The Monticellonian., 1908-12-10

CTS Crltlcised-For Postal Savines
 Banks.
 Washington.-In 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 na- 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 at the present time is excellent and the financial management of the na- 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 it Is ear nestiy 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 l. 1901 to September 90, 1908. there was an increase In the amount of money in circulation of &so2,9 .S9e. The increase In the per capita during this period was s7.06. Within this time there were several occasions when 1t was necessary for the treasury de- partment to come to the relief of the money market by purchases or redemp- tions of United States bonds; by increas- ing deposits in national banks: by stim- 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 1907 immensely increased the difficulty of ordinary methods of relief. By the mid de of November the available working balance in the treasury had been reduced to approximately 5000. coo Clearing house associations throughout the coun- try had been obliged to resort to the expedient of issuing clearing house cer- tificates. to be used as money. In this emergency it was determined to invite subscriptions for $50 00o, GOO Panama canal bonds. and s1o0 GOO three per cent. certificates of Indebtedness authorized by the act of June 13, 1898. It was proposed to redeposit in the national banks the proceeds of these issues, and to permit their use a 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 $24 .631. .9S0 of the Panama bonds and Sl5- 436. 300 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. 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 s99, ,2S3. il3.54. 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 $9S7, Al. .040 to ss97. .253. .990 notwithstanding that there had been two sales of Panama canal bonds amounting h the aggregate to $54. .63l 9S0. and an issue of three per cent. certificates of indebtedness under the act of June 13 1898. amounting to s15. .436 800. Refunding operations of the treasury department under the act of March II. 1900. resulted in the conver- sion into two per cent. consols of 1880 of s200 309 200 bonds bearing higher rates of interest. A decrease of sS 6S7 956 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 reduction of the interest-bearing debt by ninety millions, in spite of the extraordinary eX- pense of the Panama canal and saving of nearly nine millions the annual interest charge.
 The message reiterates the we'll 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 ernment. He says:
 believe that it is worse than folly 10 attempt to prohibit all combinations as is done by the Sherman anti trust law. because such law can be enforced only imperfectly and un- equally. and it's enforcement works all most much hardship as good. strongly advocate that instead of 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.
 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 well as over the raising and lowering of rates. As regards rates. at least. this power should be summary Rates must be made as low as Is compatible with giving prop CT returns to all the employees of the rail road. from the highest to the lowest. and proper returns to the shareholders. put they must not. for instance, be re dueed in such fashion as to necessitate cut in the wages of the employees or the abolition of the proper and legitimate pronts of honest shareholders.
 Interests of the Waseworker
 Turning to conditions affecting the wageworker and the man of small means, the president says:
 Postal Savings banks will make il easy Tor the poorest to keep their sav- ihgs Tn absolute safety. The regulation or the national highways must be such that they shall serve all people with equal Justice. Corporate finances must pc supervised so a to make it far safer .hah at present for the man of small means to invest his money in stocks ihere must be prohibition of child la DOT. ~.minution of women labor. short enfng of hours of all mechanical labor SUCK watering should be prohibited ana stock gambling so far as is possi- pie discouraged. There should be 8 progressive inheritance tax onl large ,ortunes Industrial education lshoulo os encouraged As far as possible W, snouid tighten the burden of taxa tior 1h the small man. There should nt ~ .unssf De any paltering with the euesuon of taking care of tn, WakeHCrkerS who praa