The Caucasian. (Clinton, N.C.) 188?-1913, 1908-12-10
PRESIDENTS
MESSAGE
His Last Annual Message
Read i'm Both Houses
of Congress.
FOR POSTAL.
SAVINGS BANKS

4
R.ness Ills Plea for Corporzsica
| Coatrol--somc Fedcrsl Asuaey
/ should Dc Given Fab sap~ryisaoa
--Teirphoae and Tsiegrzrh csss-
panic~ should be Under Comm~w~e
Laws--I'rotection for waxework.
crs--stasehood for ArizoaA and
New Mexico. and Clttzeashsp tor
Porto Rieans Recommendesi--.an
Inheritance Tax-oar Ineome and
Expenditures for Past sse,en Years.
President Roossyeit's last annual
message was read in both houses of
Congress Tuesday at noon, All Of
the members were furnished with
printed copies of the message. which
proved To be document of forty
four printed pages with an eiaho-
rate appendix showing the work OF
the Forestry Bureau. We give be-
low a brief summary of the Prcst-
dents message TO Congress:
To the Senate and House OF Repre-
sentatives:
Finances.
The financial standing or the ma
tion at the present time IL excellent.
and the financial management of the
| nations interests by the government
during the last seven years has
shown the most satisfactory results.
But our currency system In imper-
feet. and IL Is earnestly 10 be hoped
that the currency commission will
be able to propose thoroughly good
system which will do away with the
existing defects.
During the period from July /.
1901, to September so. i90s. there
was an increase in the amount Of
money in circulation OF ss02. .ss1.-
399. The Increase in the per capita
during this period was s7.06. With
| in this time there were several oc-
| casions when IL was necessary for
the treasury department TO come to
the relief OF the money market by
purchases or redemptions of United
| States bonds: by increasing deposits
| in national banks; by stimulating
additional issues OF national bank
notes, and by facilitating importa-
| tions from abroad of gold. Our i'm
perfect currency system has made
the proceedings necessary. and they
were effective until the monetary
disturbance in the fall OF 1907 i'm
menseiy 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 s5.-
| 100000. Clearing house assocla-
tions throughout the country had
| been obliged to resort TO the ex-
| pedient of issuing clearing house
/ certificates. to be used as money. In
| this emergency 1t was determined TO
| invite subscriptions for $5e 100000
Panama Canal bonds, and 800, ,O00.-
| 900 8 per cent certificates Of indebt-
edness authorized by the act Of June
13, 1908. 1t was proposed to re-
| deposit in the national banks the
| proceeds Of these issues, and TO per-
init their use as a basis for addi-
tional circulating notes OF national
banks. The moral effect OF this
procedure was SO great that it was
necessary to issue only 24,s31,9 $50
of the Panama Canal bonds and
ts15,436,5 500 of the certificates OF in
debtedness.
During the period from July 1.
1901, to September 80. 1908. the
receipts and the net ordinary ex-
penses of the government showed o
surplus In the four years 1902. 1903.
1906 and 1907, and deficit In the
years 1904. 1906, 1905, and frac-
tionaI part of the fiscal year 1903.
The net result was surplus Of sss.-
2s3.413.54.
In short, during the seven years
and three months there has been a
net surplus Of nearly one hundred
J millions OF receipts over expendi-
lures. a reduction of the interest
bearing debt by ninety millions, in
spite Of the extraordinary expense
OF the Panama Canal. and saving
of nearly nine millions on the annual
interest charge.
/ Corporations.
. AS regards the great corporations
, engaged in interstate business, and
especially the railroads, can only
; repeat what have already again and
, again said In my messages to the
/. ongress. I believe that under the
i Interstate clause Of the constitution
the United States has complete and
I paramount right to control all agen-
, cies of Interstate commerce, and
believe that the National Govern
ment alone can exercise this righi
with wisdom and effectiveness so a
both to secure Justice from, and d.
! justice to. the great corporation,
: which are the most important factor,
! / in modern business. / believe tina
1t Is worse than folly to attempt q
prohibit all combinations az is don.
, by the Sherman antitrust law, be
/ tcotinued on Page 2.)