The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-12-09

Washington, Dec s-The message Of
President Roosevelt was read in both
houses OF congress. II was as follows
TO the Senate and House Of Represcn-
tatiyes; The financial standing Of the
nation at the present time Is excellent.
and the financial management Of the ma
'ions interests by the government dur
ing the last seven years has shown tile
most satisfactory results. BUT our cur
rency system is imperfect, and Il Is ear
nestiy to be hoped that the currency
commission will be able 70 propose a
thoroughly good system which will do
away with The existing defects
During tbe period from July l. 1a0f IN
September 30. 1905, there was an Increase
In the amount OF money in circulation Of
$780,, 9pl,399 The Increase in the per capita
during this period was sos Within this
time there We're several occasions When
II was necessary for tie treasury d.
partment to come 10 tile relief 81 the
money market Ny purchases or rcie8p-
tons of United States bonds by nsreas-
ing deposits in national banks by slim
ulasi ing additional issues Of national bank
notes, and by facilitating importations
from abroad Of gold our Imperfect eur
rencA system has made these proceedings
NECESSARY. and they were effective untl
tVe MONETARY NlSthfhaHce III the Ihll or
100 immensely increased the difficultv If
ordinary methods Of relief By the mid
die of November the available worsing
balance In the treasury had been reduced
TO approximately 100000 Clearing
house associations throughout tie rntn-
try had been obliged To resort to lie
eNpedient of issuing clearing house GER
tifico' es, 10 be used as money In Tins
emergency il was determined to invite
e-n ft4Isa rr
Souds. and 800 Geo three per cent
certificates Of Indebtedness authorized bv
Lfc act az June g. 1875 II was propos 4
10 redeposit IN the national banks la
proceeds oi these Issues and 10 permit
their use KS basis for additional clrru-
lating notes Of national BANKS The
moral effect OF this procedure was so
great that il WAS necessary 70 ISSUE only
s2A $50 of the Panama bonds and slj-
1880 of the certificates ~ indebtedness
During tbs period from judy T. lf@l N
September 81, 1898 the balance between
the ret ordinary receipts and The nct
ordinary expenses Of the government
showed ? surplus in tie four Years 1912
1908 1895 and 1907 and a dencu in Tire
wears 1904 1905. 1905 and a fractional part
~ the fiscal year iaa The met rusef
was q surplus OF t9e 80 li34 Tic Grsu-
cial operations ~ the government d-faz
WIS peflous passed upon these ulNNFr..F7
between receipts ana eNpa0dtur"e me-
suited in 4 net reduction OF Tho 9trr-et-
bearing debt ~ the United states from
040 10 sse7 253 ss0 Notwithstanding
that there had been two sales of Panama
canal bonds amounting in the aggregate
20 ~, slqsg and an issue ~ three per
cent Certificates ~ indebtedness under
the act Of June II. 1895 amounting 10
t5,4s65@ kefunding operations % tho
treasury department under the ari -
March a. 1879 resulted in tIl- CONVEX
sion Into two per cent c1usals ~ If3. af
500. 900. 40 bonds bearing higher rates ~
interest 4 decrease Of sSGS1g-B In tho
annual interest charge resulted from
these operations
In short during the seven years ard
three months there has baan nor qsr-
plus 81 nearly one hundred millions -
receipts over eXpendiHres rrduu f1r
Of the interest hearing debi bv u1efr
millions, IN spite Of The eEfraurdiuH-. ,--
pense OF the Panama canal. ana 81 i3r
NJ nearly nine millions lr t.r anruHr
Interest charge. This IS 90 -yreaJirrlr
Fatisfactory ~ ,vfnE. especially BOB flev
~ the fact that during mis- perio1 fhe
nation has never h.SJt8fed io und.. 8sp
any expenditure that b rsrjai "a. .ec-
essary- There have been no now ri sae
and nc increase % taxes On trr e--
trsry some taxes have been tabrH m
there he's been redust ton 81 taxation.