Mountain Home maverick. [volume] (Mountain Home, Idaho) 1906-1911, 1908-12-10


ernment-Conduct Of Labor Lead
ers criticised-For Postal Savings
Banks.
Washington.-1n his message to
congress, read in both houses Tues
DAY, President Roosevelt makes inn
portant suggestions as to what he
considers necessary legislation.
The president congratulates the ma
ton on It's 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
ut 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 is ear
nestly to be hoped that the currency
commission will be able to propose
thoroughly good system which will do
away with the existing defects.
During the period from July 1, 1901, to
September 30. 1908, there was an increase
In the amount of money in circulation of
1902 1893. The increase in the per capita
during this period was T.06. Within this
time there were several occasions when
II was necessary for the treasury de-
psrtment to come to the relief of the
money market by purchases or redemp-
lions of United States bonds; by increas-
ing deposits in national banks; by slim
llating 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
1907 Immensely increased the difficulty of
ordinary methods OF relief. BY the mid
die of November the available working
balance in the treasury had been reduced
to approximately 5000. 900. Clearing
house associations throughout the coun-
try had been obliged to resort to the
expedient of Issuing clearing house GER
thcates, to be used as money. In this
emergency 1t determined to invite
subscriptions for $50 000. 900 Panama canal
bonds, and 500, 900 three per cent.
certificates OF indebtedness authorized by
the act of June 10. 1898. 1t was proposed
to redeposit in the national banks the
proceeds of these issues, and to permit
their use as a basis for additional circu-
lating notes of national banks. The
moral effect of this procedure was so
greet that 1t was necessary to issue only
s24,63l, $50 of the Panama bonds and s15,-
800 OF the certificates OF indebtedness.
During the period from July /, 1901, to
september ~, lSUo, the balance between
the net ordinary receipts and the net
ordinary expenses of the government
showed a surplus in the four years 1902,
1903. 1906, and 1907 and q deficit In the
years 1904, 1905 1908 and fractional part
Of the fiscal year 1909. The net result
was surplus of 500, 2S3, 413.54. 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
$685.. GAO to 1897. 800. Notwithstanding
that there had been two sales of Panama
canal bonds amounting In the aggregate
to $54, $50. and an issue Of three per
cent. certificates OF indebtedness under
the act of June 10, 1898. amounting Ia
SIS, 500. Refundng operations OF the
treasury department under the act OF
March IA, 1900. resulted in tho CONVEX
sion into two per cent. consols of 1880 OF
$500. 309, 400 bonds bearing higher rates OF
interest. decrease of IS, 687, $50 in the
annual interest charge resulted from
these operations.
In short, during the seven years and
three months there has been a net sur
plus of nearly one hundred millions OF
receipts over expenditures, a 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 annua
p interest charge.
The message reiterates the well
known views of the president that the
control Of great corporations, espe
cially the railroads of the country
should be vested In the national gov
eminent. He says:
, I believe that II is worse than foil,
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 It's 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 IL could exercise
complete supervision and control owe
the issue Of securities well as owe
the raising and lowering of rates. Al
regards rates, at least. this power shoul,
beNsummary. 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
q and proper returns to the shareholders
but they must not. for instance be re
, duced In such fashion as to necesstat
a cut in the wages Of the employees o
the abolition OF the proper and Legitimate
profits OF honest shareholders.
Interests of the Wageworker.
Turning TO conditions affecting tn
wageworker and the man of small
means, the president says:
Postal Savings banks will make
, easy for the poorest to keep their saw
ings in absolute safety. The regulation
= of the national highways must be sue
that they shall serve all people witt
equal justice. Corporate finances mus
be supervised so to make IL far safe
than at present for the man of small
means to invest his money in stocks
/ There must he DrOhi hilton of child Ia