ia well to keep
mind that exactly as the anarchist is I
worst enemy Of liberty and the reactic
airy the worst enemy Of order, SO I
men who defend the rights Of proper
have most to fear from the wrongdo'
Of great wealth, and the men who /
championing popular rights have M
to fear from the ~demagogues who In
name OF popular rights would do wro