The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1907-12-06

As a yolumluuus document OF nearly
$4,000 words by far the longest mes
sage he has ever submitted to congress.
The opening subject OF the message Is
she financial condition OF the country.
and for which the president lays much
of the blame upon INSCRIPTIONS stock
spectators, and says.
I'm any large body OF men. however.
Ghere are certain to be some who are
dishonest and II the conditions are
auch that these men prosper or com.
INIT their misdctds with impunity, their
example Is very evil thing for the
community Where these men are bust
ness men OF great sagacity and OF tenn
peramont hutn INSCRIPTIONS and rcck-
heSs and where the conditions are such
1hat they act without supervision or
control and at FIRST without effective
check from public opinion. they dcludc
mHny innocent people into making In
vestHcEtH or cmbarking in kinds of
business that are really unsound.
when the misdeeds OF these successful
ay dishonest men are discovered, suf-
GerinE comes not only upon them. but
apon the innocent men whom they
have misled. II is a painful awakening,
whenever It occurs; and naturally.
when II does occur those who suffer
are apt to forget that the longer IT was
deferred the more painful II would be.
In the effort to punish tho guilty II is
Both wise and proper to endcavor so
far as possible to minimize the dis
Sress Of those who have been misled by
she guilty. Yet II Is not possible to
Sefrain because OF such distress from
striving to put an end to the misdceds
thut are the ultimate causes OF the sur
aering. and az a means to this end.
whtrc possible 10 punish those re
Spunsihle FOR them. There may be hon
est differences OF opinion as to many
governmental policies; but surely there
can be no such differences as to the
meed OF unAinching perseverance in the
war against successful dishonesty"
He quotes at length from his mes
cage OF last year In which he advo-
Gated federal control OF corporations
doing Interstate business, and believes
shnt In such control would be found the
comedy for overcapitallzation and
stock speculation which he believes
ASve brought about the present hnan-
Sial conditions. lie says:
Our steady aim should be by legis-
astion. cautiously and carefully under
aaken. but resolutely persevered in, to
assert the sovereignty of the national
government by affirmative action.
This is only in form an innovation. |
In substance II is merely a restoration;
Cor from the earliest time such reRula-
aion OF industrial activities has been |
secognized In the action OF the law |
making bodies; and all that I propose |
Ia to meet the changed conditions In |
such manner as will prevent the com |
monwealth abdicating the power II has |
always possessed. not only in this coun-
try. but also In England before and
eince this country became a separate
nation.
Federal Control of
Railroads Is Favored.
mo small part of tho trouble that we
aave comes from carrying TO an ex-
Creme the national virtue of self-re-
Aance, Of independence in initiative
1nd action It Is wise to conserve this
virtue and TO provide for Its fullest ex-
arcIse, compatible with seeing that lib
arty does not become liberty to
wrong others. Unfortunately, this is
ahe kind of liberty that the lack of all
pnective regulation inevitably breeds
The founders OF the constitution pro-
wfded that tho national government
Should have complete and sole control
Of interstate commerce There was
1hen practically no Interstate business
pave such as was conducted by water.
and this the national government at
snce proceeded to regulate in thorough
going and effective fashion. CondI-
lions have now so wholly changed that
she interstate commerce by water is in
Significant compared with the amount
shat goes by land. and almost all big
Business concerns are now engaged in |
Interstate commerce. AS result Il |
san be but partially and imperfectly
controlled or regulated by tho action of
any one OF the several states; such ac-
non inevitably tending to be either too
drastic or else too lax. and in either
sase inenective for purposes of Justice |
Only the national government can in
fashion exercise the |
needed control, This does not mean
that there should be any extension OF
federal authority. for such authority
Already exists under the constitution in |
lmplest and most far-reachng form:
tut II does mean that there should be
In extension OF federal activity. This
q not advocating Capitalization. 1t is
merely looking facts in the face and
ealiEng that Capitalization in business
las already come and can not be avoid
ID or undone. and that the public Mt
arge can only protect itself from GER
ain evil effects of this business CEN
radiation by providing better methods '
or the exercise OF control through the !
authority already centralized in the !
latIonal government by the constitu. {
Ion itself, There must be no halt in !
he healthy constructive course of ac- I
Ion which this nation has elected to !
'ursue. and has steadily pursued, dur !
ng the last six years. as shown both in .
he legislation OF the congress and the I
of the law by the de- .
'artment of Justice. The most vital !
ICED Ia in connection with the railroads, I
- to these, In my judgment there ?
houid now be either a national incor- I
oration act or law licensing railway >
ompahies to engage in interstate com |
1eree upon certain conditions. The law 2
hould be SO framed as to give to the @
Interstate commerce commission power
o pass upon the future issue of secure c
les, while ample means should be pro-
tded to enable the commission, when 7
yer In Its Judgment It is necessary, to
iake physical valuation of any rail- {
DAD. As stated in my message to the o
ongress year ago. railroads should G
Q given power to enter into agree c
tents. subject to these agreements be-