Milford chronicle. [volume] (Milford, Del.) 1878-1974, 1902-12-05
PRESIDENTS MESSAGE
trusts Should be Regulated, But
Industries Not ImperiIed.
TARIFF COMMISSION PROPOSED

The Isthmian Canal.
Washington, Dec. 3. - The annual
message Of President Roosevelt was
sent to congress today. In part it is as
follows:
To the Senate and House Of Repre-
sentatives: We still continue in per-
iod of unbounded prosperity. This
prosperity is not the creature of law,
but undoubtedly the laws under which
we work have been instrumental in
crea ting the conditions which made Il
possible, and by unwise legislation i:
would be easy enough to destroy it.
There will undoubtedly be periods Of
depression. The wave will recede, but
the tide will advance.
In my message to the present con-
gress at its first session l discussed at
length the question Of the regulation Of
those big corporations which are popu-
Iarly known as trusts Ths experience
Of the past year has emphasized, in my
opinion, the desirability Of the steps /
then proposed. A fundamental base Of
civilization is the inyiolsbility Of prop
erty; but this is in nowise inconsistent
with the right Of society TO regulate the
exercise of the artificial powers which
It confers upon the owners OF prop
erty under the name Of corporate fran
chises in such way as to prevent the
misuse OF these powers. Corporations
ana especially combinations Of corpor-
atoms, should be managed under public
regulation. Experience has shown that
under our system of government the
necessary supervision cannot be OBJ
tanned by state action. 1t must, there
fore, be achieved by national action.
Our aim is not to do away with cor
pOratiOns. On the contrary, these big
Rggregations are an inevitable develop
ment of modern industriallsm, and the
effort to destroy them would be futile
unless accomplished in ways that
would work the utmost mischief to the
entire body polite We are not hostile
to them. We are merely determined
that they shall be so handled as to sub
serve the public good. We draw the
line against misconduct, not against
wealth.
In curbing and regulating the combi-
nations Of capital which are or may
become injurious to the public We must
be careful not to stop the great enter
prises which have legitimatOly reduced
the cost Of production, not 70 abandon
the place which our country has won IN
the leadership OF the International in
dustriRl world, not to strike dowI
wealth with the result OF closing fac.
tories and mines. Of turning the wage
worker idle in the streets and leaving
the farmer without market for wha
he grows.
l believe that monopolies, unjust dis
ordinations, which prevent or cripple
competition, fraudulent overcapitaliza
ton and other evils in trust organiza
lions and practices which iniuriousl,
affect Interstate trade can be prevent
ed under the power Of the congress II
regulate commerce with foreign na
tlons and among the several states
through regulations and requirement
the instrumentalities thereof and thos
engaged therein. II it prove impossibl
to accomplish the purposes above Sc
forth by such a law, then assuredly W
should not shrink from amending tn
constitution so as to secure beyond per
adventure the power sought.
One proposition advocated has bee
the reduction of the tariff as a mean
of reaching the evils of the trust
which fall within the category ha&
described. To remove the tariff as
punitive measure directed again'
trusts would inevitably result in rui
to the weaker competitors who al
struggling against them. Our ali
should be not by unwise tariff change
to give foreign products the advantae
over domestic products, but by props
regulation to give domestic cOnpetitiC
& fair chance, and this end cannot
reached by any tariff changes. I'll
question of regulation of the trus
stands apart from the question of Ia
III revision.
Moreover, IL the tariff laws as
whole work well and if business HI
prospered under them and is prospe
ing. it is better to endure for a tin
slight Inconvenience and inequaliti
in some schedules than to upset bus
ness by too quick and too radio
changes. 1t is most earnestly to
wished that we could treat the tar
from the standpoint solely of our bui
nsss needs. PROFESSIONALLY these bu
ness interests will best be served
together with fixity of principle as ]
CARDS the tariff, we combine a systt
which will permit us from time to til
to make the necessary re-applicati
IF the principle to the shifting matte
al needs. One way in which the res
iustment sought can be reached is
reciprocity treaties. 1t is greatly to
desired that such treaties may
adopted
The cases in which the tariff {
produce a monopoly are so few as
constitute an inconsiderable factor
.the question, but, Of course, If in {
case it be found that a given rate
duty does promote a monopoly VIII
works i'll, no protectionist would OBJ.