Mexico Missouri message., 1908-12-10

washlngton-The 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 Represen-
tauves: The financial standing OF the
nation at the present time is excellent.
and the financial management of the ma
lions interests by tho government dur
tnE the last seven years has shown the
most satisfactory results. But our cur
Tsncy system is imperfect and II Ia car
nestly 10 be hoped that the currency
commission will be able 60 propose
thoroughly good system which will do
away with the existing defects
During the period from July /, 1901. 10
September 90 1905 there was an Increase
fn the amount % money In circulation OF
sso2. .gsl 80. The increase In the per capita
during this period was fO6 Within this
dine there were several occasions when
q was necessary for the treasury de-
pRrtment 10 come to the relief OF the
money market by purchases or redemp-
lions OF United States bonds; by increas-
ing deposits IN national banks. by slim
ulatinR 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
che monetary disturbance In tho fall OF
1897 immenscly increased the difficulty OF
ordinary methods OF relief BY the mid
die OF November the available working
balance In the treasury had been reduced
90 approximately 500 900. Clearing
house associations throughout tho coun-
cry had been Obliged to resort to the
sNpcdient OF issuing clearing house GER
cincates, 10 be used as money. In this
emergency II was determined to invite
subscriptions for $50 OO0 900 Panama canal
bonds and 500 10000 three per cent.
certificates OF indebtedness authorized by
the act OF June l3 1895 II was proposed
90 redeposit In the national banks the
proceeds OF these issues. and to permit
their use as a basis for additional circu-
lAting notes OF national banks The
moral effect OF this procedure was 80
great that Il was necessary to issue only
81. .6Ji $50 OF the Panama bonds and Sl5,-
Sss 800 Of the certificates Of indebtedness.
During tho period from July !. 1901. to
September 20, 1903. the balance between
the net ordinary receipts and the net
ordinary expenses OF the government
showed a surplus in the four years 1902
1890. 1906 and 1907, and a deficit In the
years 1904 1906. 1905 aud a fractional part
OF the fiscal year 1909 The net result
was a surplus of 500 2S3. .Al55I 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
e9sIi4i.oI0 TO sSg7 253. 800 Notwithstanding
that there had been two sales OF Panama
canal bonds amounting In the aggregate
90 ~. .G3l $50. and nn issue Of three per
cent. certificates OF indebtedness under
the act Of June 10, 1893. amounting Ia
sib $500. Rcfunding operations OF the
treasury department under the act OF
March IL. 1900. resulted In the convcr-
sion into two per cent consols OF 1880 OF
F90. .509 400 bonds bearing higher rates Of
interest a decrease OF g. GSi. $50 In the
annual interest charge resulted from
these operations.
In short during the seven years and
three months there has been 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 cN-
pense OF the Panama canal. and n saving
OF nearly nine millions on the annual
interest charge.
Control OF Corporations.
As regards the great corporations en-.
Eoged in interstate business and cspc.
fslaIly the railroads. I Can only repeat
what have already again aud again said
'4n my messages TO the congress I be.
Hicve that under the Interstate clause OF
Cke constitution the United States has
compete
troll all agencies OF interstate commerce
and l believe that the national govern
meut alone can exercise this right will
wisdom and effectiveness so as both I,
secure Justice from, and to do justice to
the great corporations which arc tn,
most important factors in modern bust
mess. i believe that II Is worse thar
folly 20 attempt TO prohibit all com
6inations as Is done by the Sherman
antitrust law, because such a law cal
Be enforced only imperfectly and un
equally. and its enforcement works al
most as much hardship as good.
strongly advocate that Instead of an un
sgiss EFFORT TO prohibit all combinations
there shall be substituted law whicI
shall expressly permit combination
which are IN the interest Of the public
but shall At the same time give 70 som
agency In the national government fu
power Of control and supervision owe
control should be securing entire pub
Rlcity In all matters which the publ
mas a right 20 know, and Furthermore
the power, not by judicial hut by execu
tive action, 10 prevent or put stop
every form OF improper favoritism Q
ether wronRdolnE.
The railways OF the country should
put completely under the interstate con
rnerce commission and removed froI
tha domain OF the antitrust law. Th
power OF the commission should be mad
acknowledging, so that Il could exercii
complete supervision and control oV'
the issue OF securities as well as oV'
the raising and lowering OF rates. A
regards rates, at least. this power shou
be summary. Rates must be mac
a. low as Is compatible with giving prol
.er returns 10 all the employees OF the raj
road. from the highest to the loves
and proper returns 20 the shareholder
but they must not, for instance. DO r
dueed In such fashion a. 10 necessita
q cut In the wages OF the employees
the abolition Of the proper and iegitima
profits OF honest shareholders
Telegraph and telephone companies q
. gagged IN interatate buSineRs should
put under the jurisdiction of the inte
Hlato commerco commission.
1t u very earnettiy 20 Be wished tn
our people. Through their representative