The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1908-12-10

IA. uNIN MIOn ~ " h'H'Af' -
t.,, Roosevelt was read In both
sonsos Of congress Tuesday. In sub
s,,,ce the document was as follows
r. obi, senate and House % Rcpresen-
,.,',.. Tho financial standing % the
-, n the present time In excellent.
"a ,r, financial management % the ma.
80 irter.sts by tho government dur
a., tte last seven years has shown the
at AL isfaetory results. But our cur
80, system IL imperfect. and II II ear
,..u, 10 be- hoped that the currency
,,.,,f.sian will b. able 90 propose
thoroughly good system which VIII do
svay With the existing defects.
rI,irs the period from July I. 1901. 20
s,,f.piber 3D. iiss, there was an Increase
4, tb. amount Of money In circulation %
"a gi ~ Tie increase In the pr capita
g5,Inf this period was %. Within this
,r. there we're several occasions when
a vas necessary for the treasury de-
rsrfmert 90 come 20 the relief OF the
money market by purchases or redemp-
lions n United States bondni by increas-
lac J.paslts In national banks. by stim-
dating additional issues % national bank
psies and by facilitating importations
from abroad u gold our imperfect cur
rene, system has made these proceedings
,sg,.safy and they were effective until
ths monetary disturbance In the fan o.
~ Immensely Increased the dificulty OF
ordinary methods of relief by the mid
do q November tho available working
balance 10 the treasury had been reduced
"a anpfoximafeiy EOn.eo Clearing
hous. associations throughout the coun-
Try had been obliged Co resort 20 the
s,psdisnt q issuing clearing house GER
uheatsa Co BE- used as money. In this
emergency IL Was determined 20 invite
Interruptions Tor g. 5000 Panama canal
bonds and Ioo0. 90 three per cent.
eertIhcates % Indebtedness authorized by
ne act u June n. issS 10 was proposed
% redsposit In tho national banks the
proceeds % these issues. and Go permit
thcf use a. a basis for additional circu-
Aung notes Of national banks Tho
moral effect Of this procedure was 20
great that 70 was necessary 20 Issue only
L,Gi ~ 81 the Panama bombs and SIS
~ 20 q the certificates % Indebtedness
During tho period from July I. 1901. 20
SEPTEMBER ~ isos. the balance between
The net ordinary receipts and the net
ordinary expenses % the government
showed a surplus In the four years isa2
81 10. and 1877. and a deficit In the
years 100 is6 iss and a fractional part
q tho FISCAL year 1910. The net result
vas a surplus - % "A iiis g. The imam
dal operations of the government during
Dis period. based upon these differences
bsivecn receipts aud expenditures. re-
suited On a net reduction % the interest
barring debt - the United States from
teluop 20 tsg7 si1sso Notwithstanding
nat there had been two sales % Panama
anal bonds amounting In the aggregate
o. tAglssn. and an issue % three Per
cent certificates o. indebtedness under
ne act Of June u. isaS. amounting To
laCaN" Refundlng operations % the
treasury department. under the act %
March a. 1870. resulted In the CONVEX
son Into two per cent consols OF ia3o Of
" ae 80 bonds bearing higher rates Of
Interest decrease Of sS07. ass In the
annual Interest charge resulted from
these operations
To short during the seven years and
ihroe months there has been a net sur
plus ~ nearly one hundred millions OF
receipts over expenditures. reduction
u ihe Interest bearing debt by ninety
Millions IN spite % the extraordinary ex-
p.hs" ~ The Panama canal and a saving
nearly nine millions on tho annual
Interest charge.
Control Of Corporations.
A. regards tho great corporations en-
RACED IN Interstate business and capc-
.aIp the rallroady. I can only repeat
NhAi have already again and again said
IN my messages TO the congress- 4 he
ue'e that under the Interstate clause OF
h' constitution the United States has
.'mp',ie and paramount right 10 CON
a" agencies OF Interstate commerce
and believe that the national govern.
meni alone ran exercise ,s!= risht with
wisdom and effectiveness 81 as both 10
'Die Justice from, and 20 do Justice TO-
l' tr'At corporations which are the
w'N important factors In modern bust
q .'N. believe that n II worse than
"Nl 10 attempt 20 prohibit all COM
o.hauons az Is done by the Sherman
'u"- tusi law, because such a law can
yh'oTced only imperfectly aud un-
-PuaHy' and Its enforcement works al
mo" as much hardship as good
ionsy advocate that Instead OF an un-
US 'uorl 10 prohibit all combinations
wv, shall be substituted a law which
w" expressly permit combinations
sn'u are In the interest OF the public
snall at the same time give 10 some
9 Va the national government full
g' OF control and supervision over
IN, one OF the chief features OF this
ouu'l should be securing entire pub-
uVy In an matters which the n,ihllc
, hght To know. and furthermore
Vy. poW,t not by judicial but by execu-
- .o"' To prevent or put stop 10
NJ 'otm ot improper fAyoritlsm or
',u'f Wrongdoing
, Inc railways OF the country should he
completely under the Interstate com.
a.. commission and removed from
u'naln Of the antitrust law. The
NJ Oh tho commission should he made
,Hthgoing, so that II could exercise
supervision and control over
issue Of securities as we'll "a ov.,
rsss, .sslng and lowering OF rates. As
be 80. rates az least. this power should
\. l'i'aiy. Rates must be made
- Nv as "a compatible with giving prom
ro,A ,hs 10 all the employees OF the rail-
snS from the highest 10 the lox,ssi
but nt,up'i returDs 10 the Shareholders.
dnc.1 ,y must not for instance. be re-
c,t IN such fashion as 10 necessitate
the AZ IN the wages OF the EMPLOYEES or
proe, 0uuon Of the proper and Legitimate
VI honest shareholdors
gaSss s,aph and telephone companies en-.
put No.. Interstate business should be
stat. 1nu'r the jurisdiction OF tho inter.
II a. nuhefee commission.
our n.o'F earnestly 10 be wished that
sboBIt p'e, through their representatiyea
the 80, 49, IN this matter. IL Is 10
there Interest II all OF US thai
dIyia,ssih should be a premium put upon in
'"'ua'Ne and individual ca