The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1908-12-11


Washington.--Tn his message to |
congress. read in both houses Tues
Aay President Roosevelt makes inn
,ortant suggestions as to what he
considers necessary legislation.
The president COngratulates the ma
ton on its present excellent financial
standing but calls attention to the
need of remedying defects in the cur
rency system. He says;
The financial standing Of the nation
=, the present time is excellent
md the financial management of the ma
,on's interests by the government dur
ing the last seven years has shown the
most satisfactory results. But our cur
r.ncy system is imperfect and it Is ear
nestly to be hoped that the currency
commission will be able to propose
thoroughly good system which will do
svsy with the existing defects.
Turing the period from July !, 1901, to
contender 30 1908, there was an increase
IN the amount of money in circulation Of
kaoa 90, 3S9 The increase In the per capita
Auripg this period was s7,O6. Within this
4 lima there were several occasions when
II was necessary for the treasury de-
oartment to come to the relief Of the
money market by purchases or redemp-
4tons of United States bonds: by increas-
ing deposits In national banks: by slim
mating additional issues Of national bank
notes, and by facilitating importations
from abroad Of gold. Our imperfect cur
Yepcy 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
Ale of November the available working
balance in the treasury had been reduced
70 approximately 5000 900. Clearing
house associations throughout the coun-
try had been obliged to resort to the
expedient of issuing clearing house Ger
tncates to be used as money. In this
emergency 1t was determined to invite
subscriptions for $50, 900 900 Panama canal
bonds, and 500 900 000 three per cent.
certificates Of indebtedness authorized by
the act of June 49, 1898 1t was proposed
10 redeposit in the national banks the
proceeds OF these issues. and to permit
their use as 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
EA631, $50 Of the Panama bonds and $l5,-
l%500 of the certificates of Indebtedness.
During the period from July l. 1901. to
September 30 1903, the balance between
the net ordinary receipts and the net
ordinary expenses Of the government
showed surplus in the four years 1907
1905 1906 and 1907. and deficit In the
years 1904 1905. 1908 and a fractional part
Of the fiscal year 1909. The net result
was surplus OF 800, 2SS. 4lS.5+. 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
1851, 14t,04 to 1897, 800, Notwithstanding
that there had been two sales of Panama
canal bonds amounting in the aggregate
to $54,631. $780, and an issue of three per
cent certificates Of indebtedness under
the act OF June ID, 1898. amounting tn
s5,436,5oO. Refunding operations of the
treasury department under the act OF
March IA, 1900, resulted in the CONVEX
sion into two per cent. consols Of 1890 OF
500, sos, 400 bonds bearing higher rates of
interest decrease of S. 1856 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 a saving
Of nearly nine millions on the annual
interest charge.
The message reiterates the well
known views of the president that the
control OF great corporations, espe
cally the railroads of the country
should be vested in the national gov
ernment He says:
I believe that 1t is worse than folly
TO attempt to prohibit all combination!
as is done by the Sherman anti
trust law, because such a law car
be enforced only imperfectly and un
equally, and its enforcement works al
most as much hardship as good
strongly advocate that instead of an un
wise effort to prohibit all combinations
there shall be substituted a law which
shall expressly permit combination
which are in the interest of the public
but shall at the same time give to SOM
agency in the national government full
power OF control and supervision owe
them
The railways of the country should b.
put completely under the interstate com
merce commission and removed from
the domain Of the antitrust law TIL
power Of the commission should be mad
thoroughgoIng so that it could exercis
complete supervision and control owe
the issue of securities as we'll as owe
the raising and lowering of rates A
regards rates, at least. this power SHOULD
be summary. g. Rates must be mad
as low as Is compatible with giving prop
er returns to all the employees of the rail-
road, from the highest to the lowest
and proper returns to the shareholders
but they must not. for instance. be re
duced in such fashion as to necessitat
cut in the wages Of the employees o
the abolition OF the proper and legitimat
profits OF honest shareholders.
interests Of the Waeeworker.
Turning to conditions affecting tn
wageworker and the man Of SINAI
means, the president says:
Postal Savings banks wiz make
easy for the poorest to keep their saw
ings in absolute safety The regulatio
OF the national highways must be sue
that they shall serve all people wit
equal justice. Corporate finances mus