Omaha daily bee., 1905-06-29
RAILROAD REGULATION,
Presidents Determination TO Carry
Out that Policy.


Wall Street Journal.
The only change in Mr.. Roosevelt's atti-
tude toward the corporations since he be-
came president has been his steadily in
creasing determination to carry out the
policy of governmental regulation. Those
who have read official papers or listened to
his speeches must have been convinced of
his earnestness In this matter. Those who
have come into personal contact with him
have been impressed by his deep conviction
that the regulation of the corporations was
the most important work Of internal admin
istration which he could undertake for the
welfare of future generations.
Yet there have been some who have be-
lieved that President Roosevelt would mod
ify his views or compromise his principles
or come TO some understanding with finan-
cial interests that would result in a radical
change in his policy. These people must
be disappointed by the language of the
presidents speech at Williamstown. This
speech shows that his views are unchanged,
and that, IL anything, he is even more de-
termined than ever in his advocacy of gov
ernment regulation of corporations.
Even as regards the railroad rate question
he holds steadfastly to the policy which he
advocated in his last annual message. All
of the agitation on the subject which has
taken place, all OF the testimony taken be-
fore the senate committee on Interstate
commerce, all of the conferences which he
has had with railroad men have apparently
not Influenced the president in the least as
regards this question. He still advocates
the passage OF legislation which will give
as an executive and not as a judicial func-
ton, to the national government the SUPER
vision of the railroads of the United States
engaged in interstate commerce with the
power when a rate is complained of as i'm
proper and unjust to examine that rate
and II II be found that the rate should be
changed to establish another rate and have
that new rate take practically immediate
effect. Now, 1t is Just that power to be
lodged IN the federal government in its
executive branch to which the majority Of
the railroad men are opposed. There is
bound, it seems to us, to be a determined
| fight on this question on the floor of the
| United States senate at the coming session
Of congress.
In regard to the corporations generally
| the president holds that while It would be
impossible 10 turn back the hands on the
dial plate OF progress and TO forbid COM
binations and corporations, nevertheless,
what must be done is to put an efficient
| supervision over these combinations He
holds that this cannot be done effectively
| by the states and must be done, there
fore, by the national government. He
would have this regulation exercised over
Industrial corporations as well as railroad
corporations. and he is in favor also Of
having the insurance companies brought
within the scope of federal supervision.
While In details the Wall Street Journal
differs in some respects from the president,
| yet on the main question of federal regula-
| tion we are firm supporters OF his policy,
believing that while this involves certain
perils Of political Capitalization. those per-
lis are less to be dreaded than the dangers
OF financial concentration; and that, while
federal regulation will serve protection
TO the public, II should also serve as pro-
lection TO the corporations and investors.