Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1907-12-06
ROOSEVELT STANDS
FOR REGULATION OF
Big CORPORATIONS
In Message Delivered Tuesday
He Urges a National In
corporation Act.
MONEY REFORM is NEEDED
He Leaves II to Congress to Select
Plan, but Inelines Toward Guar
anty Fund for Protection
Many Points Covered.

Washington. D. c., Dec. 3.-Pres-
ldent Roosevelt today sent his annual
message to the siXtieth congress-, ana
1t was read in both branches of the
| assembly. In part the message is as
follows:
The Senate and House Of Represent
| atives: No nation has greater re-
! sources than ours, and I think 1t can
be truthfully said that the citizens or
no nation possess greater energy ana
industrial ability. In no nation are the
fundamental business conditions sound
er 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 1t Is
such boarding that Is the immediate
occasion of money stringency. More
| over, as a rule, the business of our peo-
pie is conducted with honesty and pro-
bity, and this applies alike to farms
and factories, to railroads and banks.
to all our legitimate commercial enter
priSes.
In any large body of men, however,
| there are certain to be some who ar"
dishonest. and if the conditions are
such that these men prosper or COM
nit their misdeeds with tmpunlty, their
example is a very evil thing Tor the
community. Where these men ara
business men OF great sagacity and OF
temperament both INSCRIPTIONS ana
reckless, and where the conditions are
such that they act without supervision
or control and at first without effective
check from public opinion, they delud"
many innocent people into masking in
vestments, or embarling in kinds OF
business that are really unsound. When
the misdeeds of4these successfully dls-
honest men are discovered, suffering
comes not only Upon them, but upon the
innocent men whom they have misled. 1t
is a painful awakening, 1t oc-
ours; and, naturally, when 1t does oc-
cur those who suffer are apt to forget
that the longer it was deferred the more
painful it would be. In the effort to
punish the guilty it is both wise and
proper to endeavcr so far as possible to
minimize the distress Of those who
have been misled by the guilty. Yet 1t
is not possible to refrain a OF
such distress from striving to put an
end to the misdeeds that are the ulti-
mate causes of the sufferings, and, as
a means to this end, where possible to
punish those responsible for them:
There may be honest differences OF
opinion as to many governmental poll
cies: but surely there can be no such
differences as to the need of unflinch-
ing perseverance in the war against
successful dishonesty.
(Here the president quotes from his
1905 message his declaration for the
square deal between corporations and
people ana LOT the reg lutlolS Oh lHleI-
state ommerce to this end.)
I have called your attention in these
quotations to what I have already said
because I am satisfied that 1T is the
duty of the national government to en-
body in action the principles thus ex-
pressed.
interstate Commerce.
No small part of the trouble that we
have comes from carrying to an ex-
IRENE the national virtue Of self-re-
lance, of independence in initiative and
action. 1t is wise to conserve this vir-
tue and to provide for it's fullest exer-
else, compatible with seeing that lib
erty does not become a liberty to
wrong others. Unfortunately, this is
the kind of liberty that the lack of all
effective regulation inevitably breeds.
The founders of the constitution. pro-
yided that the national government
should have complete and sole control
Of interstate commerce. There was
then practically no interstate business
save such as was by water,
and this the national government at
once proceeded to regulate in thor
oughgoing and effective fashion. Con-
ditions have now so wholly changed
that the interstate by water
Is insignificant compared with the
moun that goes by land. and almost
all big business concerns are now en-
gagged in interstate AS a
result, it can be but partially and i'm
perfectly controlled or regulated by the
action of any one Of the several states;
such action inevitably tending to be
| either too drastic or else too lax, and in
| either case ineffective for purposes of
justice. Only the national government
can in thoroughgoing fashion exercise
the needed control. This does not
mean that there should be any extern
such authority already exists un-
der the constitution in amp
lest and most far-reaching form
| but 1t does mean that there should be
| an extension of federal activity. This
| is not advocating GENERALIZATION. 1t is
| merely looking facts in the face, and
| realizing that Capitalization in bust
| ness has already come and cannot be
| avoided or undone, and that the pub
lie at large car only protect itself from
certain evil effects of this business
| Capitalization by providing better
methods for the exercise of control
| through the authority already central
lied in the national government by the
constitution itself.
: There must be no halt in the
/: healthy constructive course of ac-
/: ton which this nation has elected J:
/: to pursue. and has steadily pur-
: sued, during the last six years. as
: shown both in the legislation OF
. the congress and the administra-
/ . llOl1 vi LAG ia" 49, -
: Of justice. The most vital need is /:
!: In connection with the railroads..
: AS to these, in my Judgment there:
{: should now be either a national i'm !;
/: corporation act orr law licensing s /:
/: railway companies to engage, in in
/: terstate commerce upon certain con- (:
/: ditions. THE LAW SHOULD BE
!: SO4FRAMED AS TO GIVE TO !:
: THE INTERSTATE COMMERCE
: COMMISSION POWER TO PASS
: UPON THE FUTURE ISSUE OF
: SECURITIES, WHILE AMPLE /.
: MEANS SHOULD BE PROVIDED
: TO ENABLE THE COMMISSION,
: WHENEVER IN ITS JUDGMENT
: IT is NECESSARY TO Make A
PHYSICAL VALUATION OF ANY
RAILROAD.
Should Permit Pooling.
AS I stated in my message to the
congress a year ago, railroads should
be given power to enter into agree
| ments. subject to these agreements be
ing made public in minute detail and
to the consent of the Interstate Com
merce commission being first obtained