Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1908-12-08
PRESIDENTS s
MESSAGE
REC CONCENTRATIONS TO SECOND
SESSION OF THE SINTIETH
CONGRESS-REVi OF FL
NANCIAL MATTERS - LABOR
LEGISIATION-THE COURTS
ADMISSION OF STATES, ETC.

| second session OF the sixtleth con-
gress is in part as follows:
To the Senate and Holse OF Rep
resentat.yes:
The financial standing OF The Ma
tons interests by -he Government
during the last years hss shown
she most satisfactory results. But
cur currency system is impertac'
and I IS earnestly to be hoped thct
the Currency Commission will be
able 10 propose a thoroughly good
sys"em whith will do away with
che existing defects
During he per.ol from July /,
1891. to September 80 1908. there
Was an increase in the amount
money In circulation OF $902,991.- =
| 399. The ncr ase in the per cap
tia during this perici was $7O6.
! With.n this { me therc were sever
| al occasions when it was necessary
fer the Treasury Depafjme q
come to tho rlief OF the money
market by purchases or redempt n
of the United States bonds: By in
creasing depos is in national banks:
by stimulating add tional issues of
national bank notes. and by faciliat-
ing importations fr5il abroad o.
| gold. Our imperfect currency sys-
tenn has made these proceedings
necessary, and they were effective
unit monetary disturbance in the
fall OF 1907 immensely increased
the difficulty of ordinary methods
of relief. BY the Ia!dile OF No
vember The available working hal
ance in tho Treasury had been re-
duced to approximately $5.000,0 900.
Clearing house associations through
out the country had been Obliged
TO resort to the expeI ent of issu-
ing clearing house certificates, 20
he used as money In this emcr-
gency IL was tfGCermi led to invite
subscriptions for $5O,OO0,O00 Pan
ANA Canal bonds, and 100000
900 three per cent certificates OF
indebtedness authorized by the
act OF June 13, 1908. II was pro-
posed to Te-deposit in the nat oDal
banks the proceeds " tfese issues,
and to permit their use as basis
for additional circulating notes of
national banks. The moral effect
Of this proc dure was so great that
it was necessary to issue only S24,-
Gal $50 of the Panama Canal
bonds and $15,436,50O OF the GER
tihcates OF .ndebtendecG.
During the periC from July I,
balance between she net ordinary
receipts and the net ordinary ex-
penses OF tho Government showed
a surplus in the four years 1902,
1903, 1906 and 1907. and a dcnclt
N the years 1904, 1905. 1908 and
a fractional part OF the fiscal year
1909. The net resul. was a sur
plus OF $99,283,413.54 The Hncn-
cial operations OF tho Governm Mt
dur ng this period, based upon these
d ffarencos between receipts and ex-
penditures, resulted in net reduc-
tiOn OF the interCst-boaring debt Jf
the United States from &987,141,-
O4O to $897253,99O, notwlths and
ing that IN re had been two salcs
OF Panama Canal bonIs amounting
in the aggregate ito $54,G31,98O,
and an issue OF three per cent GER
t'hcate8 OF indeb .edness under the
act OF june 13, 1898, amounting
30 $15,436,5OO. Refunding opera
t ons Of the Treasury Department
under cine act Of Ma~sh II, 1900,
resulted IN he conyorsicH into two
per cent consols Of 1890 OF 5000
3O9.4OO bonds bearing higher rates
Jf interest. a decrease OF So
687956 IN the annual interest
charge resulted from thcee opera
tons.
In short, during the seven years
ard three Ionths thers has b,cn
n net surplus Of nearly ono hundred
millions OF receipts oysr expcnJi-
tures, a reduction Of the Interest,"
bearing deDt by ninety .Hilions. In
spite OF the exiraor1.nary expensa
OF the Panama Canal, and a saving
Of nearly nine millions on the anna
al interest charge. This IS an ex-
coed ngly satisfac. Org showing, es-
pec.al I'm view Of he fact that dur
Ing this period the Nation has new
er hesltatei 20 undertake any ex.
pendi.ure that f. regarded as necos-
gary There have been no new taxes
and no increas OF taxes. on th,
contrary some taxcs have been tex.
en- on; there has been y reduction
OF taxat on
CORPORATIONS
As regards the grsa corpora.
dons engaged IN interstate bust
ness, and especially Che railroads
I can only repeat what I have ~
eI.z.Es.E1<1s...s....r.