The Sisseton weekly standard. (Sisseton, Roberts County, S.D.) 1892-1929, 1907-12-06
CONGRESS HEARS
FROM PRESIDENT
MESSAGE DISCUSSES RECENT
FINANCIAL sTRINGENcY AND
ITS CAUSES.
FINANCIAL REFORAi is NEEDED
ANTITRUST LAWS, ERSTATE
COMMERCE AND TARIFF DIS
CUSSED.
FINANCIAL REFORAh is NEEDED

The following is a synopsis of the pres
Gdent S message:
In opening his message the president
refers to the financial stringency as fol
lows:
mo nation has greater resources than
ours and / think it can be truthfully said
that the citizens of no nation possess
greater energy and industrial ability In
no nation are the fundamental business
conditions sounder than in ours at this
very moment and it is foolish, when
such is the case. for people to hoard
money instead of keeping it in sound
banks: for it is such boarding that is
the immediate occasion of money strin-
Sency. Moreover. as rule, the business
of our people is conducted with honesty
and probty. and this applies alike to
farms and factories, to railroads and
banks to all our legitimate commercial
enterprises.
I'm any large body of men, however.
there are certain to be some who are dis
honest and If the conditions are such
that these men prosper or commit their
anisdeeds with impunity, their example is
very evil thing for the community. Where
these men are business men of great
sagacity and of temperament both I'M
conditions are such that they act with
out supervision or control and at first
without effective check from public opin-
ION. they delude many innocent people
into making investments or embarking in
Kinds of business that are really unsound.
dishonest men are discovered, suffering
comes not only upon them. but upon the
INNOCENT n o. men men whom they have misled.
IT is painful awakening. whenever it
occurs: and. naturally, when it does oc-
cur those who suffer are apt to forget
that the longer it was deferred the more
lsh the guilty it is both wise and proper
70 endeavor SO far as possible to minimize
me me distress of those who have been mis-
LED by the guilty. Yet it is not possible
70 refrain because of such distress from
surviving to put an end to the misdeeds
t thaini are the ultimate causes of the suf
ierlhs, and. as means to this end
Where possible to punish those respon-
sible for them, There may be honest diff
mental policies: but surely there can be
no no such differences as to the need of UNI
successfn perseverance, d,shn1 In the war against
Interstate Commerce.
No small part of the trouble that we
nave comes from carrying to an extreme
the national virtue of self-reliance. of in
a e,s;ne in initiative and action. 1t is
WISE 70 conserve this virtue and to pro-
vide for its fullest exercise. con,natihje
with IN seeing that liberty does not become become
this is the kind Of liberty that the a'' lacl;
of all effective regulation tnevitabIW
preVided if Sa founders md Of the Constitution
should have complete and sole control nf
interstate commerce "
AMY Only the national government can in
tnoroughgolng fashion exercise the need
.ed control This does not mean that
there should be any extension of federal
as ats for such authority already ex x
ISIS under the Constitution in amplest
and most far-reaching form; but it does
mean that there should be an extension
OF oa., federal activity. This is not advo-
ing facts in the face, and realizing that
Capitalization in business has ALREADY
come COZ .h ana car cannot be avoided or undone.
,aLu tnat the public at large can only
protect itself from certain evil effects =,
this business Capitalization bv provif1inp
t pe.5e r., methods for the exercise of con.
the, Constitution itself. There must by
no no malt IN the healthy constructive course
to pursue. and has steadily pursued flur.
ing the last six years. as shown both in
the legislation of the congress and the
ment of Justice. The most vital need is
IN connection with the railroads. AS to
these, In my judgment there should now
90 a el.n era national Incorporation act or
q law licensing railway companies to en-
gage in interstate commerce upon Ger
tam conditions. The law should be so
framed 1raroe as to give to the interstate com
the future issue of securities, while
ample means should be provided to en-
abe d;tdg,n the commission, whenever in Its
Judgment IT Is necessary, to make a
physical valuation of any railroad.
AS stated in my message to the con-
stess year ago, railroads should be
given given power to enter into agreements,
subject to these agreements being made
pubic IN minute detail and to the con
zen. stnr OF PIN, the interstate int commerce commits
elonal government assumes proper con-
troll OF Interstate commerce, in the eyer
else ,, Of the authority it already possesses.
t0 get from the railroads full Justice.
Rfsorations will do well to recognize that that
ton Is as to what governmental body
can most wisely exercise it. The courts
VIII determine the limits within which
t the Iede DER authority can exercise 1t. and
each state for the railway commission
OF that state; and the national Interstate
commerce commission will work in har-
si sn,s... each within. its own province. to
achieve the desired end"
The Antitrust Law.
The president points out the need for
control of business concerns engaged in
interstate commerce, this control to be
exercised for their own benefit and pros
perlty no less than for the protection of
investors and of the general public. He
says VS. 80,
efficient and more in harmony with actual
conditions. It should be SO amended as
to t,, forbid iao only the kind Of COMPUTATION
such amendment to be accompanied by,
or to be an incident of. grant of super.
visory. power to the government over
these big concerns engaged in Interstate
business. This should be accompanied
by provision for the compulsory pubica-
ton of accounts and the subsection of
government officials. A beginning has al
ready been made for such supervision by
the establishment of the bureau of cor
porations
The antitrust law should not prohibit
combinations that do no injustice to the
public, still less those the existence of
which is on the whole of benefit to the
public But even if this feature of the
law were abolished, there would remain
as an equally Objectionable feature the
difficulty and delay now incident to its
enforcement: The government must now
submit to irksome and repeated delay be-
fore obtaining a final decision of the
courts upon proceedings instituted. and
even ,i favorable ,s decree may mean an
empty Vi tbes to attempt to
means to . impose upon J., both the depart
possible burden; it is not feasible to
0Nita. tn ho lly az.