The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-11-05

Washington, Nov. 2-lt was leafieu
Almost every big business cohce'n
that President Roosevelt Is no" oe
i.h urged to call an extra session ol
oonaress tn deal with the nnahcli'l
situation. ,.o
The reouest comes from and repre-
sents the Judgment Of the conserFa'l''
leaders in the financial world, "A'o
have renrestned the present SITUATION
as one compelling action OF a cnal-
acter which will affirmatlVely elaui-
cate all ground for suspicion OF Amerl-
can industrial methods.
The nresident has been assured from
most reliable sources that there VIII VIC
no opposition on the part OF ihe S'e'''
industries Of the country to the ell
actment of the necessary laws to carry
out his ideas of federal control TO the
extent to- which he has eXpOunGed
them in his recent pubic utterahce5'
These assurances are made at this tire
to avert what has be repfeSel!Veo
as the most dangerous situation WHICH
has confronted the country during an
extended historic periOd-that Is, seebi-
ing growing lack of confidence basea
on known irregularities in business
methods in some quarters, and no sure
and speedy means OF separating 'He
good from the unsound.
To this end it is suggested that the
president set congress to the task hist'
of making such ame,@ments to the
financial laws as will result in the
maximum OF fexibility with the MIN
imum of basic change in our system
Next. and perhaps most in importance
that the president embody his suSges-
tions on corporation control into sue
cinct recommendations for enac'1lseh'
into law.
In this direction the presidents S at
q tention has been directed to what ne
y said at Provincetown, Mass, August
20, last,
.cI believe in a national lncorpofa"
tom law for corporations engaged IN
interstate business.
II believe furthermore that the heec
for action is most pressing as [esai u'
those corporations which, because they
are common carriers, exercise QUASI
nublic function by the federal govern
ment, by the exercise Of the power con
ferred under the interstate commerce
clause, and, if necessary, under 1he
most road clause of the constructor
The national government should exer-
else over them a similar supervision
and control to that which 1t exercises
over national banks. We can 90 lniS
only by proceeding farther along the
lines marked out by the recent nation
al legislation
Almost every big business concern
is engaged in interstate commerce ah'
such a concern must not be allowed
by a dexterous shifting Of position
has been too often the case in the pas
10 escape thereby all responsiblllt
either to state or to nation
To meet his views the presldeI
then suggested amendments to til
Sherman antitrust law, and the addi
tion of a criminal clause to that en-
to the interstate commerce regGia
tions.
The benefit of having federal leg'
machinery to detect and eradicate III
wholesome business uSIAooS cAe 'A
time was said to to be II
desirable end to accomplish. In
would mean, it is pointed out, pract
cal wiping off of the slate and staru1
afresh under business conditions WINK
have and which could bear the close
public scrutiny.
That the president has given the
quest for an extra session careful co
sideration is indicated by those w
have been asked to lend their ADV
in the matter
That the information as to existi
conditions is not alarming has be
continuing assurance which has col
from the governments careful obs
vatio4s.
With this in view the president
been told that the call for an ex
session OF congress might have
reverse effect from that desired