Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1907-08-29

dore Roosevelt leaves Office eighteen
months hence. The President made the
announcement at Proyincetown, Mass, in
no uncertain phrases, and, moreover, he
emphasized the statement by adding that
criminal prosecutions against the execu-
tves OF guilty corporations hereafter will
be the rule. President Roosevelt was the
principal orator at the laying of the cor
ner stone of the monument erected on the
spot of the first arrival of Pilgrim faith
ers on the coast of Massachusetts.
To strengthen the hands of the admin
istration the President urged the enact
ment of now and revision of present legis-
lation. Chief among the measures he adj
yOcated were:
Federal Incorporation law.
Increased power for the interstate
commerce commission.
Employers liability law.
Imprisonment clause in antitrust leg
islation.
Legitimatizing of lawful combina-
tons in business.
Federal supervision of or co-opera-
ton with States in safeguarding the
public health.
There was no mistaking the Presidents
attitude on the unlawful corporation
problem. He emphasized this section of
his speech with yigor, talking slowly and
bringing out his meaning with character
istic Rooseveltan incisiveness.
Cause of Financial Trouble.
During the present trouble with the
stock market" he said. Il have, of course,
received countless requests and sugges-
tons, public and private, that | should
say or do something to ease the situation.
There is a worldwide financial disturb
ance. 1t is felt in the bourses of Paris
and Berlin, and British consols are low
er, while prices of railway securities have
also deprecated. On the New York Stock
Exchange the disturbance has been par
ticularly severe, most of it, | believe, to
be due to matters not particularly con-
fined to the United States and to matters
wholly unconnected with any government
al action but it may we'll be that the de-
termination of the government, in which,
gentlemen, it will not waver, TO punish
certain malefactors of great wealth, has
been responsible for something of the
troubles at least to the extent of having
caused these men to combine to bring
about as much financial stress as they pos
sbly can in order to discredit the policy
of the government and thereby to secure
reversal of that policy SO that they may
enjoy the fruits of their own evil doings.
That they have misled many good people
into believing that there should be such
reversal Of policy is possible If so, l
am sorry, but it will not alter my atti-
tude.
No Change; No Let-up.
"Once for all, let me say that as far as
I am concerned. and for the eighteen
months of my administration that remain,
there will be no change in the policy we
have steadily pursued, nor let-up in the
effort to secure the honest observance of
the law for | regard this contest as one
to determine who shall rule this govern
ment-the people through their govern
mental agents, or few ruthless and de-
termined men, whose wealth makes them
particularly formidable because they are
behind the breastworks of corporate or
garization.
Il wish there to be no mistake on this
point 1t is idle TO ask me not to prose
cute criminals, rich or poor. But desire
no less emphatically to have it understood
that we have undertaken and will under
above all. no action which shall infict
great or unmerited suffering upon the in
nocent stockholders and upon the public
as Il whole. Our purpose is to act with
the minimum of harShncsS compatible
with obtaining our ends. In the man of
great wealth who has earned his wealth
honestly and used it wisely we recognize
a good citizen worthy of all praise and
h., i
der modern conditions through corpora
tions, and our purpose is to heartily favor
the corporations that do well. The ad-
ministration appreciates that liberal but
honest profit FOR legitimate promoters and
generous dividends for capital employed
either in founding or continuing an hon
est business venture are the factors neces-
sary for successful corporate activity, and
therefore for generally prosperous bust
ness conditions.
Help for Honest Men.
"Al these are compatible with fair
dealing as between man and man and
rigid obedience to the law. Our aim is
TO help every honest man, every honest
corporation, and our policy means in its
ultimate analysis a healthy and prosper
Gus expansion of business activities. of
honest business men and honest corpora
tons
IL making known the policy to press
erin nal action against the executives of
Law rcaking corporations, the President
res. r,d TO recent failures. notably in con
nection with the prosecution OF the So
called licorice trust. The failure here
10 find the corporation guilty and let its
managers 90 scot free appeared TO have
Impressed President Roosevelt deeply He
asserted that such corporation heads,
when the evidence against them is strong,
will feel the strong arm of the govern
ment
When. in addition to moral response
oility, these men have a legal RESPONSE
bility, which can be proved. so as TO i'm
press Il judge and jury" he said, then
the department will strain every nerve to
reach them criminally Where this is
impossible, then it will take whatever ae-
ton VIII be most effective under the
actual conditions.
In the last six years we have shown
that there is no individual and no cor
poratiou so powerful that he or it stands
above the possibility of punishment under
the law
Sees Changed Conditions
The President led up to his talk about
corporate evils with comparison of men
in early colonial days with men of the
present This brought him face TO face
with his principal theme, on which he
said the following:
The utterly changed conditions of ou
national life necessitate changes in certain
OF our laws, Of our governmental methods
Our federal system of government Is base,
upon the theory of leaving TO each communi
~ to each State. the control over thos
things which affect only its own member
ana which the people OF the locality them
selves can best Erapple with, while provid
ing for national regulation il those matter
which necessarily affect the nation IS
whole 1t seems TO me that such questions
as national sovereignty and States right
- La A..o., an.lr ii. IL IN 20