The Ordway new era., 1908-12-11

.,,nen,-Labor Leaders Come
!. crI,ieism-Respect for Law
!, The well.eeing Of Country.
.,,t,on.-Thr message OF Presi-
,noss,el, was read In both
a congress tuesday. In sub
" documen, was as follows:
S,.,te and House OF Represen-
n. ananrlnl standing OF tho
:, he prsenl time Is excellent.
t,aneisl management OF tn. ma
k.,,,,,tI By g.. vovnrnmcnt dur
~ seven yrtfs has shown the
s.sas,ofy f,- ,lts But our cur
Z,r,n Is imp, frrt. and II is ear
!. b. hopoi that tho currency
"a will b. .hl" TO propose n
a. good system which will do
~ tLe sxl-tlus defects.
he period u"m July I. 1901. to
y, >, ps. tri.' was an increase
Z ,-ssn, Of nmu,v In circulation of
n Tie lnctrs-t in the per capita
e, period aus s7o5. within this
|a,s uerc Sfv'fal occasions when
recttsary f"r tie treasury de-
=. 10 come uJ The relief OF the
Z riike, by purchases or redcmp-
Iarsi,ed State bonds: by incrcas-
1us IN natl9unl banks: by slim
National lrsus ~ national bank
s,t by fa"iUiating lmportations
{nrpii Of gpld our imperfect cur
Sm:tm has mn,l. these proceedings
r.. snd they were effective until
Sx,tAfy disturbance In the fall Of
kr,ts.ly luri+i~tI the difficulty OF
n rethods ri f"llG by tho mid
7 November u available working
q ID ,hc tr,asut' had been reduced
|urpIimntcly tsU.Un0. Clearing
. sssiatJOus . atshnut III. coun-
u ben ohllu,' TO resort to tho
". u issuln- earring house ccr-
y 10 b. Us'-i r7 money. In this
1p It was ,l,u rmincd To Invite
Eviaas for pAnH"J Panama canal
\ iti tl,l.o "a thrco per cent.
1nss Of indch lucss authorized by
y II June - 't' II was proposed
trnit In H. antlonal banks the
= Of thes" Issues. and to permit
|n r a hads f'r additional circu-
/ ss,es ot uult"nai banks. Tho
tfect Of this procedure was NO
nat II was NO. ~sary 10 issue only
Of the Panrma bonds and SlS.-
] Il the certificates Of Indebtedness.
y The period FROM July /, 1901. to
~ >. l-e. the balance between
= ordinary G'-o"ipts and the not
q expenses ~ the government
! surplus In the four years 1859.
y and E9i. md deficit In the
lbt .6. lsS and n fractional part
heal year lEa The not result
Eplus 0f So NJ il3.5i. The flnan-
psatlons OF tho government during
l1Sd, based upOn these differences
\ receipts Hnd expenditures, re-
net reduction Of tho interest.
eebt of tho United States from
!" 70 ~ .''o. otwithsta nding
ue mad been two sales OF Panama
= saas amounting in the aggregate
and nn issue OF three per
uf'incates ot indebtedness under
= OF June II. ls9s. amounting to
- hefnhdihg operations OF the
y oeparimont under. the act Of
1n. Resulted In the conver-
y txo per cent. consols Of 1880 of
J" ponds bearing higher rates Of
|. a deer"nsc OF &s.6s7, ,95G in the
interest rharge resulted from
spefations.
~ uhrins The seven years and
|. seu'hs there has been a net sur
nearly ono hundred millions of
over Expenditures. q reduction
'n'eies'-bearing debt by ninety
~ spite "f tho extraordinary cx-
me fai ana canal. and q saving
\ charge.
control Of Corporations.
Eaids !. the great corporations on
4. 4 interstate business, and espe-
Ie taiiroads, can only rcpeat
ave already again and again snId
u, .sases to the congress. I be-
..,,, =. under the Interstate clause of
i. su'u.on tho United States has
u paramount right to con-
A.se'es Assenc'es OF Interstate commerce.
H.. te'e mat the national govern.
~ can exercise this right with
nv. M effectiveness SO an both to
y, s,"ee rom. and to do Justice to.
nn.. nm corporations which are the
i iSant s.ut factors In modern busi-
! aeve .,.ve that 1t is worse than
/. ..empt to prohibit ali COM
\ Is done by the Sherma a
,,. Jaw. because such a law can
~ only imperfectly and un-
mn,, ,'s enforcement works al
,au0 uen hardship as good. 4
lor, vocate " that instead Of an un-
nj ~ ~ prohibit all combinations.
e,n,. substituted a law which
~ ,sss!y permit Combinations
n ~. the Interest of the public:
II y .ne same time give to some
Il sne. e national government full
o. sos'roi and supervision over
.hov,s " me chief features OF this
i u Il, DO securing entire pub
I'M matters which tho public
\. ~, s 70 know. and furthermore.
jcn H. nut y, by judicial but by execu.
lorm " prevent or put a stop to
nm o. improper favoritism OF
Ic,s,syy.a FI,ssys Of the country should be
eomm,ss s under the Interstate COM
usir usi,ss'on as and removed from
b.n,uc u commission should be made
I s, ms 80 that 1t could exercise
i os,perylsion 4, and control over
H. " securities as well as over
MA. ana lowering Of rates. A.
AN s'' at least. this power should
i x co, Rates must be made
d n oso,m1patlble a,1 with giving prop \
lcn ~ tha a,l the employees Of the rail-
81 81 me me highest 10 the lowest.
III ; s returns to the sharehoIders'
i stch % not, for instance, be re-
NJ ~ fashion as to snecessitate
Illon ~ sweses Of the employees or
III hvaest shareholder.
4 'iniss. snu telephone companies IN
II tNssteto ~ business should Be 4