The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-12-09
sv Associated prsss.

Washington, Dec. S.-Interest in
both houses of congress today cen
sered Ia the presidents speech. Sen
ator Aldrich on behalf OF the senate
committee. and Representative Payne.
Of the house committee appointed to
notify the president that the two
bodies were in session, informed their
respective houses that they had per-
formed their duty and each reported
that the president had responded to
their notification with A statement
that he would Immediately submit a
message in writing. Secretary Latta
followed close upon the heels of the
two committees. appearing first in the
senate and then in the house
The reading of the message began
in the senate at 1915, just a quarter
of an hour after the senate had con-
vened, and in the house few minutes
later. The galleries of both houses
were filled and almost all the seats or
senators and members were occupied
by their owners. All of them were
Supplied with printed copies OF the
message which contained A printed
pages with an elaborate appendix. ac-
companied by numerous illustrations
showing the results OF the work OF the
forestry bureau. Senators and mem
bers gave comparatively little atten
ton 20 the reading of the message at
the desk, but most of them immediate
~ busted themselves with the printed
copies before them in which much in
terest was manifested
The Message.
The presidents message in part is
as follows:
TO the Senate and House of Representa-
lives:
Finances.
The financial standing of the nation at
the present time Is excellent. and the
financial management OF the nations in-
seven years, has shown the most salts
factory results. But our currency system.
Is imperfect and Il Is earnestly u be
hoped that the Currency Commission viii
be able TO propose a thoroughly good syS-
tenn which will do away with the exist
During the period from July 1, 1901, 90
September 80, 1908, there was an increase
1 SOC s Il m%ney IN n ts non
capita during this period was sI.06.
Within this time there were several oc-
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 additional issues OF ma
tional bank notes, and by facilitating i'm
portations from abroad of gold. Our i'm
perfect currency system has made these
proceedings necessary, and they were ef-
fectivc until the monetary disturbance in
the fall OF 1907 Immensely increased the
difficulty of ordinary methods of relief.
BY the middle OF November the available
working balance i'm the treasury had been
reduced 10 approximately $4,000. QUO.
Clearing house associations throughout
the country had been obliged TO resort to
the expedient OF issuing clearing house
certificates, TO be used as money. IN this
emergency II was determined TO invite
bonds. and Sl00. 0O0. 900 three per cent.
certificates of indebtedness authorized by
the act Of June Is. 1908. 1t was proposed
10 re-deposit IN the national banks the
proceeds of those issues. and to permit
their nse as basis for additional circu
iafing notes Of national banks, The nor
maj effect OF this procedure was great
that II was necessary TO Issue only $24.-
Continued on Second Paae.)