Mexico Missouri message. (Mexico, Audrain County, Mo.) 1899-1918, 1905-12-07

Washington, Dec. 6-The annual mes
sage Of President Roosevelt was read In
both houses of congress to-day. 1t is a doc
ument of some 1900 words, and con-
tains recommendations for much important
legislation.
The subject OF federal supervision of cor
porations, and especially railroad corpora
tionB is the first subject treated of by the
president. and to It he gives the greatest
amount OF attention. After speaking Of the
general prosperity Of the country, and the
power OF the corporations for good or evil
in connection with the nations prosperity,
he says:
So long as the finances Of the nation
are kept upon an honest basis, no other
question Of internal economy with which
the congress has the power to deal begins
TO approach in Importance the matter OF
endeavoring to secure proper industrial
conditions under which the Individuals
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 come with
in the sphere of the 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. Experience has shown conclusive
ly that It 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 a sovereign
whose Jurisdiction is coextensiYe with the
field OF work of the corporatlons-that is
by the national government. believe
that this regulation and supervision can
be obtained by the enactment OF law by
the congress. II this proves impossible,
II VIII certainly be necessary ultimately
20 confer In fullest form such power upon
the national government by a proper
amendment Of the constitution. II would
obviously be unwise to endeavor to secure
Buch an amendment until II is certain
that the result cannot be obtained under
the constitution as II now is The laws
OF the congress and OF the several states
hitherto, as passed upon by the courts
have resulted more often I'm showing maj
the states have no power In the matter
than that the national government has
power; so that there at present exists
very unfortunate condition of things
under which these great corporations do
Ing an Interstate business occupy the no.
sition Of subjects without a sovereiPn.
neither any state government nor the ma
ponal government having effective com
troll over them. Our steady aim should
be by legislation, cautiously and care
Ioliy undertaken, but resolutely per-
severed in, 70 assert the sovereignty Of
the national government by afirmstivs
action ma W.
Present Laws inadequate.
II has been misfortune that the ma
tional laws on this subject have hitherto
been OF negative or prohibitive rather
tnan an affirmative kind, and stiI more
that they have in part sought 10 nrobIhit
what could not be effectively probIbited
~ ~, nave IN part In their prohibitions
eChIounoed what should be allowed and
what should not be allowed. II is ean-
orally useless TO try to prohibit an ~
sIaint on competition, whether thia re-
straint be reasonable or unreasonahIe.
ana where II is not useless It IA gener,
ally hurttuL Events have shown that /,
- - I hot possible adequately to secure the
enforcement OF any law OF this kind bv
incessarl appeal to the courts The AZ
partmPht Of Justice has for the last to,,. |
yesTs devoted more attention 10 tba 90
torceinent Of the antitrust leeisiat1or
then TO anything else. Much has been
S.,e' plisned' particularly marked mas
2eeh the moral effect Of the prosecutIons.
out Il is increasingly evident that tSsrs5 |
VIII be 8 very insufficient benefclaI re- |
suit In the way OF economic change The !
successful prosecution OF one device 10 |
evade the law Immediately develops an |
other device to accomplish the same pur- |
pose. What is needed Is not sweeping |
prohibition OF every arrangement good /
or bad. which may tend to restrict COM
petition, but such adequate supervision /
and regulation as win prevent any re- |
gtrictiOn OF competition from being 10 |
the detrlment OF the public-as well as /
such supervision and regulation as win |
prevent other abuses In no way CONNECTED |
with restriction OF competition. OF these
abuses, perhaps the chief, although by
no means the only one, Is overcapitaiIza-
tion--BeneralIy itself the result OF dishon-
est OBSERVATION-DISCLOSURES Of the myriad
evils II brings Ia Its train; for such over
capitalization often means an imitation
that invites business panic; II always con-
eeals tbs true relation Of the pEoiit earned
20 the capital actually invested and Il
creates burden Of Interest payments
which ie a fertile cause OF Improper re-
ductlOn In or limitation OF wages, Il
the small investor. dlscouraaes
thrift, and encourages gambling and
speculation; while perhaps worst OF an
q the thickness and dishonesty which Il
iDaplles-for harm to morals 10 worae than
any possible harm 10 material interesfe
and the debauchery OF politics and bust
ness b. great dishonest corporations is 4
far worse than any actual material evil
they do the public. Until the national
government obtains, IN some manner
which the wisdom OF the congress may
suggest proper control over the big cor
porations engaged IN interstate commerce
--that 70, over the great majority OF the /,
bis eOrporstions-it will be impossible 10
deal adequately with these evils.
Railroad Rate Regulation.
am well aware OF the diancuItles
~ the legislation that ! ana suggest