The state herald., 1907-11-08
URGED TO CALL
EXTRA SESSION
BELIEF THAT NEW FINANCIAL
LEGISLATION is NECESSARY
TO RESTORE CONFIDENCE.
ASK PRESIDENT VIEWS
ON NEW LAWS NEEDED FOR THE
SUCCESSFUL CONTROL OF
CORPORATIONS.

Washington.-It is learned from uD'
doubted sources that President Roose'
welt is now being urged TO call an ex-
ira 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 word, who have repre-
sented the present situation as one
compelling action of n character that
will eradicate all ground for suspicion
of American Industrial methods.
The President has been assured
from most reliable sources that there
will be opposition on the part of the
great industries Of the country to the
enactment of necessary laws to carry
out his ideas Of federal control to the
extent to which lie has expounded
them in his recent public utterances.
These assurances are made at this
time to avert what has been repre-
sented us the most dangerous situa-
tion which has confronted the coun-
try during an extended historic period
that is, the seeming growing lack
of confidence. based ON known irreg
ularities in business methods in some
quarters, and no sure and speedy
means OF separa, ing the good from
the unsound.
To this end it is suggested that the
President set Congress TO the task,
first. of making such amendments to
the maximum Of flexlbility with the
minimum of basic change In our sys
TEN. Next, and perhaps most in i'm
portance. that the President embody
his suggestion on corporation control
into succinct recommendations for en-.
actment into law. In this connection
attention has been directed TO what
he said at ProviIcatown Massachu-
setts. August goth last:
Il believe In a national incorpora-
tion law for corporations engaged In
Interstate business. ! believe, further.
more that the need for action Is most
pressing as regards those corpora
tions. which. because they are com.
mon carriers, exercise quasi public
function: and which can be com
pletely controlled In all respects by
the federal government, by the excr.
else OF the power conferred under the
Interstate commerce clause. and II
necessary under the post road clause
OF the constitution.
The national government should
exercise over thcm a similar super
vision and control TO that which Il
exercises over national banks. We can
do this only by proceeding further
along the lines marked out by the re
cent national legislation
almost every big business concern
Is enraEed In interstate commerce.
and such concern must not be al.
lowed. by n doNtruus shifting OF po.
sition. as has been too often the case
In the past. to escape thereby all ~,
sponsibIllty either to state or to na.
ton"
To meet his Views the President
then suggested amendments to the
Sherman antitrust law and the nddl.
ton of n 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 10 be the desirable end
10 be accomplished. This would moan.
II Is pointed out, practical wiplng
on OF the slate and starting afrcsh
under business conditions. which
would have and which would bear the
closest public scrutiny.
That the President has given the
request for an extra session careful
consideration Is Indicated by those
who have been asked TO lend their
advice IN tho mater.