Mower County transcript., 1908-12-09
Message Read to Both
Houses of National
Assembly
LEGISLATION CALLED FOR
Financial Standing Of the Nation De-
c'ared ExceIIent-controi Of Cor
porations, the President Thinks,
Should Be Left to the National
Government-Labor Leaders Come
IN for crittetsm-Respect for Law
Vital to the Weit-seing 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: Tho financial standing of the
nation at the present time is excellent,
and the financial management of the ma
tfon's interests by the government dur
ing the last seven years has shown the
most satisfactory results. But our cur
rency system ts 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 tho period from July l., 1901, to
September 30, 1908, there was an Increase
In the amount Of money in circulations Of
1907 80. ~. The increase In the per capita
during this period was sos. Within this
time there were several occasions when
1t was necessary for the treasury de-
partment to come to s4thess reliefs Of the
money market by purchases or redemp-
tons OF United States sb6nds: by increase
ing deposits In nationals. baKksSy bys stfri-
Olating additional Issues Of national bank
notes. and BY facilitating importationS
from abroad Of gold. Our imperfect cur
SSnVy DyOSCAn A00 kHHAO SIS8S pEVCSSUlUKS
necessary, and they were effective Until
the monetary disturbance In the fall of
DW immensely increased the diMculty, ok
ordinary methods OF relief 2By; The mid
die Of November the available. working
balance in the treasury had bssn reduced
to approximately H.ooo.ooo. Cieaf4nk
house associations throughout tho coun1
try had been obliged to resort to thu
expedient Of issuing clearing house cef-
tincates, to be used ass money: n In tfts
emergency II was determined to invite
subscriptions for $50, 900, ooo- Panama canal.
bonds. and 500, ,ooo. 900 three per cent.
certificates Of indebtednsss9xut korixeds w
the act Of Juno 13, 1885. It was proposed
to redeposit in the national banks the
proceeds Of these issues. and to permit
their use as a basis for additional scireu-,
lating notes Of national J. banks. The
moral effect Of this procedure was SO
great that 1t was necessary to issue only
&24S31 $50 of the Panama bonds and $15,-
4366O0 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, 1905, and 1907. and q deficit in the
years 1904, 1906 1908 and fractional part
OF the fiscal year 1909. The net result
was a surplus of $99, 2S3, 413.54. The fnan-
cial operations of the government during
this period, based upon these differences
between receipts and expenditures, re-
suited In net reduction of the interest
bearing debt of the United States from
1881, ,04e to 1891, ,253, 800, Notwithstanding
that there had been two sales of Panama
canal bonds amounting In the aggregate
to $54e31 ,9SO, and issue of three per
cent. certificates Of Indebtedness under
the act Of june Is. $685. amounting to
$1b, 5OO Refunding operations of the
treasury department under the act Of
March IA, 190O resulted in the CONVEX
sion into two per cent.4consols Of 1890 Of
$2Oo. .so9, 400 bonds bearing higher rates of
interest. A decrease of IS, ,6S7 956 in tho
annual interest charge resulted from
these operations.
In short, during tho seven years and
three months there. has been a net. sur
plus Of nearly one hundred millions Of
receipts over expenditures, i reduction
of the interest-bearing debt by ninety
millions. in spite of the extraordinary ex-
pense OF the Panama canal, and q saving
of nearly nine millions on the annual
interest charge. ="
Control Of Corporations.
AS regards the great corporations en-
gagged in interstate business, and espe-
cially the railroads, I can only repeat
what have already again and again said
in my messages to the congress, I be-
lieve that under the interstate clause Of
the constitution the United States has
complete and paramount right to con-
troll all agencies of interstate commerce.:
and I believe that the national govern
ment alone can exercise this right with
wisdom and effectiveness so as both to
secure justice from, and to do justice to.
the great corporations which are the
most important factors In modern busi-
ness. I believe that it is worse than
folly to attempt to prohibit all COM
binations as is done by the Sherman
antitrust law, because such a law can
be enforced only imperfectly and 'un-
equally. and its enforcement works. al
most as much hardship as good. I
strongly advocate that instead of an un-
wise effort to prohibit all combinations.
there shall be substituted law which
shall expressly permit combinations
which are In the interest Of the public,
but shall at the same time give to some
agency in the national government full
power Of control and supervision over
them. One of the chief features of this
control should be securing entire pub
licity In all matters which the public
has right to know, and furthermore,
the power, not by judicial but by execu-
tive action, to prevent or put stop to
every form of improper favoritism OF
other wrongdoing.} & :s$a&h .t$% .EEs
The railways Of the country should be
put completely under the interstate COM
merce commission and removed from
the domain of the antitrust; law. The
power of the commission should be made
thoroughgoing, SO that it could exercise
complete supervision and control over
the issue Of securities as we'll as over
the raising and lowering OF rates. Il Az
regards rates. at least: this power should
be summary. /. Rates must be made
as low as Is compatible with giving prop
or returns to all the employees Of fstha rail-.
road, from the highest to the lowest
and proper returns to the shareholders
but they must not, for instance, bs re-
duced in such fashion. as to necessitatl
cut In, the wages OF the employ yes, .oi
tho abolition Of the proper and Legitimate
profits of honest hareholderssa aS ~
telegraph and telephone tcompaniessse ZEN.
gagged in Interstate business should bl
put under the Jurisdiction Of the inter;
state commerce commission. +E al! 8Sa B III q
x It 10 very earnestly to be- wished tha1
our people. through their Representatives
should act in this matter. 5 It / Is H5S K
\ the interest sof5 all Ss OF us S tina
here nh ii fA q f,renn W 1liaf nm - III