Show RESIDENT N J NT nm M abw ROOSEVEL 0 af O va ra if a agoa 4 EVEL I 1 no M TS JL 9 S M ESSA E 3 WWI firma 1 A I 1 I 1 ant T I 1 U M III III drw ari I 1 I 1 I 1 declares CLARES vE M aa wd PTA ahat MEN ff I 1 WHO D 0 W K 1 11 WT UL V m IM H b A LAIfi IN M 0 Elk r E W SHARE i I 1 1 I 1 I 1 I 1 I 1 ail I 1 E L W 11 law A etayl y 1 v W M p M XV M 2 dl d L M E DUC L N I 1 I 1 I 1 I 1 president advocates protection for the Wage workers when crippled or worn out as result of I 1 their heir occupations pays tribute to high character and justice of judges of the courts and explains impossibility of injunction measure as written by b y labor leaders I 1 sa says I 1 y s preservation of forest must be furthered cites the need of a larger navy comments on progress toward self government in the philippines becom recommends mends E extension extension of parcels post favors 1 11 1 1 J I 1 postal savings savin 9 s bank 1 corporations should not be f I 1 i 7 c allowed to carry on swindling stock deals I 1 N washington dec 8 interest in both houses of congress centered today in the presidents message senator aldrich ozi on behalf of the committee and representative payne for the house committee appointed to notify the president that the two bod les were in session informed ther their respective houses that they had performed their duty and each rep reported 0 arte rte d that the president had responded with ith a statement that he would immediately submit a message in writing secretary latta followed close upon the heels of the committee appearing first in the senate and then in the house the reading of the message began in the senate at al 1215 and in thi the house a few minutes latero later the galleries k ries of both houses were well allied all senators and representatives were with printed copies of the message which contained ati an elaborate ola borato appendix accompanied by n numerous n illustrations showing the results of work of 0 the forestry bureau senators and members gave comparatively ively little attention to the reading of the message but most of them busied themselves with the printed copies before them presidents MESSAGE to the senate and house of representatives senta tives tile the financial the nation at the present time is excellent V and the financial management of the nations interests by uio government during the last seven years has shown the most satisfactory results but our currency system to ie imperfect and it ts Is earnestly to be hoped that the currency commission will be able to propose a thoroughly good system which will do away with the existing detects defects during the period from july 1 1901 to september 30 1908 mero was an increase in e in the amount of money in circulation of the increase in the per capita pita during this period was within this time there were several occasions when it was necessary tor for the treasury dopart department part ment to come to the relief ot of the money market by purchases or re dempt ions of united states bonds by increasing deposits in national banks by stimulating additional issues of national bank notes and by facilitating importations from abroad of gold our imperfect cur currency currance ranc 1 system has made these proceedings necessary and they were effective until the monetary dla dis tui bance in the tall frill of 1907 immensely increased the difficulty of ordinary methods of relief by tho middle or november the available working balanco balance in the treasury had been reduced to approximately clearing house associations throughout the country had been bean obliged to resort to the expedient of issuing clearing bousa certificates to be used as an money noney i in this emergency it was determined to invite subscriptions for panama canal bonds and three per cent certificates of indebtedness authorized aby by trio act of june 13 1898 1808 it was proposed to re deposit in the national banks tho the proceeds of these issues and to permit their use as a basis for additional circulating noten noted of national banks tho moral effect of this procedure duro was so great that it wis was necessary io 0 o issue only or the panama canal boada and of tho the certificates of indebtedness J during the period from july 1 1901 1901 to september 30 1908 tho the balance bo be kweon the net ordinary receipts and tho net ordinary expenses of tho the government showed a eli eliphus plus in the four years 1902 1903 1003 1906 and 1907 and a deficit in tho the years 1904 1004 1905 1908 and a fractional part of tile the fiscal year 1909 the not net result was a sur plus of the financial operations of the government during this period based upon ullon these differences between receipts and expends turoa tures resulted in a not net reduction of tho the interest boating debt cent of the united states from 0 jo o notwithstanding that there hart had been two sales of panama canal bonds amounting in the nag regato to 54 I 1 f T and an issue or three per cent certificates of indebtedness under tue act of june 13 1898 amounting to refunding operations of the treasury department under tinder tho the act of march 14 1900 resulted in the con N arsion into two per cent consolo of 1330 1930 of a donds bonds bearing higher rates of interest A decrease of in the annual interest charge resulted from these operations in short during the seven years and three months there has been a net surplus of nearly one hundred hunared millions of receipts over expenditures a reduction of the interest bearing debt by ninety millions ln in spite coffle 4 e eAra extraordinary ordinary expend expense I 1 0 of f afi the e 1 panama I an am a canal and a saving of nearly nine millions mallio s on the annual interest charge this is an exceedingly satisfactory showing especially in view of the fact a that during this period the nation has never hesitated to undertake any ex pen dituro that it regarded as feces fary eary there have been no new taxes and no increases of taxes on the contrary some taxes faxes have been taken off there has been a reduction of taxation corporations As regards the great corporations engaged in interstate business du 0 siness and especially the railroads I 1 can only repeat what I 1 have already again and again said in my mese messages ages to the congress I 1 believe that under tinder the interstate clause of tile the constitution the united states has complete and paramount right to control all agencies of interstate commerce and I 1 believe that the national government alone can exorcise this right with wisdom and effectiveness so ns as both to so se calro justice from and to do justice to the great corporations chien are the most important factors in modern business I 1 believe that it is worse than tolly folly to attempt to 10 prohibit all combinations as is done by the sher man antitrust anti trust law because such a law can bo be enforced only imperfectly and unequally and its enforcement works as much hardship as good I 1 strongly advocate that instead of an unwise effort to prohibit all combinations there shall bo be substituted a law which shall expressly permit combinations which aro are in tho the interest of tho public but shall at the same time give to some agency of the national government full power of control and supervision per vision over them one of the chief features of this control should be securing entire publicity in all matters which the public haa ha n right to know and furthermore tho the power not by judicial but by executive action to prevent or put a stop to every form of improper favoritism or other wrongdoing the railways of the country should bo be put completely under the interstate commerce commission and removed from the domain of the antitrust law the power of tho won faion should be mato made thoroughgoing thorough going so that it could exercise completo complete supervision per perv vision Islon arid and control over tho the issue oi securities as well as over the raising and lowering of rates As regards rates at least this power should ba mi summary mmary tho the power to investigates investigate the financial operations and accounts of the railways rall waya has boon been ono one of tho the most valuable features in recent legislation power to maxo combinations and traffic agreements should be exl conferred upon tipon tho the railroads rail roads the permission of the commission boing being first gained and tile the combination or nr agreement being published in all its details in the interest of tho the public the representatives of the public should havo bavo completo complete power to sea that the railroads do thear duty by the public and as a matter of course this power should also bo be exercised so as to seo see that no injustice is done to tho the railroads the shareholders tho the em aloyes and tho the shippers all have interests that must bo guarded it Is to tho the interest of all of thorn them that no stock speculation should bo allowed and that there should bo be no improper issuance or of securities tho the gulding guiding necessary for the successful buil dlug and successful I 1 of mil railroads roads should 1 L I 1 receive ample remuneration but no mau man I 1 should be allowed to make money in connection with railroads out of fraudulent over cap and kindred kindrea stock gambling performances there must be no defrauding of investors oppression of the farmers and tousle bust ness men who ship freight or callous disregard of the tights rights arid needs of the j in addition to this the interests of the shareholders of the employed emp loyes and of tho the shippers should all be guarded as against one another to give any one af them undue and improper consideration Is to do injustice to the others rates must bo be made as low as Is compatible with plying giving proper returns to all the em ploy aloyes of the railroad aro from m the fhe hies highest gh to the lowest and proper returns to the shareholders but they must not for instance bo be reduced in such f fashion as lit on as to necessitate a cut in the wages of the employed emp loyes or the abolition of the proper and legitimate profits of honest gh shareholders ar e ho jae r a telegraph and telephone companies engage engaged dIn lii Inter interstate business should be b put under the jurisdiction of the interstate commerce commission it Is very earnestly to 10 be wished that our people through their representatives senta tives should act aci in this matter it ls is hard to say whether most damage to the country at large would coma from entire failure on the part or the public to supervise and control the actions of the great corporations or from the exercise ot of the necessary governmental power in a way which would do injustice anti ana wrong to the corporations both the preachers of ar an unrestricted individualism and the preachers ot of an oppress oppression lon which would deny to able men of busin business esq tile the just reward of their initiative and business sagacity are advocating policies that would be fraught with the gravest harm to tho the anole country to permit every lawless capitalist every law defying corporation to take any action no matter now iniquitous in the effort to secure an improper profit arid and to build up privilege would bo be ruinous to tho the ro republic public and would wark nark the abandonment of the effort to secure in the industrial world the spirit of democratic fair dea dealing ling on the th other hand to c those wrongs in that spirit of 0 demagogy which can see wrong only illien anen committed by the man of wealth and and is dumb and blind in the pre presence senco of wrong committed against men of property or by men nan of no property la is exactly as evil ph q corruptly to defend the wrongdoing of men inen of wealth tho the war wo we mage must be waged against misconduct against wrongdoing wrong doing wherever it is found and we must stand heartily for the rights of every decent n man n whether hether 4 he b be e a man of great wealth r a man who earns carag his livelihood as a wage wago worker or a tiller of tho the soll soil it is to the interest of all of us that t there it er 0 s should bo be a premium put upon individual Initia initiative e a and nd individual capacity pr city and nn an ample reward for the preat great directing alone competent to manage the great bustness business operations of today it is well to keep in mind that exactly as the anarchist Is the worst enemy of liberty and the reactionary the worst e enemy of order so the me men who defend the rights of property have most moat to fear from the wrong doers 0 ot great wealth and the mon men who are championing popular rights have most to foai from the demagogues who in the namo name of popular rights rients would do w rong to and oppress dionest business won honest men of wealth for the success of either type of wrongdoer wrong doer necessarily invites a violent reaction against tho the cause the wrong door nominally upholds in point of danger to the nation there is nothing to choose between on the one hand the cor the bribo bribe giver the fhe tho the man who employs his great latent to swindle his follow fellow citizens on an a large scale and on the other hand tho the preacher of class hatred the man who whether from ignorance or from willingness to sacrifice his coli country to his ambition persuades well meaning but wrongheaded wrong headed men to try to destroy the instruments upon which our prosperity mainly rests lot let each group ot of men beware I 1 of and guard against the shortcomings to which that group Is itself most moat reliable abo often we see the business community in a spirit of unhealthy class claas deplore therefore to hold to account under the law the wealthy men who in their management of great corporations whether railroads street railways or r other industrial enterprises have behaved in a way that revolts the conscience of the plain decent people such an attitude can not be condemned too severely for men of property should recognize that they jeopardize the rights of property when they tall fall heartily to join in the effort to do away with w ith the abuses of bt wealth on the other hand those who advocate proper control on behalf of the public through the state of these great corporations and of the wealth engaged on a giant scale in business operations must ever keep in mind that unless they do scrupulous jus jur tice to the corporation unless they permit ample profit and cordially encourage capable mon men of business so long as they act with honesty they are striking ng at the root of our national for in the long run und under the mere pressure e of material distress tho the people as a whole would probably go back to the reign of an unrestricted individualism rather than submit to a control by the state so drastic and so foolish conceived in a spirit espirit of such stich unreason bale and narrow hostility to wealth asto prever prevent lt business operations from being profitable and therefore to bring ruin upon the entire business community and ultimately upon the entire bd body y of citizens the opposition to government control of these great corporations makes its most effective effects ve effort in the shape of an appeal to the old doctrine of states rig rights lits of course there aro are many sincere men who now believe in unrestricted stricter strict ed individualism in business just as thero there were formerly many sincere men anen who believed in slavery that is in tho the unrestricted right of an aai individual to own another individual these men do not by themselves haxo haie great weight however Jio wever the effect ivo ive fight adequate government control and supervision of individual and especially of corporate wealth e engaged in interstate business is chiefly lone done under coyer cover and especially under cover of an appeal to states rights it is not at all infrequent to read in the |