Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1902-12-04
PRESIDENTS
MESSAGE
COUNTRY Still CONTINUES IN
A PERIOD OF uNRoUNDED
PROSPERITY.
REGULATION or The TRUSTS
PRESIDENT URGES CONGRESS TO
REGULATION or THE TRUSTS
PRESIDENT URGES CONGRESS TO
GIVE THE SUBJECT EAR.
NEST ATTENTION.
TARIFF MUST MOI Of DISTURBED
FINANCIAL LEGISLATION = HAIR
MoNY BETWEEN CAPITAL
AND LABOR.

The following is q synopsis OF the
presidents message:
TO the Senate and House OF Representa-
We sim continue, In a period OF un.
not the creature of law, but undoubtedly
the laws under which we work have been
Instrumental In creating the eonasSaoss
legislation IL would be easy enough 10 de-
stroy 1t. There will ~undoubtedly be Pc
riods OF depression. TIL wave VIII re7
cede; but the tide will dyanc Ihls "a ..
ton is seated on a continent hanked py
two great oceans. II Is composed OF men
the descendants e pioneers m o., IN :
moved out from aniong the NATIONS or the
love of adventure found in their, own
viii surely wrest success from fortune.
AS a people we have played q large
part In the world, and We are bent upon
past. In particular, the events on tns
last four years have definitely decided
that, for woe or for veal, our place must
ether ram greatly or succeed greatly;
Eut we cannot avoid the endeavor from
which either great failure or great sue
cess must come. EYen y We w We sso,GiSd
try, all tina would follow would be that
we should play a large part tsnobiy ana
OF course. when the conditions nave ia
vored the growth of so much that was
good, they ave also favored somewhat
the growth OK h was EVIL. ~ y EN-
lfnently necessary that we should endea-
4 vor to cut out this eveil, but let as keep a
due sense OF proportloni let US not ~
fixing our gaze upon the lesser egn aool
and some of them menacing, but they are
the outgrowth, not OF misery OF ueca-
denee. but of prosperfty-of the prosLsss
of our gigantic Industrial developInent
This Industrial developments must nor pc
checked, but side by side with II snouiu
go such progressive regulation as VIII ui-
minish the evils. We snousd sa the
evils. but we shall succeed only II we pre-
coed patiently, with practical common
sense as well as r~e sod usna holaing on
g the former while ~endeavorlng &c set
rid OF the latter
Public Regulation OF IrusIs
In my message 70 the present congress
at ita drsr session I discussed at length
the question, OF the regulation OF those big
corporations commonly doing an inter
state business. often with some tendency
70 monopoly. which are popularity known as
trusts. The experience OF the past year
has emphasized. in my opinion, the deslr-
ability Of q the ,a stePs ! y .ne socIa epp efficiency
As. 4 high standard of Individual energy
and excellence. but this Is IN no wise IN
consistent with power 70 act ia complna.
zion for aims which cannot so well be
achieved by the individual acting alone.
a Fundamental basis of civilization Is the
i~nviolability OF property put THIS y ~
no wise inconsistent with the right OF
society TO regulate the exercise or me
artificial powers which IL %confers upon the
owners Of property, under the name of
| corporate franchises In such a way as TO
prevent the misuse of these powers.
Corporations. and especially ccmbina-
tion9 Of corporations, should be managed
under public regulation. Experience has
shown that under our system of govern
ment che necessary supervision cannot pc
obtained by state action. II must there
fore be achieved by national action. our
on the contrary, these big a~ggregatlons
are an inevitable development OF modern
industrialism, and the effort TO destroy
them would be futile unless accomplished
in ways that would work the utmost mis-
chief to the entire body polite. We can
do nothing Of good in the way OF rsgulat-
until we fix clearly In our minds that
we are not attacking the corporations,
but e~ndeayoring to DO away with any
evil In them. We are not hostile to them;
we are merely determined that they shall
be SO handled as to subserve the public
good. We draw the line against miseon-
I duet, not against wealth. The capitalisI
who, alone or In conjunction with his
fellows, performs some great industrial
feat by which he wins money Is a we'll
doer, not a ~wrongdoer, provided only he
works in proper and legitimate lines. We
wish 10 favor such q man when he does
well. We wish to supervise and control
his actions only to prevent him from do
ing III. Publicity can do no harm 10
the honest corporation, and WI need not
be overtender about sparing the dishonest
corporation.
tons Of capital which are or may become
Injurious TO the public we must be careful
not to stop the great enterprises which
have legitimateIy reduced the cost of pro-
duction. not TO abandon the place which
Y our country has won In the leadership of
the international Industrial world, not to
strike down wealth with the result of
closing factories and mines. OF turning
the wage-worker idle in the streets ana
leaving the farmer without a market for
what ne grows. d 5nslSte in upon the i'm Inn
possible, exactly as. on the other hand.
the stubborn defanse alike or what Is
good and what Is bad In the existing sys-
TEN. the resolute effort TO obstruct any
attempt at betterment. betrays blindness
10 the historic truth that wise evolution
is the sure safeguard agains revolution
No more important subject can come
before the congress than this OF the reg
ulation of interstate business. This coun-
try can not afford to sit supine on the
plea that under our peculiar system of
government we are helpless in the pre-
sence of the new conditions, and unable to
grapple with them. The power of the
congress TO regulate interstate commerce
is an absolute and unqualified grant. and
without limitations other than those pre-
4 scribed by the Constitution. The con-
gress has constitutional authority to
D. -SNH $50 1870 AEN(1o< y AAAA RA0kNA ~
executing this power, and ] am salts
fed that this power has NOT been
exhausted by any legislation now on the
statute books. It Is evident, therefore,
that evils restrictive OF commercial free
dom and entailing restraint upon rational
fall within the reeulative
/ power of the congress. and that a wise
and reasonable law would be a necessary
n proper exercise OF congressional au-
thority, to the end that u evils should
be eradicated.
/ believe that m~onopolies. unjust dis
EXAMINATIONS. which prevent or cripple
competition, fraudulent MISREPRESENTATION
and other evils In trust organizations and
practices which injuriously AFFECT inter-
state trade can be prevented under the
power Of the congress TO regulate COM
merce with foreign nations and among
the several states" through regulations
and requirements oref9sing directly up
on such commerce.. tho Observation-Disclosures
thereof. and those engaged therein.
I earnestly recommend this subject to
the consideration OF the congress- with a
view to the IN saRge OF q law reasonable
IA It's proStslonsI and effective In It's OPP
oraticns. upon which the questions can
be finally adjudicateG that now raise
doubts as 10 the necessity OF constitu-