Marble Hill press. (Marbel [sic] Hill, Mo.) 1881-1923, 1908-12-10

Washington.-Them message of Presi-
dent Roosevelt was read in both
houses of congress Tuesday. In sub
stance the document was as follows:
To the Senate and House OF Represent
tatives: The financial standing of the
nation at the present time is excellent
ami the financial mana cement 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 it is ear
nest!y 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 so, 1908, there was an increase
IN the amount of money in circulation of
$9oZ, ,399 The increase in the per capita
during this period S7.O6. Within this
time there We're 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 slim
Hlatlng additional issues of national bank
notes, and by facilitating importations
from abroad of gold. Our imperfect cur
Tency 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 s.. 900 600. Clearing
house associations throughout the coun-
try had been obliged to resort to the
expedient of issuing clearing house GER
tfiCates, to be used money. In this
emergency it was determined to invite
subscriptions for So, 600, 600 Panama canal
bonds. and 800 OOO, 600 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-
aating notes of national banks The
moral erect of this procedure was so
great that 1t was necessary to issue only
S2463l.9SO of the Panama bonds and SIS
4365OO OF the certificates of indebtedness
During the period from July l. 1901. to
September 80. 1903, the balance between
the net ordinary receipts and the net
ordinary expenses of the government
showed a surplus in The four years 1902,
1903. 1905, and 1907. and a deficit in the
years 1904. 1905. 1908 and a fractional part
OF the fiscal year 1909. The net result
was surplus of 500 2S3. 1854 The finan-
'cial operations Of the government during
this period based upon these differences
between receipts and expenditures re-
suited in net reduction of the interest
bearing debt OF the United States from
$9SI. l4l,O40 to SS97. 253. 800, notwiths landing
that there had been two sales of Panama
canal bonds amounting in the aggregate
TO So4.63l. $50. and an issue of three per
cent. certificates of Indebtedness under
the act of June Is, 1885, amounting to
$l5. d}6,5O0. Refunding operations of the
treasury department under the act of
March Il, 1900, resulted in the CONVEX
sion into two per cent. consols of 1880 of
500, 309,4O0 bonds bearing higher rates of
interest. "A decrease of S.. 6S7 $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-
penSc of the Panama canal, and q 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-
ciaily the railroads. L can only repeat
what have already again and again said
in my messages to the congress he
IieVo that under the interstate clause Of
the constitution the United States has
complete and paramount right to con-
troll all agencies of interstate commerce.
and I believe that the national govern
mcnt alone can exercise this right with
wisdom and effectiveness so as both 70
secure justice from, and to do Justice TO
the great corporations which are the
most important factors in modern bust
ness. believe that it is worse than
folly to attempt to prohibit all com
binations is done by the Sherman
antitrust law, because such a law can
be enforced only imperfectly and I'M
equally. and its enforcement works al
most as much hardship as good I
strongly advocate that instead of an nm
wise effort to prohibit all combinations
there shall be substituted law which
shall expressly permit combinations
which 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 this
control should be securing entire pub
Lefty in all matters which the public
has a right to know, and furthermore
the power, not by judicial but by cXecu-
tive action to prevent put Il stop to
every form of improper favoritism or
other wroTgdoing.
The railways of the country should be
put completely under the interstate COM
mercc commission and removed from
the domain of the antitrust law The
power of the commission should be made
thOroughgOing. that it could exercise
complete supervision and control over
the issue of securities as we'll as over
thC raising and lowering of rates. AS
regards rates, al least. this power should
be summary. Rates must be made
aH ~" as Is toinpdtihle with giving prop
er returns to all the employees of the rail
road, from the highest to the lowest
and proper returr.@ to the shareholders
but they must not, for instance be re-
duced in such fashion to necesstate
a cut in the wages of the employees or
the abolition Of the proper and legitimate
profits of honest shareholders.
" Telegraph and telephone companies en-
gagged in interstate business should be
put under the jurisdiction of the inter-
state commerce commission.
1t is very earnestly to be wished that
our people. through their representatives
should act in this matter. 1t is to
the interest of all of us that
there should be a premium put upon in
CtNidual initiative and individual ca