The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1908-12-08

- state. Inc only alternative Is H'
g to admit them as two, and 1 G,
g trust that this will be done g
g without delay. g
The Presidents Message.
To the Senate and House of Represen-
tatives:
The financial standing of the Ma
tion at the present time is excellent,
and the financial management of the
Nations interests by the Govern
ment during the last seven years has
shown the most satisfactory result.
But our currency system is imperfect
and it is earnestly to be hoped that
the Currency Commission will be able
to propose a thoroughly good system
which will do away with the existing
defects.
During the period from July 1, 1901,
to September 80. 1908, there was an
increase in the amount of money in
circulation of s9O2,991. .399. The in
crease in the per capita during this
period was S7.O6. Within this time
there were several occasions when it
was necessary for the Treasury De-
partment to come to the relief of the
money market by purchases or red
emptions of United States bonds; by
: increasing deposits in national banks;
by stimulating additional issues of
national bank notes, and by facilitat-
ing importations from abroad of gold.
Our imperfect currency system has
made these proceedings necessary,
and they were effective until the mon
etary disturbance in the fall of 1907
immensely increased the difficulty of
ordinary methods of relief By the
middle of November the available
working balance in the Treasury had
been reduced to approximately $4,000
600. Clearing house associations
throughout the country had been OBJ
Aged to resort to the expedient of is
suing clearing house certificates, to
be used as money. In this emergency
it was determined to invite subscrip-
tions for s50,O00,00O Panama Canal
bonds, and 100000, 900 three per
cent certificates of Indebtedness au-
thorized by the act of June 13, 1898.
It was proposed to re-deposit in the
national banks the proceeds of these
issues, and to permit their use as a
basis for additional circulating note
of national banks. The moral effect
OF this procedure was so-great that
it was necessary to issue only $24,631-
$50 of the Panama Canal bonds and
debtedness.
During the period from July 1, 1901,
to September 80, 1908, the balance
between the net ordinary receipts and
the net ordinary expenses of the Gov
ernment showed a surplus in the four
years 1902. 1908, 1906 and 1907. and a
deficit in the years 1904, 1905, 1908
and a fractional part of the fiscal
year 1909. The net result was sur
plus of $ss, ,2S3. .413.54. The financial op-
this period. based upon these differ
ences between receipts and expendi-
lures, resulted in a net reduction Of
the interest bearing debt of the Unit-
ed states from 1887 ,141, ,04O to $S97,-
253, 800, notwithstanding that
had been two sales of Panama Canal
bonds amounting in the aggregate &c
$54. 631, $50. and an issue of three pei
cent certificates of Indebtedness und
er the act of June 13, 1898. amounting
to $15.436, 500. Refunding operations
of the Treasury Department under
the act Of March Ia. 1900, resulted in
the conversion into two per cent cor
soils of 1880 of $500. o.s09. 400 bonds
bearing higher rates of interest. A de
crease of $685., $50 in the annual in
terest charge resulted from these op
erations. ss*
Corporations.
As regards the great corporation
engaged in interstate business. ant
especially the railroads. can only re
neat what I have already again an,
again said in my messages to the Con
fress. / believe that under the inter
state clause of the Constitution TIA
United states has complete and para
mount right to control all agencies Q