Weekly journal-miner., 1908-12-16
r. 4 .nclaied Press.

J,, rrgcly to listening to the reading VI ,,. presidents annual message, ,,,p inc addition of few bills in. ,,o,i. cd in both houses.
 r., the house q number of bills were .,n, ,o the conference, among them ,sirg one providing for a new immi. ,,,,',n station at Boston.
 e1, addition the speaker announced Che appointment of Higgins, of Con ,,,,irut. to the committee on judiciary !, che place of Littlefeld, and Martin q, trc committee on Indian affairs in placc of Parker, deccased.
 Tbr miscellaneous work of tho sen. ,,e consisted in the main to references to tlc executive session and about fif- Coon hundred recess nominations were sen, hv the president.
 Wnh the adoption of resolutions of ,egrct for the death of members of ,he house who have passed away since the adjournment in May, the senate stopped business.
 The presidents message as read to tbc senate and house of representa- five. of the United States was:
 Tn inc Senate and House of Repre-. sputatives:
 
 The financial standing of the Ma iion at the present time is excellent, and inc financial management of the Nations interests by the Government dntinr inc last seven years has saown the most satisfactory results. But our currency system is imperfect. and if is earnestly to be hoped that the Cur rcncy Commission will be able to pro pose thoroughly good system which will do away with the existing defects. During the period from July 1. l90l i8 september 70. 1908, there was an increase in the amount of money in circulation of s902,90l ,30D. The in- rrc1.c in the per capita during this period was S7.O6. Within this time iiorc were several occasions when it wa. necessary for the Treasury De. pqrwcn; 10 come to the relief of the money market by purchases or re. dempiions of United States bonds; by increasing deposits in national banks; ly stimulating additional issues of national hank notes, and by facilita. ting Importations from abroad of gold Our imperfect currency system has made these proceedings necessary and they were effective until the mon otary disturbance in the fall of 1907 immensely increased the difficulty oi ordinary methods of relief. By tho middle of November the availabl, working balance in the Treasury had been reduced to approximately So, OO0,00O. Clearing house associations throughout the country had beer obliged to resort to the eypedient o' issuing clearing house certificates, t' be used as money. In this emergene, it was determined to invite subscrip tions for s5O,00O,0OO Panama Cana bonds, and slOO, 100000 three per cen certificates of indebtedness authorize' by the act of June l3, 1898. It wa proposed to re.deposit in the nationa banks the proceeds of these issue' and "a permit their use as basis TO additional circulating notes Of nation al banks. The moral effect of this pro cedurc was So great that it was nee essary to issue only $24,63l ,9sO of th Panama Canal bonds and sl5,43O,oO of the certificates of indebtedness.
 During the period from July l, l9Ol to Septcmber 30. 1908, the balance b' tween the net ordinary receipts an inc net ordinary expenses of the oo' crnment showed surplus in the fot years 1902, 1903, 1906 and 1907, an n deficit in the years 1904, 1903, lsu and fractional part of the hscai ye' 1909. The net result was n surplus SO9. .2s3 3.1l3.5i. The financial oper tions of the Government during tn period. based upon these difference between receipts and expenditures, T suited in a net reduction of the ihte cst-bearing debt of the United Stat from s9s7,l4l, ,04O to $s97 ,253,9 ,99o, no withstanding that there had been tv sales of Panama Canal bonds amour ing in the aggregate to so4,oaI,va, and an issue of three per cent eeiu cates of indebtedness under the aet
 June l3, 1898, amounting to sio'so 800. Refunding operations or Treasury Department under the act
 March li, 1900, resulted in the co version into two per cent eonsols
 l93O of 2OO,309, 400 bonds pea'i higher rates of interest. oecrca of ss,6s7, ,956 in the annual inter' charge resulted from these operat'o'
 In short, during the seven years u three months there has been ,, surplus of nearly one hundred mn. of receipts over expenditures, req
 ton of the interest bearing dept
 ninety millions, in spite or the sn, M
 ordinary expense of the Panama h,, uaI
 and saving of nearly nine m,'il' i
 on the anual interest charge Thls
 m exceedingly satisfactory showl
 especially in view of the fact u
 during this period the Nation
 never hesitated to undertake any
 penditure that it regarded as nc'
 sary. There have been no new 'a
 and no inereases of taxes; on the
 trsry some taxes have been taken
 there mas been a reducing of taxa''
 Corporations. .
 As regards the great eorpora.'
 engaged in interstate business, ana
 pccially the railroads, l can only
 peat what I have already agaih
 again said in my messages to the
 gross. I believe that under tne
 terstate clause of the Constitution
 United States has complete and p