The Birmingham age-herald., 1908-12-09
President Roosevelt
 Sends Last Message
Read Before Both Branches Of Congress YesterdayThe Document Of the Chief Executive Is Remarkable In That It Entirely Ignores the Tarif-Message
 Is Usual Length

Washington, December 8.-The mes sage of President Roosevelt was read to both branches of Congress today. The document Is of the usual length. The tariff is ignored and this omission caused general comment, both on the two floors and in the galleries.
 Following Is the message:
 The Presidents message was as fol- lows:
 To the Senate and House of Representa-
 tives:
 The financial standing of the nation at the present time is excellent, and the financial management of the nations in- terests by the government during the last seven years has shown the most satis- factory results. But our currency sys- tenn is imperfect and 1t is earnestly to be hoped that the currency commission will be able to propose thoroughly good system which will do away with the ex- isting defects.
 During the period from July l. 1901 to September 30, 1908, there was an increase in the amount of money in circulation of $902, ,991, 1899. 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 depart ment to come to the relief of the money market by purchases of redemptions of United States bonds; by increasing de- posits in national banks; by stimulating additional issues of national bank notes, and by facilitating importations from abroad of gold. Our imperfect currency System has made these proceedings neces- sary and they were effective until the monetary disturbance in the fall of 1907 immensely increased the difficulty of ordt- nary methods of relief. By the middle of November the available working balance in the treasury had been reduced to ap- proximately $5 000,0 ,000 Clearing house as- sociations throughout the country had been obliged to resort to the eXpedlent of issuing clearing house certificates, to be used as money. In this emergency It was determined to invite subscriptions for s50OO0 600 Panama canal bonds, and s100 100000 per cent certificates of in- debtedness authorized by the act Of June 13 1S9S It was proposed to redeposlt Tn the national banks the proceeds Of these issues, and to permit their use as pasls for additional circulating notes of national banks. The moral effect of this proce- dure was so great that 1t was necessary to issue only $24 631, ,9S0 of the Panama ca- nal bonds and $15, ,436 300 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 or dinary expenses of the government showed surplus in the four years lsO2, 1903 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 a surplus of $99, 413. .54 The finan- cial operations of the government dur ing this period, based upon these diff ferences between receipts and expendi- tl1res resulted in a net reduction of the interest-bearing debt of the United States from $9S7,141, ,O40 to $s97, ,253,99O, notwith- standing that there had been two sales of Panama canal bonds amounting In the aggregate to $54, ,631. .9S0, and an issue of 3 percent certificates of indebtedness under 4he act of June 13, 1898, amounting to S15. 436 5OO Refunding operations of the treasury department under the act or March 14 19O0 resulted in the conversion into 2 per cent consols of 1850 Of $20O,3O9,- 400 bonds bearing higher rates or interest. A decrease of $S,6S7,9 956 in the annual in- terest charge resulted from these opera tions.
 In short, during the seven years and three months there has been a net sur plus of nearly $100,000,00O of receipts over expenditures, reduction of the interest," bearing debt by $90,000.0O0, in spite of the extraordinary expense of the Panama ca nal. and saving of nearly $9,O00000 on the annual interest charge. This is an exceedingly satisfactory showing, especial ly in view of the fact that during this period the nation has never heSitated to undertake any expenditure that it re- garded as necessary. There have been no new taxes and no increase of taxes; on the contrary some taxes have been taken off there has been reduction of taxation.
 CORPORATIONS.
 As regards the great corporations en- gagged in interstate business, and espe- cially the railroads I can only repeat what I have already again and again said in my messages to the Congress. believe that under the interstate clause of the constitution the United States has complete and paramount right to con- trol all agencies of interstate commerce, and I believe that the national govern ment 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 business. I believe that it is worse than folly to attempt to prohibit all combinations as is done by the Sherman antitrust law, because such law can be enforced only imperfectly and unequally, and its en- forcement works almost as much hard shin as good. I strongly advocate that instead of an unwise effort to prohibit all combinations, there shall be sub stituted a law which shall expressly per- init combinations which are in the inter est of the public, but shall at the same time give to some agency of the national government full power of control and su- neryision over them. One of the chief features of this control should be secur- ing entire publicity in all matters which the public has a right to know, and fur therrnore the power, not by judicial but