Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1908-12-10
Precedent Says Financial Stand
ing Of Nation Is Excellent
Taxes Reduced.
Repeats Recommendations Re.
gardiag Corporations Doing
Interstate Business.
Many Matters Affecting Laboe
Are Called to the Atten-
ton Of Congress.
eentatives:

ssss0"S1dt staIOlng OF the nation
- the present time is excellent, and
the financial management OF the ma.
lion interests by the government dur;
ing the last seven years has shown thu
most satisfactory results But oui
currency system is imperfect, and 1t ii
earnestly to be hoped that the currep.
cy commission will be able to PROPOSE
DO away with the existing defects.
During the period from July 1, 1904
70 sept 30. 1908. there was an increase
N the amount of money in circulation
OF $SO2.9Sl,399. The increase In the
per capita during this period WAC
sos. Within this time there were
severa! occasions when it was neces.
come 10 the relief of the money mar.
ket by purchases or redemptions Of
United States bonds; by increasins
deposits in national banks: by stimu.
Iattng additional issues Of nationa,
bank notes. and by facilitating imporl
tations from abroad of gold Our i'm
perfect currency system has made
these proceedings necessary, and they
were effective until the monetary dis
turbance in the fall of 1907 immense.
~ increased the difficulty of ordinary
methods of relief. BY the middle Of
November the available working bal
ance In the treasury had been reduced
70 approximately S5.000.O0O. Clearing
mousse associations throughout the
country had been obliged to resor; ta
the expedtent OF issuing clearing house
certificates, to be used as money In
this emergency ii was determined ia
invite subscriptions for $500 .O0e
Panama canal bonds. and 500. 900. OO0
per cent certificates OF indebtedness
authorized by the act of June l3. 1885,
II was proposed to re-deposit in the
national banks the proceeds Of these
issues. and to permit their use as 4
basis for additional circulating issuea
and to permit their use as basis fos
additional circulating notes of national
banks. The moral effect 81. this pro.
!cedure was 10 great that Ii was nec-
essary to issue only 324.s31 $50 OF the
Panama canal bonds and e15.436. 500 81
the certificates OF indebtedness.
During the period from July 1, 1901.
TO Sept. 80. 1908. the balance between
the net ordinary receipts and the net
ordinary expenses OF the governments
showed surplus In the four years
1902. 1903, 1906 and 1907. and a deficit
in the years 1903. 1906, 1905. and q
fractional part Of the fiscal year 1904.
The net result was surplus OF $685.,
2S3.4l3.A. The financial operations Of
the government during this period
based upon these differences between
receipts and expenditures resulted in Q
net reduction Of the interest bearind
debt cf the United States from $751;
l41.04O to 3SS7,253.990. notwithstand-
ing that there had been two sales Of
Panama caEoi bonds amounting Id
the aggregate to S54. 81. $50. and an is
sue OF 3 per cent certificates Of indebt<
edness un.ler the act Of June IL. 1893
amounting to el5.436. 500 RefundinG
operations Of the treasury department.
under the act OF March IL. 1900. res
suited in the conversion into per cent
ccns0ls Of 1880 OF $2O0.3O9.4O0 bonds
bearing higher rates OF interest. A de-
crease of SS.6S7 956 in the annual ind
tercst charge resulted from these ops
erati0ns.
In short. during the seven years and
three months there has been a net
surplus Of nearly one hundred million
Of receipts over expenditures. reduce
ttoh Of the Understanding debt by
ninety millions. in spite Of the extraor.
binary expense OF tine Panama canal
and q saving of nearly nine millions
is an exceedingly satisfactory showing
especially In view of the fact that dur.
ing this period the nation has nevee
hesitated to undertake any expendi!
ture that 1t regarded as necessary.
There have been no new taxes and no
increase Of taxes: on the contrar1
some taxes have been taken off: there
Corporations.
As regards the great corporationa
engaged in interstate business. and es!
,pecially the railroads. can only
repeat what have already
again and again said IN my
messages to the congress. l believe
that under the interstate clause of the
constitution the United States has
complete and paramount right to con-
al NJ fnfQPSf.fa
merce. and believe that the national
government alone can exercise this
right with wisdom and effectiveness Sc
az both to secure Justice from. and 10
do Justice to. the great corporations
which are the most important factors
in modern business. believe that II
~ worse than folly to attempt to pro-
hibit all combinations as is done by
the Sherman antitrust Law. becanse
such law can be enforced only inn
perfectly and unecuallS. and its en-
forcement works almost as much
hardship az good. STRONGLY advocate
.tkat instead Of an unwise effort to pro-
hibit all combinations there shall he
substituted a law which shall express
" permit combinations which are ir
the interest of the public hut shall al
the same time give to some agency Ot
the national government full power OF
control and supervision over them
One Of the chief features of this CON
troll should be securing entire publicity
in all matters which the public has
right TO know. and Furthermore. the
power. not by judicial but by executive
action. to prevent or put a stop to
every form OF improper favoritism o,
other wrOngdOing.
The railways OF the country should
be put completely under the interstate
commerce commission and removed
from the domain Of the antitrust law
The power OF the commission should be
made thorough oing. 30 that II could