Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1907-11-07
FOR EXTRA SESSION.
PRESIDENTS POLICY TOWARD
TRUSTS TO BE PUSHED.
FINANCIERS MAKING DEMAND
Fear of Stampeding Public at Time
When Country Is Sound May
Deter Action.

Washington, d. c., Nov. at was
learned here yesterday from most
reliable sources that President Roose-
welt is now being urged to call an
extra session OF congress to deal with
the financial situation. The request
comes from, and represents the judg-
ment Of the conservative leaders in
the financial world who have repre-
sented the present situation as one
compelling action of a character
which will afirmatively eradicate all
ground for suspicion of American in
dustrial methods.
The president has been assured
from most reliable sources that there
will be no opposition on the part OF
the great industries of the country
to the enactment of the necessary
laws to carry out his ideas of federal
control to the extent which he has
expounded them in his recent public
| utterances. These assurances are
made at this time to avert what has
been represented as the most danger
Gus situation which has confronted
the country during an extended his
toric period, that is, the seeming grow
ing lack of confidence based on known
irregularities in business methods in
some quarters, and no sure and speedy
means of separating the good from
the unsound.
To this end, 1t is suggested that the
president set congress to the task first,
OF making such amendments to the
financial laws as will result ia a maxi
mum of fexibility with the lnininum
OF basic change in the monetary sys-
tenn. Next and Perhaps most in i'm
portance is that the president embody
his suggestions on corporation control
into sufficient recommendations for
enactment into law. In this connec-
ton the presidents attention has been
directed to what he said at Province
town, Mass, Aug. 20, last:
II believe in national incorporation
law for corporations engaged In inter
state business. l believe furthermore,
that the need for action is most press
ing as regards those corporations
which, because they are common car
riers, exercise a quasi-public function
and which can be completely controll-
ed, in all respects by the federal gov
eminent, by the exercise of the power
conferred under the interstate com
merce clause, and if necessary under
the post road clause of the oonstitu-
ton.
The national government should
exercise over them a similar super
vision and control to that which it
exercises over national banks. We can
do this by proceeding farther along
the lines marked out by the recent
national legislation.
Almost every big business concern
is engaged in interstate commerce and
such concern must not be allowed
by a dexterous shifting of position, as
has been too often the case in the past,
to escape thereby all responsibility
either to the state or nation.
To meet his views, the president
then suggested amendments to the
Sherman antitrust law, and the addi-
ton of a criminal clause to that and
the interstate commerce regulations.
The benefit of having federal legal
machinery to detect and eradicate un-
wholesome business methods at this
time was said to be desirable.
That the president has given the re-
quest for an extra session careful
consideration is indicated by those
who have been asked to tender their
advice Ia the matter. That the infor-
nation as to existing conditions is not
alarming has been the continuing as
surance which has come from the gov
ernment's careful observations. With
this in view, the president has been
told that the call for an extra session
of congress might have the reverse
effect from that desired by those who
are urging such action; that il would
tend to emphasize in the public mind
any apprehension of unfayorable con-
ditions which do not exist.
Failing in obtaining an extra ses-
sion, those who have made the appeal
for it have presented an alternative,
or an additional request that the
president make public statement OF
the assurance he feels in the sound
condition of the public. This too, has
met with measure of opposition from
the administrations advisers. Both
suggestions are still matters Of con-
sideration. although no information
whatever is obtainable regarding
either directly from the White house