Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1908-12-10

.S i.iSsS''Se Oh frcSldcnt kCoScvelt
10 the second session of the Sixtieth
Ccpgrcss was read in 10th houses,
nnd was in substance as follows:
10 the Senate and House Of Rcprcs-
cntativcs:
Finances.
The financial standing of the nation
at the present time is excellent. and
the financial management of the ma
tons interests by the Government
during the last seven years has shown
The most satisfactory results. But
our currency system is imperfect. and
IT is earnestly to be hoped that the
Currency Commission will be able to
propose a thoroughly good system
which Will Go away with the existing
defects.
During the period from July /.
l9ol, to September 80, 1908, there
was an increase in the amount of
money In circulation of 1902, ,99l .399.
Inc lncr.as In the per capita during
this period was $7.06 Within this
Time there were several occasions
when it was necessary for the Treas
ury department TO come to the relief
OF the money market by purchases of
redemptions of United States bonds {:
by increasing deposits in national
banks; by stimulating additional is
sues of national bank notes, and by
facilitating importations from
abroad of gold. Our imperfect cur
reney system has made these proceed
ings necessary, and they were effec-
tlvc until the monetary disturbance
IN the fall of. 1907 immensely increas-
cd the difficulty OF ordinary methods
or relief. BY the middle of Novem-
Der the available working balance in
the Treasury had been reduced to ap-
proximately $5,0OO,0n0 Clearing
: house associations throughout the
country had been obliged to resort to
ihe expedient OF issuing clearing
npuse certificates, to be used as
money. In this emergency it was de-
termned to invite subscriptions for
$o0.000,000 Panama Canal bonds, and
$l00,O00,0O0 3 per cent certificates Of
Indebtedness authorized by the act Of
June Is, 1908. 1t was proposed to res
deposit in the national banks the pro-
coeds of these issues, and to permit
their use as o basis for additional cir
eniating notes of national banks. The
moral effect Of this procedure was so
great that it was necessary to issue
only $24 ,631 $50 of the Panama Canal
I; bonds and $15.436,500 Of the oertifi-
Gates Of indebtedness.
During the seven years and three
months there has been a net surplus
OF nearly one hundred millions of re.
ceipts over expenditures. n reduction
OF the interest-bcaring debt by ninety
millions, III spite Of the extraordinary
expense Of the Panama Canal, and
saving Of nearly nine millions on the
annual interest charge. This is an
exceedingly satisfactory showing, es-
pecially in view of the fact that dur
ing this period the Nation has never
hesitated to undertake any expendi-
tnre that it regarded rs 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
engaged in Interstate business, and
especially tho railroads. I can only
repeat what ] have already again and
again said lii my message TO the Con.
eress. | believe that under the inter.
state clause Of the Constitution tina
United States has complete and para.
mount right TO control oil agencies OF
lntercstatc commerce ,and I believe
mat the National Government 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.
believe that it is worst than folly
TO attempt to prohibit all combina
lions as is done by the Sherman anti
trust law, because such a law can be
enforced only imperfectly' and un-
equally, and lis enforcement works
almost as much hardship as good. l
strongly advocate that instead Of an
unwise effort TO prohibit all combina-
tions, there shall be substituted law
which shall expressly permit combina-
uons which are in the interest of the
public, but shall at the same time
give to some agency of the National
Government full power of control and
supervision over them. One of the
chief features Of this control should
be securing entire publicity in all
matters which the public has a right
to know, and furthermore, the power,
not by judicial but by executive
action, to prevent or put stop to
every form of improper favoritism or
other wrongdoing.
The railways Of tho country should
DC put completely under the Inter-
state Commerce Commission and re-
moved from the domain of the anti
{aft law. The power of the Commits
8on should be made throughgoing, so
nat Il could exercise complete super
y's'oA and control over the issue Of