The San Francisco Call. Newspaper, December 4, 1907, Page 1

£ SAN FRANCISCO, WEDNESDAY, DECEMBER 4, 1907. : 3 = = President Sends an Outspoken Message | ~ Says That Only the National Government Can Give Proper Control to Interstate Commerce. = . A ¢ / . ke ¢ : : 3 NTIL the national government assumes control of : I ‘HIS country is definitely committed to the pro- | interstate commerce *.°* * it will be impossible tective system, and any effort to uproot it could not . cither to give to or to get from the railroads full justice. | but cause widespread industrial disaster. MRS b o T - > ' : ) Y T > - e - corporations might be enacted, or a|wanted In legitimate trade. This plan = 1 S 1IN th SSa combination of the two might be tried. would not permit the issue of our- Roosevelt's Well Known ; Salient Point e Message [ minasion.af the % leh v ik | Sonld' aee Forell oS e ol B ) 97 O , analogous to that now exercised over but to meet the emergency presented national banks. At least the antitrust| by times of stringency. S 1slati 1 . ; 16l T a I) Oh Cl CS A[ e S Ct F OI'th There should be legislation to control great business concerns. R ety T S T Do ol A BT Ol O A8 / P perience has shown have been of most|to emphasize my bellef that thers Provision for an emergency currency, based on adequate securities. R on Tha | st myatein SRt el e e real owners of a corporation should be and open to all sound banks, so as to T : | 4 ] . . - o . . 1led to do b in their own avoid all ssibilit t discrimination IH L I]Inlstal\able \N OIdS A national law licensing railways to engage in interstate commerce. hame. The Fght to hold stoek in other |and 'favoritism. Such a plan would corporations should hereafter be de-|tend to prevent the spasms of high e e nied to interstate corporations, unless|money and speculation which now ob- 4 2 = 7 . S . s S £ - t|tain in the York Kot, 1 - s w o year, F commends < AW M3 > b Fovernment of all owners and stock | cumalation at New York Cerapis bamk- Re ']i()I]SiMC for Unsettled Business and Limit the abuse of injunctions and protect those rights it invades. *| |Rolders, botn by the corporation own- | ers to lend it at low rates for specul o1 .1 |ing such stock and by the corporation |tive purposes, whereas at other timu C ] : % I 1 f i lm - ln;h!ch fs\u:l'l !locl:hls ofl;ll'ledAl ;;h"!l!:!lahnet c:lop'll nfre bell:‘ mo"hsd. there S A Sanhc 3 \Ct:] | ompulsory investigation of industrial controversies of magnitude. 3 Sonferwpon. e Natiengt Wovérn- o for' & Jvew WaC i Industrial Conditions in Nation 1 s & i s R e g ton e Y eant mever b gt WS¢ Navy is best guaranty that nation’s honor will not be neglected : Do icerns Shma s Intorstate. Cor | craliy quite' ss much oo banRers: dog: WASHINGTON, Dec. 3.—The annual message of | . . merce would benefit them, as it has|cially is this true of stockmen, farmers ki -4 | benefited the national banks. In the|and businessmen in the west, for at L . recent business crisis it is noteworthy | Present at certain seasons of the year the pICSldenl of the United States was received by the {It has been a misfortune that the|put an end to il corporations, to il} others. The conditions of raiload ac- |that the institutions which failed were the difference in interest rates betwesn oy . | national laws on this subject havel|big combinations of capital, as to de-|tivity, the conditions of our immense |institutions which were not under the|the east and the west is from 6§ to 10 senate at 12:43 p. m. loday, and within a minute Secretary hitherto been of & negative or Prohibi. | sive to pat an end to combinations of | interstate commerce, are such as to|supervision and. control of the national |per cent, whereas in Canada the corre- . tive rather than an afirmative Kkind,|labor, Corporation and ‘labor union|make the central government alone|government. Those which were under |Sponding difference is but 2 per cent. Bennett had begun the readmg of the document. The|and stiil more that they heve in part | alike have come to stay. Bach, if|competent to exercise full supervision|national control stood the test. Any plan must, of course, guard the in- b l’l » Sg‘ugat tlo progls‘lt what could not be!properly managed, is a suur;-ehot g‘ood and control. Benefi! & Ral'lnvay: :er:e:!:;:f"v{:l-xtern Ttnd so;xdthet;n ?a'n-. - | effectively prohibited, and have in part|and not evil. Whenever in either ere 2 oy y as it guards e inter- message was presented to the senate by the assistant secre | thelr’ prontbicions’ Sontounded e e S L A D,.'s’llzgnexl Wor"f s advational control of the kind above|ests of New York or Chicage bankers, 4 shou e allowed and what should| account; but it should recelve hearty e grave abuses in individual cases cate 'oul 0 e ne! O rawn from the st |- tary to the president, Latta, who had followed SenatorsiZneiq be sllowsa and mhat mhould | ooomnt bt e oholl reeele b L O ey ol e e ot | oints o S TErae ot s - - useless to try to prohibit all restraint|erly managed. It is profoundly Im-|represents wrongs not merely to|the standpoint of the public there is|nNo less than from the -tmm- of Allison and Teller, the committee which had made the | on"competition, whother this restraint | moral to. mut”or keop ‘on ohe iatute| the Eeneral public, but, bove all|meed for additional tracks: additional | the, city banker And the country bank y . be reasonable or unreasonable; and|books a law, nominally in the Interest Wrongs to fair dealing and hon-|terminals and such improvements in the | er. customary call upon the president. T L e e | O e e ey o e o et Tanres | e a4 repialy ae praniaaos suasll| Edsergaricy Curency > J % & ul. * e successful pros-|a premium upon public immorality, by S s Y e. mple, \};/ h . “ d the resu:lent o saxd the vener- | ecution of one device to evade the law un?iertaklng to forbid honest men from |and distrust which from the very na-|safe and speedv transportation Tacili: o,‘,;fi:‘e‘:“‘;‘;{”."&' ‘n':f COHUPP;T the need € have called upon P! ) immediately develops another device to| doing what must be done under modern | ture of the case tends to include in the|tles are even more necessary than cheap | {vo nasd & oo L e matter .’ de ok f the aisle, | 2ccomplish the same purpose. What fs| business conditions, %o that the lnw| SWeep of its resentment good and bad | transportation. —Therefors, there is| %2 1eed 2 greats Sastiely- In our able senator from lowa, standing in the center of the aisle, | needod is not sweeping prohibition of | itselt provides that its own infraction alike. From the standpoint of the pub | need for the investment of —meney | CITISUCY. Brovided. of course that we beside the equally venerable senator from Colorado, ““and |may” cend 6" restidt” sompetiion, hut | butiness sucecss. o alim at tho accom: % soon as the natural and’proper fo | wile At the sume iiime Securing. af | Sur,"gclry, Currency, There mist alc S ) ac 2 - i o sentment arouse ~|far as is pos he mf hat h il 1cat Wlth the senate 1n :xuocrlx1 Sie‘i.‘-‘fife ,?r‘i,‘i%'x:t'“é'é'y”;‘is{ffi,‘:’x’:n {’fi'.f"?éfi'&'n,?&silé’efi’z‘“fi'? :’::all(l&le'?e;:‘g Ccomes. Indiscriminate !A:;Quam‘fixfidnes shorter houts for tieire;x(::;lo‘yv:ss.e’l.‘h:rlg ";le lg‘b""“‘ authorities. Proviston he mforms us that he will communicate of competition from being to the detri- | often the doing of positive damage.|it also becomes not merely unwise and | fore, while thers must be just and rea- | $10uld be made for an emergency cur- _ > . The emergency issue should, of .- - . ”» ment of the public, as well as such|In my message to the congress a year |unfair, but calculated to defeat the very | Sonable regulation of rates, we should | LenCY: writing immediately. | supervision and regulation as will pre-|ago, in speaking of the antitrust laws,| ends Which those feeling it have in|be the first to protest against any ar- | SOUr®e. be made with an effective guar- 7 f' h d t f ll’] U .& St t ” ; vent other abuses in no way connected | I said: ;ieW-t Ther‘: )Ln- been p&nty ?( dtl;- hutr%iy gr(n’d umhn;‘klng an;v‘:’xlnent tg wl{ 'fl%;lwn conditions c.-enmy":::. 4 e(l with restriction of competition.” Ty onest wor y corporations in e | cul em down without the est an . " the ~Such - A message from the president of the Uni A, | e aien vour wttniionrin these| Combinations Needed ast. - There Will not'be the siightest|most careful consideration of all ‘. g:(!‘lf’m}::“:p';';‘:‘}mvb';‘fi‘: n adequate = otations to what I have already said| « M £ ctup in the effort to hunt down and|terests concerned and of the actual ernmen announced Latta, and the document was read. ek R Sl S b shomhe Botual worldng of onr Wit i | Punish every dishonest man. But the|needs of the situation. Only & special (3nd must he issued under a heaty tax. E 2 . | duty of the national government to bulk of our business is honestly done.|body of men acting for the national|LDRiS Would permit currency being fs- In the house the readmg was concluded at 3:17 o’clock, embody in action the principles thus combination, good or bad, is moxious!In the natural indignation the people|government under authority conferred |Sucd when the Temand for it was wr- . 3 ; e \ t. while securing lts retirement as expressed. . ¢ capital, ke combination of|feel over the dishonesty, it is all es-|upon it by the congress is competent| o' S e tment of the com- & tion of capital, : sentfal that they should mnot lose their|to pass judgment on such a matter. e demand fell off. It is worth inves- and the speaker announced his appointme The Regulation of O e st ]t 12 D¢ |heads and get drawn into an indiscrimi- hose who fear, from any reason, the [{Sating to determine whether - o 1 e s . - nate_raid upon all corporations, all|extemsion of federal activity will do Mpmmusmm mittee on banking and currency, with Fowler, its former; Interstate Commerce ___{Freiie complcsthy Tprmvent 1% 40| SeihSepatth, Sho SRS wil| WOTTE s T Blath ot Gy oF| ety i (e chairman, continuing in that position. The house then| o smai part of the trouble that we|vention would o damage to. the body| o Il 'O of any such wild movement € At e ot the (el ot b I3 = pure food law, and notably the meat gisla- Y O TN S, 1D S e pnti By at_we need 1s not vainly|joyer has come. On the contrary, the|inspection law recentl d. The|tlon to thiseffect should be dnacted : d 1 |h d treme the national virtus of self-re-|to try to prevent all combination, but i 14 cently enacte he a d]ougne u ltll ursaay. % < for the district of Columbi: liance, of Independence In initlative and | to secure such rigorous and adequate | SUrest way to "Q‘f'"zlfifg."d::,::ofgfie Phat ro‘::d;::-a';:s o Goiaged “for 'y | territortes. gl | of . action. It is wise to conserve this|control and supervision of the com-| "7 oo . Yet we m 1 A - 5 'y in a sweeping assault upon | decade, vet it has worked unmixed and must also remember that b, elegram Of reetin from Oklahoma S fil’St legxsla virtue and to provide for its fullest|binations as to prevent their injuring|OF Vis y even the wisest legist t g g g exercise, compatible with seeing’ that|the public, or existing in such forms groperty values and upon public col immediate good. The meat inspection|® e Wi 'gislation on the sub- o s e X dence, which would work incalcu law was even more violently assailed;|J®¢t can _only accomplish a certain ture to the congress was read in the house, eliciting great| ibery"aqsw'Sor become vy ™o | sttty fothesatn sty 52| Bisind S Tt Buslpens worid and | an thersume e wi Since | SmomRC X0 legiuition San sy any : agitators that in the revulsion the dis-| ment in seeking to oversee and 1| munity against the results of specula- applause- effective regulation nevitably breeds.|of sharply discriminating between | REZRLOFS Last A TRS TR S OT Cre O e el Dgiment“eflco;mggngg_ tive folly any more than it can suar the Kind of Iberty that the lack of all|should forbid all combinations instead | Would -produce such distrust of the| the atiitude of -the na vern- . - » ® - £ a 1l. ¢, Interest in the president’s message was intense in both | i founders of the constitution proc| thoge compinations which ,do,, evii | in'sincere and sane fashion, are trying | riers and business concerns, then as: | 12¢ee 81 individual against the results SogEramept to_remedy the evils.” serted that we were “discreditin a|Of his extravagamce.” When an indi - should have complete and sole control|combine for the purpose of preventing 2 € and | vidual m = br. hes The lleries were well filled. \ of Interstate comierce. There was then | & big shipper thom maintaining im-| The antitrust law should not be re-|ruining a great American Industry.”|Yidu: obiie Sases his house to.buy.an ranches. ga . Dt e I fersiate businecs suve | LranE Do et the expense of|Dealed; but It should be made both|Two years have not elapsed, and ai- m es disaster, and when wealthy men. ' ¢ representa- | recelves an exceptional reward:for his | Such 8s was conducted by water, and | small shippers ana of the general pub-|mote Sficlent snd Hors Ib Warmony|teady It has hecome evident that the | 2oce” as™ Suchy of - aitcansctIpulcCE nate and house of oD et | e Something can be done by leg- | this the national -government at once|lic. Such & combination, instead of being | WItS Setua CONG LORS- ¢ SEOWE, b 98 8 Scoompanied by an equal ben: [1¥ - or foolishiy eagae 4 islation to help the general prosperity, | proceeded to regulate in thorough-| forbidden by law, should be favored.| ., yination which does harm to the| efit to the reputable packing establish. | INdulgé in reckless fon—es- ithfully |but no such help of a permanently | §0ing and effective fashion. Conditions|s » ¢ It is a public evil to have| . ;.ra) public, such- amendment to be|ments. The latter are better off under|Pecially if it is accompanied by dis- ion beneficial character can be given to the | Dave now so wholly changed that the|on the statute books a law incapable| S moanied by, or to be an incident|the law than they were without it fionelly—tha)’ Jeopardize not only their o Do | T rmtte Soer or the | Interstate commerce by water s in:|of ‘full .enforcement, because ~Dboth|sccompaniediby. ot to be an incldent the law han (Hey ‘wars without it |, t9l% ZoeY Jechanting naCosty Cie L | romit of & poicy which shall inure te | sienificant compared with the amount| fudges and juries reaiize that its full| of. & Brant of supervisory power te|The benefit to interstate common car-|{inoeent fellow cltlsena for tiny ioes ours |the advantage of all industrious and|that goes by land, and almost all big| enforcement would destroy the business| . .o00q in interstate business. This|legislation I advecate would be equally | POSe the twhole business community (4% Toolish | efficient people who act decently, and | business concerns are now engaged In|of the country; for the result is to| SHERERC, B (0 uante 9 by brovision | marked ually | B a6 hng Qe o to hoard | this is only another way of saying that ‘l::;sr:'tentg“tcox:;:te{fi% -a,:s;l !;m?‘e’;lt]e‘éu'\l» :’a’i:;?effig:rn::fllv?fiwt? :&tt:e;:: for the o compulsory publlcation of B fil Resulti - Rovcs Ui n Soung | bl and loss Tortunate must of mecen: | controlled or Tegulated by the action | mium on the behavior of the willful |8ccounts Joanc tle sublectien ofjoenefiis Mesullng : S 8 | come even mere fo the mere apie | Of any one of the several states; such|wrongdoers. Such a_ result in turn|books and papers to e Wspecl|p o poo Eood T aws Hard to Improve . SSoei. |and more fortunate. If, therefore, the |action inevitably tending to be ‘either|iends to throw the decent man and|UOR OF RS BOYSTIOTSRl TS SaC o0 pst & as a rule, 1‘,’“; less fortunate man is moved by envy | too drastic or else too lax, and Injthe willful wrongdoer into close asso-|J gh Ee IV Ialon by the estabMabaert Incidentally, in the passage of the e income account of the natlom ls ¢ conducted it | his more fortunate brother to strike | either case ineffective for purposes of | ciation, and_in the end to drag|Sych superwieior by Tie SHESC) pure food law, the action of the varfous|in & most satisfactory condition. A ™ (oPPalS | at the conditions under which they | justice. Only the national government|down the former to the latter's . % state fopd and_dairs = commissioners | the siX fscal vears ending with the AT, L el have both, tnough unequally, pros.|can in thorough going fashion exercise|jevel; for the man who becomes a|[rksome Delay showed . & ~fashion ow- much | 15t of July last. the t 21l our legitimate | J0r0a " the result will assuredly | the needed control. This does not mean| jaw 'breaker in one; way unhappily good for the whole people results from | 2nd revenues of the national govers- nmercial enterprises. e while damage mav come ty|that there should be any extension of | tends to lose all respest for law and to| The antitrust law should not pro-|the hearty co-operation of the federal Ment, exclusive of the postal revenues Vi & |ty one struck ““' e Visit | federal authority, for such authority | pe willing to break it In many ways.|hibit combinations that do no injustice|and state officials in securing a given|®Nd expenditures. were. in round num- Must War Agamsi | With an even heavier load the one whe | already exists under the constitution In|No more scathing condemnation<could | to the public, still less those the exis:|reform. It is primarily to-the action|Ders. revenues. $3.165.000,000. and -ex- : 4 | Strikes the blow. Talken as & whole | amplest and most far reaching form:!/he visited upon a law than is contained |tence of which 1s on the whole of|of these state commissioners that we | Denditures. $3.375.000.000. The net ex- Successful Dishonesty e Tust 81 20 UD or dbwn tog tmeole,| Pt it does mean that there should be |in the words of the Interstate commerce | benefit to the public. But even if this| gwe the enactment of this law; for|CeSS of income over expenditure, in- in any large body of mer o ok BEUIET. |4 extension of federal activity. commission when, in commenting upon | feature of the law were abolished| they aroused the people, first to demand | CludINg in the latter the '$50.000.000 v Energies Badly Used | P the fact that the numerous joint traffic|there would remain as an equally ob-| the enactment and enforcement of state | SXpended for the Panama canal, was T it b A o Not Centralization e miationa do technically Violate the |Jjectionable feature the difficulty and|laws on subject,and then the enactment | 3199.000.000 for the six years, an @ve such tha x : inaisting tpon this, 1t s 3150 (rie that| This is not advocating centrallzation, |law, they sav: “The decision of the | Q6% BoN IReNEhn i0 tiow sunimit. 0] ora b T o ot e | P epresnta an wpbroximation Bo wsa Ty t Wwhere there is no governmental re “.‘f ) lm"k“"‘“‘,t.’i;a;,:e I haal | tvany MIEROTE irksome and repeated delay before ob-| There must be the closest co-operation | inCome and outgo which it would he straint or superv : reeliz g AR N A tion case has produced no prac- | taining a final decl.floln of the courts| petween the national and state gov-|hard to improve. The satisfactory ptional men us enereies, not|ne b on the railway operations | Upon proceedings instituted, and even|arnments in administering these laws. | Working of the present tariff law has that are for the common good, | avoided or undone, and that the public| tical effect upon tag BUUNEY CRICAC O a favorable decree may mean an emipty s been chiefly responsible for- this ex- in ways which tell against this| &t large can oply protect dtself from|of the country. SCCh, SSSOCEIONE 2 | victory. Moreover, to attempt to con- [ Need Revisign of cellent showing. Nevertheless, there Is common good. The fortunes amas: certain evil efforts of this business|fact, exist now as did e trol these corporations by lawsuits an evident and constantly —grow} through corporate orgenization are now | céntralization _b¥ _providing hotter! these decisions, and with the same gen-| o0, PC% fin05e™ unon both the de- Carrency Laws . Tesling among our-peenle’ that e "’: 4nd vest such power in these | methods for the exercise. of controlfera) effect. In'justice to all parties we | MRRVE (o /MPOST MBOG AOIN (8 (oL L ui 3} Teeling ATons our pevle St 8 e an o make 1t % mai.| hroush the authority already cen-|ought probably to add that it is difficult | paxtment of fusties and the courts SR| “yn iy message to the congress a| i3 riPidly approaching when our sya- Laslty to Elve Lo the soversian | tralized in the national government by |to see how our interstate raflways could | impossible burden: It 1% not fsesivle] o0 G5 T spoke as ‘follows of the |oomsen ‘be ds of busi- o the Cgovernment . which|the constitution itself. There must be|be operated with dueyregard to the in-|t0 0atry on more thay & Lmited BUI|e L.y ol - = ind. When the .nts the people as & whole—|no halt in the healthy constructive|terest of the shipper and the raflway | 20,08 it Pe s t™0f course be ad-| "I especially call your attention to Counlry Commiited to coesstully dishonest| some offective power of supervision | course of action which this nation has|without concerted action of the kind ministered by an executive body, and|the condition of our currency laws. The 1 suffering comes, | SO RC N orate. use. In otder 3a | elected to pursue, and has steadily pur- | afforded through these associations. Rot merely by means of lawsuits, The | national bank act has ably served a | Profective Suslem them, but upon the In-{;,5ure a healthly social and industrial| during the last six years, as| “This means that the law as con-| 325 ™A &0 PR fvent the abuses | €reat purpose in atding the enormous 5 ,m they have misled. Hife, every Dig corporation sheuiy ha|shown both in the legislation of the|strued hy the supreme court is such |Jesign should be to prevent the sbuses| 5ot (U 8C0eiopment of the country.| / This country is definitely committed enever | held responsible by and be accountable | congress and the administration of the|that the business of the country can-|,n3"ympropar conbinatfons, instead of|and within 10 years there has been an | to the protective system and any it does 0ccur | ¢o"some govereign Strong enough to|laW by the department of justice. The{not be conducted without breaking it.” | {ih iePUiRIY (1A are in existence and | Increase in circulation per capita from | to upreot it could not but cause -~ | control its conduct. 1 am in no sense|MOSt Vital need is in connection With, AsI have elsewhere said: then attempting to destroy them by|$21.41 to $33.08. For several years| spread industrial disaster. In other { hostile to corporations. This is en age|the railroads. As to these, in m( P Publicil civil or criminal proceedings. evidence has been accumulating that| words. the principle of the present tar- | of combination. and any effort to pre- |judgment there should now be either roper Publicity ‘A combinatfon should not be toler- |additional legislation is needed. The|iff law could not with wisdom be both wise and|yent gil combination will be not only | Rational incorporation act or a law| waj) ¢nis is substantially what T have|ated if it abuse the power acqiired by | récurrence of each crop $eason em-|changed. But in a country with sueh as possible 10| ygeless, but in the end viclous, because | licensing railway companies to engage|.,i3 over and over again. Surely it|combination to the public detriment.|Pphasizes the defects of the present|pheénomenal growth as ours it is prob- ss of those Who have | of {he contempt for law which the fail- | N _interstate commerce upon certain |oyone not to be necessary to say that|No corporation or association of any|laws. There must soon be a revision|ably well that every dozen years or so guilty. Vet it 18/ yre 1o enforce law Inevitably produces. |conditions. The law should be solf"§ /" ("chape or way represents any | kina should be permitted to engage in|Of them, because to leave them as they | the tariff laws should be carefully scru- of such | We ghould, moreover, recognize in cor- | {ramed as to give to the interstate com- hostility to corporations as such. On|foreign or interstate commerce that|&are eans to Incur lability of busi-| tinized so as to see that no excessive 0 end 0 dial end ample fashion the immense|merce commission power to-pass upon|n. contrary, it means a frank recogni- | {s formed for the purpose of, or whose | ness? disaster. ~Since your body ad-|or improper benefits are conferred altimate | go0q effected by corporate agencies in |the future issue of securities, while |5 "¢ the ‘fact that combinations of | operatiops create, a monopoly or gen-|Jjourned there has been’ a fluctuation in | thereby, that proper revenue is pro- ces of the suffering, and as a means|s country such as ours, and the wealth | Mple means should be provided to en-| ;0] like combinations of labor, are|eral control of the production, sale, or | the interést on call inoney from 2| vided and that our forei trade is where possible, to punish|of jintellect, energy and fldelity de-|able the commission, whenever im its| g8 R0 M0 e 08 modern conditions | distribution of any one or more of the|Der cent to 30 per cent, and the fluctua- | encouraged. There must ys be as nsible for them. Theremay |voted to thelr service, and therefore|Judgment It is nwfilg;rn to make a3 03"6¢ our national development. AS{pri necessities of life or articles.of | tion was even ater during the pre- | a minimum a tariff which will not only nest differences of opinion as 10 normally to the servica of the public, ¥hysleal valuation of v rallroad. As far as in my ability lies my endeavor | general use and necessity. ceding six mont The secretary of the | allow for the coliection of an ample v governmental policies, but surely | by their officers and directors. The cor- | L Stated In my message to the con-|i.",,3 will be to prevent abuse of pow- | binations are agamst public policy;|treasury had to step in-and by wise| revenue. but which will at least no such differences as to|poration has come to stay, just as the | Bress a vear ago, railroads should be| 0% " gither and to favor both as long |they violate the common law; the doors | action put a stop to the most violent| good the difference in_cost of pro- he meea of unflinching perseverance inlirade union has come to stay. Kach can | Eiven power to enter into agreements,| g 3. v 4o well. The alm of the na-|of the courts are closed to those who|Period of osclllation. Even worse than| duction here and abroad: that is, the '»,: war against successful dishonesty.!do and has done great good. Each |Subject to the agreements being made tional govarnmeit is quite as much to|are parties to them, and I believe the|Such fluctuation is the advance difference in the labor cost and in iy message to the congress on | should be favored 80 long as jt does|Public in minute detail and to the con-| PORE BRCCIICCH honest corporations, | congress can close the channels of in- | commercial rates and the uucertainty |abroad. for the well being of wage Deocember 5, 1905, 1 sald: good. Bit each should be sharply |9ent of the interstate commerce com-|{FYCL ™0 fnossmen of wealth, as to|terstate commerce against them for its | felt in the sufficiency of credit even|worker must ever be a cardinal 7" he foily of man mars the general | checked where it acts egainst law and |mission being first obtained. Until the | pOBERt, PESERECRE 000" indtviduals and | protection. The law should make its|at high rates. All commercial inter-|of American policy. The question L e £ then those who are innoosnt | justice. national government assumes proper | oonE [fihe' Teprasenting dishonest | pronibitions and permissions as clear |sts sufter during each crop period. | should be approached Iy from & ot ine folly will have to pay part of 3 control of Interstate commerce, In the | 0CHIGL ¥ Nout certainly there will be|and definite as possible, leaving Excessive rates for call money in New | buginess standpoint: both the time and O e penaity meurred by those who are | State Action Useless exercise of the authority it 'already|BethOOS Jo08G SRR ot Tiont aue | least possible’ room for arbitrary ac-| York attract money from the Interior|the manmnmer of the change being such. e Beof the folly. A panic brought| «e e o . . i possesses, it will be Impossible either | Bo relaxation BV &5 EpVeCinent A allegation of such action, on |banks into the speculative field. This|as to arouse the minimum of a cuflbz :)he speculative folly of part of P 7 e mmf nmar:x«dfl OUur|to give to or to get from the raflroads r:ut Taflroad wreckes ny man wl\z the part of 51, executive, or of diver-|depletes the fund that would otherwise!| tion and disturbance in the e "business community would hurt| Sy that the regulation of (ntorstht| Sunl wacrorations Wik o waly 5| by clever swindiing devices robs in:|gent infsrpretations by the courts |be svallable for commercial neus and|world. and to give the I sola the whole business community, but| ,mmerce should come within the 1ze that this control must come: | VeStors, oppresses wage workers and Among eg nts to be al oul abnormal rates, so that each fall ctional motives. Such stoppage of welfere, though it|THCrEoF the general government. The | LucoBmizs, 2 €| joes injustice to the general public.|be the prohibition of unhealthy com-|P&y consideration should be to see . v question is as to what govern. 3 a tax, In the shape of increased interest sight be severe, would nof be lasting | arguments in favor of their taking this | micntal body can most wisely. exercise | BUt any such move as this is In the in: gl stk e DY orendering service | charges, is placed on the whole com- | Lo pablic good. This means In the LomE T R eperity of the coun. |iiapd. were even then overwhelming.|ir.. -The: courts-wil . detesmine cus|CRreat ot Honcgt [olinay, cpetdtors of)BE S 88 p il enstion the merce of the country. e tannat “with windous be T Pk ‘Individual character of | But, they, are far stronger today, in|iimits within which the federal author. | Nlenest corporations &nd of those who | SOINEAE doiion’of capital, and the pro- | Syst Defective Fith in the year preceding a. ; irage American worker. the av- | Goat “huginess agencies, Gmunlly cov. | \C,con exercise it and tnere will still |WheR 1A%, PEohas wish o be assurea|bibition of a corporation’s making ex: (SUSicm - €1€C y 2 ~ | remain ample work wi n each state = T ek bo xheaisl or MR | Loy et s TP nach Bey Wiy for the rallway commission of that|thal taese S P e e businass Sving sny trade with itselr Reason: shows that our present s v 3 4 state; an e national inters e com- lously ded ve. ere need of a rhether be be farmer or Wake Worker,|to_get any adequate regulation and|merce commission will work in har-|purposes. To confer upon e atinan :l‘;l:a‘ cm'-l::%l:-:‘tfion- should change. Unfortunately, however, man: businessman or P! k supervision of these great corporations| mony with the several state commis-|government the rAoREy elf Sk b od. provided they are mtb‘ of the pro d changes must be ruls Interests Intertwined by state action. Such regulation and|sions, each within its own province, to|Would he a check upon ‘overcapitaliza- | ted. BIOT it o4*% 7 dome appropriate | from consideration because they are - | achieve the desir end. pon complicat are easy of col re- “In our industrial and social system :‘;cpx:revdml?; ?n-oo&?el: °w‘tf.§3" farts.. | B! , B ;’eo:efl&i? db‘; ov:rc”t;u;l.i:t aur:‘blem.‘ government body. henlllo‘n '::'A teunottn mlmrtt- exis! the interests of all men are 8o closely | giction is coextensive with the field of | Anfitrust Law Should '|alone would mean an increase in the|p f Congress £ rights and Interests. We must alss ntertwined that in the immense major- | work of the corporations—that is, by & Value, an increase in the safety, of the |4 oWer of Congr Tule. ofit_any plan . wh ity of cases a straight dealing man who | the national government. 1 helleve| Nof Be Repealed tocks and bonds of law abiding, hon-| The congress has the power to char-| terially by his efficiency, by his ingenuity and|that this regulation and supervision estly managed s, and would ren- | ter corporations to engage In inter- now plo“fl to| When our tax laws are revised thet industry, benefits himself must alSo|can be obtained by the enactment of| Moreover, in my judgment there|der et their securi- | state and foreign commerce, and a gen- ulation, the issue of which | question of an tax and an benefit others. Normally ghe man of |law by the congress. ’ * * ishould be additional legislation look-| I belleve In proper publicity, | eral law can be enacted under the pro-|{ was e under ‘conditions peculiarly nee tax should receive the. great productive capacity who becomes | Qur steady aim should be by leslllulm ing to the proper control of the great|There has been complaint of f | visions of which existing corpora creditablo to the treasury. 1 do not|attention of our legislators. Tich by guiding the labor of many other | cautiously and carefully ~undertaken, | business concerns e ed 1n_inter-|the investigations recentl d could take out federal eharte: nt both of men does 80 by enabling them to pro-|but resolutely persevered in, nto as- | state business, this fi?w\ 20 be ex-|but those who coI S| cot c s duce more than they could produce|gert the sov. ty of the natlonal|ercised for their own benefit and pros- |tho blame where ated. An rovision of such a of ers. Among the Without his guidance, and both he and | government by rmative action. erity no less than for the protection of | the mis __whicl 1 .w should be amethod of Pr-deknnln— lans which are possibly feasible and |tax ! they share in tll’:a btu;eflt. wl;g:h 'e:;::a = "Thhl: is on}{“ lornl: an h'r{ov-.&lw. fi“utxln 2 of the gen 3 R not'mn ing by n?nn - g t‘or commis- &% certainly shoul uplic at large. e - | In substance merely a restoratio) c. ve repeatedl: brough sion whether the applicant for a federal ;l«::x“t'n::’t'etga? the sharing may be un-|for from'the earliest (’l'm. such es to the congres ¥ is respon: T turn- . % %o uch reg messag! 4 p was an association or com- blind us to the under- |jation of industrial activities has been|#isewhere, experience - _definitely | ing o ] ?. but it is not & %E;‘ i 1 strictions of the cqual must never BN and | recognized in the action of the law- ot maraly G TAVIE 'l'v‘n% ”&v‘?%&w\laz Showed T B e Aol ats oo % ¥ ing” t there is this sharing 0 shown ¥ a e e e omen in some degree | making bodles: and all that 1 proposs| the Tutiity of endes: X FSomplate publl io each man concerned. Normally the is to meet the changed conditions in|stop to all business co n}h e &1 the public. and complete A wage waorker, the man of small means | such manner as will prevent the com-|ern industrial condis 3 latd 1t y 't investing public and | nati banks n:a‘ the average consumer, as well as :nnwulth abdicating the fuwer it has| combination not % > share ders in the mfi}t’n of is %g issue an F h a specified the average ucer, are all alike wm%ffly n this coun- | inevitable. Z e raged nmerce 0 cur = eir capital in notes of econditions such that |try, butalso in before and n the | % nstic e t ? 4 5 e to | business ability became & -