The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1908-12-17

Nashington.--T meSeage OF presi-
dent Roosevelt was read in both
houses of congress Tuesday. In sub
stance The documen, was as follows.
To the Senate and House OF Rrprrsen.
tatfves The financial standing OF the
nation AZ the present time IL excellent,
and the financial management OF the ma
ions interests by the government dur
INK the last seven years has shown the
most satisfactory results. Hut our cur
rency system Is imperfect, and IL is ear
nestiy 60 be hoped that the currency
commission viii be able to propose a
thoroughly good system which WIN do
away with the existing defects
During the period from July l. 1901 10
September %. 1905 there was an Increase
IN the amount Of money IN circulation 81
no.. s9i.E ~. The Increase In the per capita
during this period was t7.O6 within this
time there were several occasions when
" was necessary for the treasury de-
partment 20 come TO the relief OF the
money market by purchases OF redsmp-
lions OF United States bonds. by increAs-
ing deposits In national banks. by siim-
ulating additional issues OF national bank
notes. and by facilitating importnuons
from abroad OF gold. our imperfect cur.
reucy system has made these proceedings
necessary and they were effective until
the monetary disturbance IN the fan OF
1901 immensely Increased the difilculty OF
ordinary methods Of relief By the mid
die Of November the available working
balance In The treasury had been reduced
20 approximately ts.ou0 coo Clearing
house associations throughout the coun-
try had been obliged 10 resort 20 the
axpedient o. Issuing CLEARING house GER
tincates. 20 ba used as money III this
emergency u was determined 20 invite
subscriptions Tor $50 600. 600 Panama canal
bonds and sieo uaooo THREE per cent.
certificates OF indebtedness authorized hv
the act of June m 1903 Il was proposed
60 redepoait Ia the national banks the
procceda 81 these issues, and 10 permit
their USE M a basis for additional cirru.
intlng notes of national banks The
moral effect Of this procedure was 20
great that u was necessary 20 ISSUE only
Nte1i $50 OF tho Panama bonds aud tis-
f3s,hoo az the certificates OF indebtedness.
During the period from July J. 1901 20
September %, 1905 the balance between
tho nat ordinary receipts and the net
ordinary expenses Of the government
showed n surplus In tho four years 1902
1874. 1905. and 1901. and deficit In the
years 1904. 1908. 1865 and a fractional part
af the fiscal year 1910. The nsi result
was = surpiua Of 80 -. tlssi The anan-
siai operations ~ the government during
THIS period. based upon these differences
between receipts and expenditures, re-
bearing drts ~ the United States from
90 - SssI. 800 Notwithstanding
that there had becn two sales OF Panama
canai bonds amounting Ia the aggregate
80 Rt.csi,eso. and an issue Of three per
cent certificates Of indebtedness under
the act Of June "a ISIS amounting 10
Nb,t16 no NefnndtuE operations OF the
tfrasury department under tho act OF
March ~ 1000, resulted In tho CONVEX
sion into two per cent conaols OF 1880 OF
500. No 400 bonds bearing higher rates OF
interest a decrease 81 ts.eslsSs in the
annual interest charge resulted from
these operations.
In short. during the seven years and
three months there has been a net sur
plus of nearly one hundred millions ~
receipts over expenditures. reduction
81 the interest hearing debt by ninety
miilions IN spite 81 the extraordinary OK.
pcase OF the Panama canal. aud a saving
of nearly nine millions on the annual
interest charge.
Control Of Corporations.
A. regards the great corporations en-.
gagged In Interstate business. ana csp@.
rlaiiy the railroads, ! can only repeat
what have already again and again raig
In my mensaEfA 10 the congress I b..
lave that under the interstate ciatse OF
the constitution tho United States ha,
complete and paramount right 10 con
and l believe that tho national govern
menf alone can exercise this right viii
Wisdom and effectiveness 10 a. both [,
secure Justice from, ana 20 do justice 20
the great corporations which arv IN,
nsast important factnrs ia modern hitai
ness believe that Il h worse thar
folly 90 attempt 10 prohibit an com
binatlons ~ h done ~ the Shermai
Rnti.truBt law, because such law eni
he enforced only imperfrctly snl an
equally. and lie enforcement works IA
most a. much hardship as Teod
strongly advocate that Instead OF AN ua
wise effort 20 prohibit all combinations
there shall be substituted law white
snail expressly permit combination
wtfch arr Ia the interest 10 ihu phbu,
bot shall al the same time give to suin
agency in the national government Cal
power Of contre! and supervision owe
thesn ono 81 the chief features ~ tbi
control should be securing entire put
ileitY Ia an matters Whirh the publ
has . right 90 know. and fulthcrmor.
the power. not BY judicial but by rseeu
i've articn, 20 provcni Or pat stop {
every form o. Improper favoritlsm d
other wroaRdoinE
The railways OF the country Should q
put completely under - Interstate cen
Eterce commission and removed ffoi
The domain % the anti trust law To
raWer u the commission should o. nau
thnFouEhEotnR. % that u could rNtrris
complete supervision ard control oks
ine Issue ~ securities IA well as 0tt
the raising ana lowering ef rates a
regards rates. - least. this power shet'
te summary Rates must d. fnia
- hoe a. 10 compatible with gtKinS proi
~ returns 70 al the employees 1T thr rst
road from Tie highest 90 the iorcs
ana proper returns 10 the shareholder
seat they must not fuF Instance be- p,
Succeed tu such fashion az 90 neressital
cot ~ the usgca 81 the employees ,
the abolition 81 the pr,gier aud lcrluntai
rrohis % honest shareholders
TeleEraph and Telephone companies 81
KaE-a IN intersintr bualnsss should 1
pat under TIE Jurisdiction % the tntv
state commerce commission
n 10 very earnestly 40 bv wished W.
eur people. through their representative
should at IN this matter n II
the Interest of ali OF Us az
there should b. premium put upon 1,
dividual Initiative and Individual rl
paeity. and an ample reward FOR n
great directing intelliEcners alone con
petent 10 manage the great business Of
srAtiona Of to-day. II 10 well 10 ke.p
mind that exactly az the anarchist II n
worst snemy Of liberty and the rsaetio
AIRY the worst enemy Of order 80 Il
men who defend the rights OF proper
have most to fear from the wrOngdoe
OF great wealth. and the men Who a
ehaInpioning popular rights have mo
70 fear from the demagoEues who In Il
name OF popular rights would do wrol
70 ana cypress honest business me
honest men % wealth for the success
etther type % wrongdoer necessarily
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