The Rich Hill tribune. (Rich Hill, Mo.) 1903-1911, 1907-12-05

hinstou. Dec. 1-President Rooae-
1cit Jog his annual message deals vlgor-
ousiy with matters 90 national impor-
tauce. Eeferring to the recent disturb
ance lu financial circles he points out
uhat The boarding OF money by the peo-
pie, Instead Of keeping it Ia sound banks.
was the FIRST cause Of financial strinEtncy
and % grave error. he pays n tribute TO
The general honesty OF she men engaged
in the banking business.
After quotations from his last annual
message which dealt with the necessity
Of governmental regulations, the presi-
dent asserts that his views have IN no
way changed and declares % is the duty
Of the national government 20 embody
in action the principles be then expressed.
hisclaiming any idea % advocating CEN
truAzaion the president Insists upon the
necessity Tor federal control OF TIE rail-
roads ~ the country through the inter
state commission. and also
urges legislation looking 20 the proper
control % the great business concerns en-
gagged in interstate business. this control
10 b. exercised FOR their own benent and
prosperity no less than for the protection
Of investors and o. the general public.
Wants Federal Control.
Declaring that modern Industrial con-
oiuons are such that combination Is not
only necessary but inevitable. the presi-
1'NAN H"-|H4 NL fH- A.H.HNEE NA "a MHAN AHN
concerning necessary changes in the
antitrust laws. lie goes on: n ask Tor
fuN power To be given the federal
government, because no single state
can by legislation enectuaiiy cope
with these powerful corporations en-
gagged in interstate and. while
doing them fun Justice. exact from them
Ia return fun Justice TO others The con-
ditions % railroad activity. the condi-
uons or our Immense interstate COM
msrce. are such as 20 make the central
government alone competent 10 exercise
fuu supervision and control
The antitrust law should be made both
more aCicn and more IN harmony with
actual conditions. 10 should be 80 amend
ed as 60 forbid only the kind % combina-
finn whlch does harm 90 the general pub
g., such amendment 60 be accompanied
By. ur Go Pee an Incident o.. q grant Of SUI
peryisory power 90 the government over
theFe hic corporations engaged iu inter
state business. This should b. accom-
panied By provision for the compulsory
publication 81 accounts and the subJec-
uon ~ Books and papers 90 the inspec-
ton Of THE government officials. A be-
ginning has already been made FOR such
supervision hy the establishment OF the
bureau 81 corporations.
Among the points 20 BE- aimed az
should b. the prohibition % unhealthy
competition, such 81 by rendering service
A. aH actual loss Tor the purpose OF crush
tina out composition, the prevention 81 in
nntion ~ capital and the prohibition 81
a corporations making exclusive trade
with Itself a condition o. having any
trade with itself Reasonable agreements
between, or combinations uG. corporations
should be permitted. provided they are
FIRST suhmittcd 60 and approved by some
appropriate government body.
like NnsisnaI Hank Supervision.
"rhe congress has the power 10 charter
corporations 90 engage So Interstate and
foreign commerce. and 81 general law can
BE- enacted under the provisions ~ which
existing corporations could take out fed
eral charters and ueW federal corpora
tons could De created An essential pro-
vision % such a law should be- d method
cf prcdctermiuing by some federal board
OF commission whether the applicant for
q federal charter was an association or
combination within tie restrictions ~ The
federal law The supervision established
might De analogous 10 thar now exercised
over national banks AZ least the ANTI
trust art should be supplemented ~ sne.
cidc prohibitions 81 the methods which exc
prs1ruc0 has shown have been ~ most
service IN rnabauE m-onopausiic romhiua-
lions 90 crush o1t composition. The real
owners % n corporation should o. Cum-
PEELED Co 90 business IN thciF ouu name.
The uRht go hold stock lu other corpora.
lions should hereafter o. denied Co inter-
state corporations unless on approval hy
she proper government officials and a
prerequisite CD such approval should BE-
uc LISTING with the government of an
owners and Stockholders. both by ths
corporation owning such stock and bY
tsr corporation In when such stock IL
owned"
The Currency Question,
ON The question ~ the currency the
president calls attention 20 his last an.
mual message wherein he pulutrd ouI
that our present system b. defective and
showing the need of O chauEe fR that
MESSAGE De said
National banks should o. permitted "a
issue a specified proportion 20 their cap.
ital in notes uf a given kind. the Issue ID
b. taxed al SO high "a rate as to drive thg
notes back whom not wanted in iogiu.
matc trade. This plan would not per
mit the iFsuo 81 currency Go ElVc bank,
additional profits. but 90 meet thc fmcr
Eoncy presented by times of strnEency
I do not say that this o. the ught sys
TEN. ] only advance "a 90 emphasis,
my belief that there d need Tor the adon.
ton IF some system which shall b. au'
tomato and open a. an sound banks
90 as q avoid an possibility % diserim'
inatinn and favouuRm- such a plar
would ttnd - prevcnt the spasms ~ higl
money and speculation which now OBJ
tain in the New York market, FOR al
present there o. too much currency 81
certain seasons Of rhc year. and lts ec
chfnaiAtihn Nt NAM hnFN tfNipta NhhfI'
10 lend % a. loW rates Tor sneCulativ,
nureesca, uheueaa az other times whci
the crops are bcinE moved there ia ar
gent need Cor d large hut temporary in
crease in the currency supply. M mus
never be- forgotten that this question
csnceruH business men Ecnerally agttl
az much az bankers, especially a. thi'
true 90 sioCkmcn. farmers ana business
men iu me ursti for Rt prrtent IA gertail
seasons ~ ihe year uhe dlncrenVc ln in
tercsi rates beta sea the east ana gca