Albuquerque citizen. [volume] (Albuquerque, N.M.) 1907-1909, 1908-12-08

Washington. Dec. S--With the
convening of Congress today the an
nual message of President Roosevelt
was given the closest attention In
both the House and the Senate. Ihe
reading was begun Immediately al
ter the two houses convened and was
interrupted in many places by APP
plause from the floor and galleries.
The message follows.
To the Senate and House of Repre-
sentatives
The financial standing of the ma
ton at the present time is excellent
and the financial management or the
nations interests interests by the
government during the last seven
years has shown the most satlstac-
tory results. But our currency sSs-
TEN is imperfect. and it is earnestly
to be hoped that the currency com
mission will be able to propose
thoroughly good system which VIII
DO away with the existing defects
During the period from July l.
1901, to September 80, 1908, there
was an increase in the amount OF
money in circulation of 1902, 1871 ,3ss.
The increase in the per capita dur
ing this period was $1.O6. Wlthlh
this time there were several occa-
sions when 1t was necessary Tor the
treasury department to come TO the
relief of the money market by pur-
chases or redemptions OF Uhlteu
states bonds; by increasing deposlts
in national banks: by stimulating au-
ditional issues of national bank notes
and by facilitating importations from
ahroad of gold. our imperfect cur
rencv system has made these pro-
ceedings necessary, and they We're ei-
fective until the monetary disturb
ance in the fall of 1907 immensely IN
creased the difficulty of ordinary
methods of relief. BY the middle OF
November the available WORKING
balance in the treasury had Deeh re-
duced to approximately S5,OOO'Ooo.
Clearing house associations through
ont the country had been Obliged u
resort to the eXpedient OF ISSUING
clearing house certificates, TO De useu
as money. In this emergency II was
determined TO invite subscriptions loI
10000, COO Panama canal bonds ahu
500 eOo, 900 per cent certihcates Oh
Indebtedness authorized by the act oi
lime 13, 1898. 1t was proposed u
redenosit in the national banks the
nroceads of these issues. and TO per-
mit their use as a basis for addltion''
oirculating notes of national banks
The moral effect of this procedure was
so great that it was necessary Il
iss,e only S24.63l.9 $50 of the Panama
canal bonds and $15 436,500 of the
certificates of indebtedness.
During the period from July
1901 TO September 3d. l9ob' th'
balance between the net ordinary re-
GENTS and the net ordinary expenses
of the government showed surplu'
in the four years, 1909 I'o'
1aO6 and 1907, and a deficit IN th'
vears 1904. 1905, 1908 and a frac
tional part of the fiscal year l'V'
The net result was "a surplus
SOC os3 413.b4. The financial opera
tions of the government during lh'
perlod. based upon these difference
between receipts and expenditures Ie
suited in net reduction or the lh'sl
est-bearlng debt of the United Slate .,
from S9ST,141,04O TO SAs''-'o''''
Notwithstanding that there had Dee
two sales OF Panama canal pohu
amounting in the aggregate To sos
63l, $50, and an issue OF per ""
certificates of Indebtedness under u
act OF June l3 1898, amounting I
sl5.436 500. Refunding operations
the treasury department under IN
act of March IA 1909, resulted in IN
conversion into > per cent consols q
1880 of $500, ,SOs,4OO bonds oearin
higher rates Of interest. \ decreas
of SS.6s7, $50 in the annual intere'
charge resulted from these opera
tiOns.
In snort. during the seven yeal
and three months there has been
net surplus Of nearly one hundre
millions Of receipts over expenditure
a reduction Of the interest-bearin
debt by ninety millions. In spite
the extraordinary expense of the Pan
anna canal and a sANlnE OF near