The Greenville journal. [volume] (Greenville, Ohio) 1850-1918, 1908-12-10

Washington.-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-
tatives: The financial standing of the
nation at the present time Is excellent, |
and the financial management of the ma
tion's interests by the government dur
ing the last seven years has shown the
most satisfactory results. But our cur
rency system is imperfect, and it is ear
nestly 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 60 1908, there was an increase
in the amount of money in circulation of
1902 99l, 399. The increase in the per capita
during this period was S7.06. Within this
time there were several occasions when
1t was necessary for the treasury de-
partment to come to the relief of the
money market by purchases or Tedemp-
tons of United States bonds; by increas-
ing deposits in national banks; by stim-
ulating additional issues Of national bank
notes, and by facilitating importations
from abroad OF gold. Our imperfect cur
rency system has made these proceedings
y,
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 $5,O0O,O0O. Clearing
house associations throughout the coun-
try had been obliged to resort to the
eXpedient of issuing clearing house GER
uficateS, to be used as money. In this
determined invite
subscriptions for $5O,00O00O Panama canal
bonds, and $l00, 900 three per cent
certificates of indebtedness authorized by
the act of June 13, 1898. 1t was proposed
TO redeposit in the national banks the
proceeds of these issues, and to permit
their use as a basis for additional clrcu-
lating notes OF national banks. The
moral effect of this procedure was so
great that 1t was necessary to issue only
$24,631, $3.50 of the Panama bonds and $15,
436,50O of the certificates of indebtedness.
During the period from July l, 1901. to
September 30 1908, the balance between
the net ordinary receipts and the net
ordinary expenses of the government
showed surplus in the four years 1902.
l903 1905, and 1907. and a deficit in the
years 1904, 1905, 1908 and a fractional part
Of the fiscal year 1909. The net result
was a surplus of 500, ,2S3, ,413.54. The flnan-
cial 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
$685., 41,040 to 1897, ,253,9 800, Notwithstanding
that there had been two sales OF Panama
canal bonds amounting in the aggregate
TO $54, ,63l,9So, and an issue Of three per
cent. certificates of indebtedness under
the act of June IL, 1S9S amounting to
sl5436,50O. Refunding operations of the
treasury department under the act of
March IA, 1900, resulted in the conver-
sion into two per cent. consols of 1890 of
500, 369 400 bonds bearing higher rates of
interest A decrease of $S,6S7,956 in the
annual interest charge resulted from
these operations.
In short, during the seven years and
three months there has been net sur
plug of nearly one hundred millions of
receipts over expenditures, a reduction
of the interest-bearing debt by ninety
millions. in spite of the extraordinary ex-
pense 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, and espe-
cially the railroads. l can only repeat
what / have already again and again said
in my messages to the congress. 1 be-
lieve that under the interstate clause of
the constitution the United States has
complete and paramount right to con-
troll all agencies of interstate commerce,
and l believe that the national govern
meut alone can exercise this right with
wisdom and effectiveness so as both to
secure justice from, and to do justice to,
the great corporations which are the
most important factors in modern busi-
ness. l believe that 1t is worse than
folly to attempt to prohibit all COM
binations as is done by the Sherman
antitrust law, because such law can
be enforced only imperfectly and un-
equally, and it's enforcement works al
most as much hardship as good.
strongly advocate that instead of an un-
wise effort to prohibit all combinations
there shall be substituted law which
shall expressly permit combinations
which are in the interest Of the public
but shall at the same time give to some
agency in the national government full
power of control and supervision ovel
them. One of the chief features of this
control should be securing entire pub
licity in all matters which the public
has a right to know, and furthermore
the power, not by judicial but by execu-
tive action, to prevent or put a stop tC
other wrongdoing.
put completely under the interstate com.
merce commission and removed from
the domain of the antitrust law. ThG
power of the commission should be made
thoroughgoing, so that 1t could exercise
complete supervision and control oveI
the issue of securities as we'll as ovel
the raising and lowering of rates. A:
regards rates, at least. this power should
be summary. Rates must be made
as low as is compatible with giving prop
er returns to all the employees of the rail
road, from the highest to the lowest
and proper returns to the shareholders
but they must not, for instance, be re
duced in such fashion as to, necessitat'
cut in the wages Of the employees Of
the abolition of the proper and Legitimate
profits of honest shareholders.
Telegraph and telephone companies en-
gagged in interstate business should b
put under the jurisdiction of the inter
state commerce commission.
1t is very earnestly to be wished tina
our people. through their representatives
should act in this matter. 1t is t,
the interest of all of US tina
there should be a premium put upon in
divIdual initiative and Individual ca
pacity, and an ample reward for tn
great directing intelligences alone com
petent to manage the great business op
erations of to-day. 1t is well to keep II
mind that exactly as the anarchist is tn
worst enemy of liberty and the reaction
ary the worst enemy of order, So tn
men who defend the rights of propert
have most to fear from the wrongdoer
of great wealth. and the men who ar
chafrpionlng popular rights have mos
to fear from the, demagogues who In tn
name of popular rights would do wron
to and oppress honest business naer
honest men OF wealth; for the success Q
either type of wrongdoer necessarily in
vttes d violent reaction against the caus
thrl ,wTpngdoer. ,nominaliy upholdss
laea Need Of Capitalization. SO
Tl5sls proposal TO make the 4na m
tIonaf guvernment supreme oyeEt ON
tIe4i r5issSs y--S-'l - ~ ~ 81 i5 t8ssNS