Mexico weekly ledger., 1905-12-07

W AoA4L% aLHe Dtl. &-A11 8LL@A4 -
sage Of President Roosevelt was read IN
ument Of some a4.no words, and coz
taina rnc0mrnendaticns for much important
legislation.
The subject Of federal supervision Of fear
pora.icns. and especially railroad corpora
tions, Il the first subject treated Of 81 the
president and to Il he gives the greatest
amount Of attention After speaking Of ths
general prosperity Of tie country. ard TIE
power Of he corporations for good or eyn
In connection with the nations prosperity.
he says.
So long a. the finances Of the nation
are kept upon an honest basis. no OTTER
question Of internal economy with which
the congress has the power % deal begins
10 approach IN inportance the matter o.
endeavoring 70 secure proper industrial
conditions under which the
and especially the great corporations
doing an Interstate business are TO act
The makers Of our national constitution
provided especially that the Regulation
Of Interstate commerce should CONE with
IN the sphere Of tbs general government
The arguments IN favor Of their taking
this stand were even then overwhelming.
But they are far stronger to-day, In view
Of the enormous development Of great
business agencies. usually corporate in
form. Experiences has shown conclusive
IL that Il Is useless to Try to get any
adequate regulation and supervision Of
these great corporations BY state action.
Such regulation and supervision cAn only
be effectively exercised by q sovereign
whose jurisdiction is coextenstve with ths
field Of work Of the corporations-thAt -,
BY the national government 7 belisFz
that this regulation and supervision ear
be obtained By the enactment OF Law b.
the congress. II this proves impossible
Il VIII certainly be necessary ultimately
20 confer In fullest form such power upor
the national government By 9 prope:
amendment OF the constitution II wonA
obviously be unwiss 10 en6eavcr 10 secure
such q amendment until IL IS certain
that the result cannot Be obtained undsi
the constitution as It now Is. The law
OF the congress and Of the several states
hitherto, q passed upon BY the courts
have resulted more often IN showing thai
the states have no power IN the mattel
/ than that the national Ia,
power: 50 that there at present exist,
. very unfortunate condition Of things
under which these great corporations do
ing an interstate business occupy the DO
siton Of subjects without a sovereign
neither any state government aor the ma
tional government having effective con
troll over them. Our steady aim shorli
be By legislation, cautiously and care
fully undertaken. but resolutely per
severed IN. 10 assert the sovereignty o
The national government By afarmativ
action.
Present Laws inadequate.
II has been a mlsgortune thar the IA
donai laws on this subtect have hithert
been Of q negative or prchlbltive rattle
than an Affirmative kind. and stfn NOR
that they have tn part sought to prohfhi
what could not be effectively pruhshited
and have In part IN their prohibition
COMPOUNDED what should Be allowed an
what should not be allowed. II Is gen
orally useless to try 70 prohibit al re
straint on competition. WHISTLER this re
strzint be reasonable or unreasonable
and where II is not useless 81 IL rener
ally hurtful. Events have shown that /
Is not possible adequately to { Ii
enforcement OF 4 law Of this kind b
fncessant appeal to the curtis. The a.
partmsnt Of justice has for the last fou
years dev0ted more attenton TO the e.
forcenent Of the antitrust lee.slaco
than 10 anything else. Much has bee
accomplished; particularly marked Ia
been the moral effect OF The prosecutions
but It IS Increasingly evident that thes
viii be a very insufficient beneficial n
salt in the way Of economic change. n
successful prosecution Of one device I
eyade tho law Immediately develops ~
other device to accomplish the same pa
nose. What is needed IS not sveepin
prohibition Of every arrangement, goo
or bad. which nay tend 70 restrict con
uetidon. but such adequate supervise
I'll r~aVnrf any -
strfction Of competition from being I
!. ne detriment Of the public-as well 8
euch supervision and regulation a. vi
!, urevent other abuses in 10 way connects
with restriction OF competition or the
abuses, perhaps the chief. although B
~ means the only one, Il overcapitallEs
|, f-gon-eenerally itself the result Of dishol
|, est Observation-Disclosures Of h ryns
evils II brings In its train; for such eve
| naturalization often means an tndacc
nat invites business panic: Il always col
eeals the true relation Of the pront earns
; 10 the capital actually invested. q
/. creates a burden Of interest p2yuen
vpich Is a fertile cause Of improper T
auction IN or limitation Of wages
|. damage the small investor. dise0urag'
thrift. and encourages gambling al
s~neculatipn: while perhaps worst Of
Il the trickiress and dishonesty which
impiIes-for harm to morals Is worse thi
any possible harm TO material Interest
and the debauchery Of politics and bu,
res by great dishonest corporations
Far worse than 2 actual material q
; thev do the public. Until b naticn
government obtains. in some mann
which the wisdom OF the ecngress n
suggest. proper control ever the Dig ca
porations engaged IN interstate CONNER
. rfhat Is. over the great majority Of I
Ne sorporatlons-it viii b impossible
deal Adequately with these evils
Railroad Rate Regulation
I am wen aware Of the dinaeulu
of the legislation that / an sugges