Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1908-12-10

WashingtOn,-Ihe message OF Presl-
dent Roosevelt was read in both
houses of congress Tuesday In sub
stance the document was as follows:
TO the Senate and House OF Represen-
tatives. The financial standing OF the
nation at 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
tsncy system Is imperfect. and II is ear
neEtly 10 be hoped that the currency
commission win be able TO propose a
thoroughly good system which will do
away with the existing defects
During the period from July /, 1901. to
September 30, 1905 there was an Increase
In the amount OF money In circulation OF
1907. 99l, 800 The increase IA the per capita
during this period was F06 Within this
time there were several occasions when
II was necessary for the treasury de-
partment To- come - the relief Of the
money market by pun. bases or redemp-
tions Of United States bonds. by iucreas-
ing deposits in national banks by slim
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
die OF November the available working
balance In the treasury had been reduced
TO approximately 5000 00J Clearing
house associations throughout the coun-
t'y had been Obliged to resort to the
rNpedient % issuing clearing house GER
.nrRtes 20 be used as money In this
emergency II was determined TO invite
subscriptions for $50. 900 Panama canal
bonds. and 800 100000 three per cent.
certificates OF indebtedness authorized by
the act OF June 49, 1898 II was proposed
to redeposlt tn the national banks the
proceeds OF these issues. and TO permit
their use as a basis for additional circu-
latinR notes OF national banks The
moral effect Of this procedure was so
great that II was necessary 70 issue only
s2i $50 II the Panama bonds and SIS
800 Of the certificates OF Indebtedness
During the period from July l. 1901, to
September 60 1908, the balance between
the net ordinary receipts and the net
ordinary expenses OF the government
showed surplus IN the four years 1902
1903 1905, and 1907 and a deficit In tho
years 1904, 1906 1908 and a fractional part
OF TIE fiscal year 1900 The net result
was a surplus OF so. 2S3.i l35f The dnan-
clal 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
t9s7. .O40 10 1897 253990 Notwithstanding
that there had been two sales OF Panama
canal bonds amounting In the aggregate
90 St.63i $50 and an issue Of three per
cent certificates OF indebtedness under
the act OF June 49, 1898 amounting to
SIC, $4,000 Reminding operations OF the
treasury department under the act OF
March H. 1900 resulted In the CONVEX
sion into two per cent cousos OF 1880 OF
$500 800. 400 bonds bearing higher rates OF
interest decrease OF s., 6S1 $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 ~ the extraordinary ex-
peusr OF the Panama canal and a saving
OF nearly nine millions on the annual
interest charge.
Control Of Corporations.
As REGARDS the great corporations en-
gagged In interstate business ana espe-
clally the railroads, ! can only refeat
what I have already again and again said
ia my messages To the congress be-
lleve that under the Interstate clause OF
the constitution the United States has
complete and paramount right to con-
troll all agencies OF Interstate commerce..
=
meut alone can exercise this right with
wisdom and effectiveness SO as both 70
secure Justice from and GO do Justice 10.
the great corporations which are the
most important factors in modern busl-
ness believe thRt IL Is worse than
folly TO attempt 20 prohibit all COM
binRuons as ls done by the sherman
antitrust law, because such a law can
be enforced onH imperteety and uu-
equally, ana tts enforcement works al
most a. much hardship AS good
strongly advocate that instead of an an
wise euet, 20 liGnloi az combinations
mere shau ps SVoaul"leo law Which
sl"H cypress, Fe'h't combinations
N"ien are Hl '"e N"'eit OF 'Ne pHphet
oHt Shell az ih' s'n'e l'ih' give 70 some
agency w t"e h@''ona' koN'Fh'Neht SUI
power or t'Htln' ana SUPERVISION over
ihe'n one et 'ne 'M'I features OK Wls
control should oe ''sunns 'nufe pun
he.v IN gu matters "h'," we paoNe