The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-15
Will Be Devoted to Financial
and Commercial Conditions.
FREE FROM THREATS.
And Designed to Set at Rest
Feeling Of Alarm.
Will Urge No Serious Change in
Railroad Law.

Washington, Nov. 16.-1nstead of both
ering his head over the vagaries of the
politicians who have been annoying him
| of late, President Roosevelt. has been
going ahead soberly and methodically
putting the finishing touches to his mes-
sage to congress.
There is every reason to believe this
document will show the president In
new light. Every one who has seen him
of late comments upon the fact that
Mr.. Roosevelt seems much Quieter, more
sober, and appears to feel sense OF
his responsibility more deeply than be-
fore. He has not abandoned any OF
his theories, nor is he disposed to COM
promise with financial crooks, however
high their station. ~. Z,
Nevertheless, the message, from all
appearances, will be surprise, for 1t
will be devoted largely If not entirely to
commercial conditions. There will be
nothing about it to excite the fears of
timid capitalists, but. on the contrary,
there will be timely suggestions looking
toward wise legislation to correct exist
ing evils without brass band.
Message to Set Alarms at Rest
The whole message is likely TO be Of
an economic character, but 1t will be
fre from threats and all of its sugges-
tions will be temperate and In vein
which can hardly fail to quiet the
alarms of those people in New York
and vicinity who have persistently mis-
understood and misinterpreted every
thing the president has said and done
regarding railroads and predatory cor
porations.
In the first place, it can be stated as
fact that President Roosevelt Is not
anticipating and will not urge any seri-
Gus. notifications of the railroad rate
law. He is -contented to give that meas
ure fair trial, and he probably real
izes, as most people do. that the best
thing about it was its moral effect. The
1axx -Ia0 In a
handle the government was looking for
to compel the railroads to deal fairly
with all shippers. The evil complained
of was not SO much high rates at any
time as disposition on the part OF the
railroads to discriminate. against local-
ties and individuals
With the new rate law and the Elk
ms law together, the government has
power to put an end TO this erl: III
Instead of attacking .railroad d, COM
panies and corporations, the presi-.
dents message almost certainly Will
take a decided stand in their behalf
He will recommend that pooling be
permitted. The theory on which this
Recommendation is based is. of course.
that so long as the goNernment has
undisputed right to regulate rates.
railroads are entitled to dispose of
their earnings as they see fit.
Pooling was specifically prohibited
by the old interstate commerce act.
because at that time it was felt that II
the railroads were permitted to pool
their earnings and divide up tranic,
competition would be annihiiated ana
higher rates would be the inevitable
result The old law made 1t nearly I'M
possible for the Interstate Commerce
commission to regulate rates, so that
a pool under such circumstances was
manifestIy hostile to public interests.
Now all that has been changed. The
new rate law gives the commission
power to fix reasonable rate. The
Elkins law Furnishes discriminations.
The public therefore, is protected,
and it makes but little difference to
the shipper which road hauls his
freight or how the money is divided.
provided the rate is not too high and
unfair advantages are not given to MS
competitors.
sage will take an advanced stand in
regard to the antitrust law. The word
ing of that act is unfortunate. IL ap-
parently puts ban on all Sorts or COM
binatfons, whether they actually result
to the public or not. AL
the same time the record of prosecu-
tions under that act is not faVoraDle
one for the government. some trusts
have been dissolved for the time being,
and others have been compelled to.
change their methods, but the anti
trust law with its broad prohibition OF
which are absolutely nee
essary to the conduct OF business IN
these times has frightened legitimate
canitaIists without striking much ter
roT into the hearts of what Mr. Roose-
vel+ has called the predatory corpora
tions." -
Probably the most important section
of this distinctively business message Is
that which will deal with the present
financial situation. recommendation
will be made in general terms that con-
press shall proceed to pass legislation
at once providing for such an amend
-nent to the present currency system as
will add the necessary elastic element
TO circulation. ,.
The president will point out that at
the present time there is such demand
FOR actual cash that the banks them
selves are paying a premium for cur
rency. On this subject It is not too
much to say the president looks for
I'M m ediate action by congress.
1t is more than likely the president
Will include a general recommended
lion for adoption of postal savings
banks. No one looks for such legisla-
ton at the present session of congress.
because the questions involved are so
important, but the stand taken by
General Meyer will be full
" Endorsed by the president. with
suggestion that congress should at
east take up the matter and through
committee or otherwise seek all the
necessary to determine
whether the government shall go into
the banking business or not.
On the general subject of the treat
nent of corporations and their con.
.rol by the federal government
a system of national Iicensef
or interpretations, the message this
year will follow closely along the line
aid down by the president in his In