The Garland globe. [volume] (Garland, Utah) 1906-191?, 1908-12-12

houses of congress Tuesday. In sub
stance the document was as follows:
10 the Senate and House Of Rcprcscn-
tativcs: 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 II IL 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 80 1905 there was an Increase
In the amount OF money In circulation of
s9O2 g9l, 800 The increase In the per capita
during this period was $7O6 Within this
time there were several occasions when
It 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 inCrcas-
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
rency system has made these proceedings
necessary. and they were effective until
the monetary disturbance In the fall OF
1901 immensely increased the difficulty Of
ordinary methods OF relief. BY the mid
die OF November the available wording
balance In the treasury had been reduced
20 approximately 100000 Clearing
house associations throughout the Coun-
try had been obliged to resort to the
expcdIcnt OF issuing clearing house GER
tihcatcs, to be used as money. H. this
emergency II was determined to invite
subscriptions for 5000 900 Panama canal
bonds and slOO,OO0,oOO three per cent
certificates of Indebtedness authorized by
the act of June ~. 1898 II was proposed
20 redeposit In the national banks the
proceeds of these issues, and to permit
their use rs basis for additional circu-
lating notes OF national banks. The
moral effect of this procedure was
great that II was necessary to issue only
s2i, 63i $50 OF the Panama bonds and S5,-
436. 900 OF the certificates OF indebtedness.
During the period from July !, 1901. to
September 30, 1905 the balance between
the net ordinary receipts and the net
ordinary expenses OF the government
showed n surplus In the four years 1902.
1903. 1906. and 1907, and "A deficit In the
years 1904. 1906. 1908 and fractional part
OF the fiscal year 1909. The net result
was a surplus OF $50 2S3, 1884. 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
1857. iil 90 TO SS97, 1853 800. Notwithstanding
that there had been two sales Of Panama
canal bonds amounting In the aggregate
To 50. 63l. $50 and an issue Of three per
cent certificates OF indebtedness under
the act OF June 10, 1898, amounting t.
SIS, 500, Refunding operations Of the
treasury department under the act OF
March II, 1900, resulted In the CONVEX
sion into two per cent. Consols OF 1880 OF
5000, 800. 400 bonds bearing higher rates OF
interest decrease of sS,6S795G 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, n reduction
OF the DEMONSTRATING debt by ninety
millions, In spite OF the extraordinary ex-
pense OF the Panama canal, and 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, can only repeat
what have already again and again said
In my messages to the congress be-
leve that under the interstate clause OF
the constitution the United States has
complete and paramount right to con-
troll all agencies OF interstate commerce,
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 bust
ness. l believe that Il IL worse than
folly to attempt to prohibit all com
bin6tions as Is done by the Sherman
antitrust law, because such n law can
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 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 thl,
control should be securing entire pub
licity In all matters which the publ,
has a right to know. and furthermore
the power not by judicial but by cxecu
tive action. TO prevent or put a stop I,
every form OF improper favoritism o.
other wrongdoing
The railways OF the country should b,
put completely under the interstate com
merce commission and removed from
the domain OF the antitrust law. Tn
power OF the commission should be mad
complete supervision and control owe
the issue OF securities as well as owe
the raising and lowering of rates, A
regards rates, at least this power shoul,
be summary. 49,. 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 returG9 to the shareholders
but they must not for instance he re
duced in such fashion as to necossltat
"A cut In the wages OF the employees O
the abolition OF the proper and legltimat
profits of honest shareholders
Telegraph and telephone companies en-
gagged In interstate business should b
put under the Jurisdiction of the Inter
state commerce commission.
II is very earnestly 10 be wished thi
our people, through their representative
should act In this matter. II is
the interest of all OF us thi
there should be a premium put upon II
diyidual initiative and individual CT