Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1908-12-17

Washington.-In his message to
congress, read in both houses Tues
DAY, President Roosevelt makes i'm
portant suggestions as to what he
considers necessary legislation.
The president congratulates the ma
ton on it's present excellent financial
standing, but calls attention to the
need of remedying defects in the cur
rency system. He says:
The financial standing of the nation
at the present time is excellent,
and the financial management of the ma
| tons 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 l. 1901, to
September 30. 1908. there was an increase
| in the amount of money in circulation of
| S902, s9l. 399. The increase in the per capita
during this period was s706. Within this
| time there We're several occasions when
| 1t was necessary for the treasury de-
partment to come to the relief of the
money market by purchases or redemp-
| tions Of United States bonds; by increas-
| Ing deposits In national banks; by slim
ulating additional issues of national bank
notes, and by facilitating importations
from abroad of gold. Our imperfect cur
,1 -, -, ,e - ~ % y,
tba ,,,orotor,,~ ~dist,,r,,a,,aa l.; a. Gu 20
,on- i,,,,s11 ,I " ,,a, -, 80
ordinary methods of relief. BY the mid
die of November the available working
balance in the treasury had been reduced
hor.a asconiatio,,s ,hInt,,. .,,,, aI',,
49,, "a -, L,ia5 ~,
80 - - " ''7Ci |" INC
tiGoatn. -, - 80 tl's io"5e .si t,
a,,,e,o,,, T. 49,. sstt "a 'nt9
- s-o noo oon 10 INVITE
80, sIno 60 oon d'iaHi' cdii'.
,'tIa, DoIs, nliu ,OyVoVo III per seht
49,, ~ s - 40 tooo au'IioI M IIeu ny
80 al..', VI i 30, i'1o II as piopostu
~ '"S "oti'iAi Jams 'iie
tbatr naa as a hasta e., -, s,..i i',t'
1atina rotas 90 ,.o.ie,od ,,Si. M.
moral arfect of tbis nrocaa,,ra ,,.,s GO
sra,t tbat a. ,,,a, ,aoossa,,, -, -
60. COZ esn 80 +ha pnua,s" 20 'Ssu1 eiiiS stl
,9e soo 20 ~ utts. s t., 80 ~iD,
nrring tba nartad So, ~, 1on1 80
cantarnbor % 1onS ~ 80 - a,i iyoi' "
81 - lY' sl'o Do4ao ocl"eei
ordinary eXnerses oF Tho aoyerr,,n,7t
showed a surplus in the four years 1902
lsoS' 1905. and 1907, and deficit in the
- 60 aI'', isoo 1nno Is,o rtactloiial paTt
was a surplus of 500 2ss. .41354 The finan-
cial operations of the government during
@ .l!S period' pased upon these dinerences
tt pe,"sen receip's ana expenditures re-
s"l'eu III d net reuucIon OF the interest
."aa neail,k ,i ueel oL Ine Chted states from
$9e',lfi'o4o 10 |Ss''='5SS SSo' Notwithstanding
caaI oaas hn .'u oeem Two saies Oh Panama
e", "il9S nae ailoultiIS IN the aggregate
W S'''ooi''ou' anu an issue OF three per
cent ceruhcates OF Indebtedness under
~ .ttS 80 - VI . uhe TO- 1o''' amounting TO
*i''foo'oO' iNeiuiiulns operations OF the
.,easury department uhder the act or
M NiaIcn - l'oo' resulted IN the CONVEX
sion lItto TO TWO per cent consois OF 1880 of
?@oV'd19'4oo oonds bearing higher rates of
interest decrease or SS.6S7.956 in the
ahhuai interest charse resulted from
'ileSe operations
In snort, during the seven years and
three months there has been net sur
pius 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 or the Panama canal, and a saving
OF nearly nlnc millions on the annual
interest charSe.
The message reiterateS the we'll
! known views of the president that tho
Of
VI e. "' WI POI "tioiia' Vspe-
! clalIy the railroads or the country
| should be vested in the national gov
ernnent He cave.
n.neNt that II ~ worse than folly
as is do,o ~, ,ha as,
trust law, because such a law can
be enforced only imperfectly and un-
'at euu'tHy, anu t'S enforcement works al
| strongly advocate tbat ipe+cad af o -,
wise effort to nrobihit al co,,hi,,til'l a'
| there shall be substituted - law, ,,,oilI'
| shall EXPRESSLY nermit con1tirotI,,rs
which are in the interest NJ Tho Iii
but shall at the Same tir,a oi,,a +a s,,,,,
agency i'm the pational yoyernr,,,t f,,rI
mower Of control and snnor,isio ,
! Them
The RAILWAYS Of tho co,,,tr,, s,,,,,, J..
Dut cornnIntelv undnr tho irtorst,t ~ -.
,oerco rnn,r,.ssio, ava ,,.l1,, IN IN
tho domain of tba anti t,,,st ,o,,. M
nou,or of tho copo,,issio,, sta,,ti ", nc
| tLoro,gh,nins So tbnt :. ,,,,l De Ii'.I iIi'ue
con,ninto e,,nor,,isian .a, 80 '..a c.se
~ iss,,o - a,,,,,.itio 80 ~ IN IN Vi oNeI M