The Forrest City times., 1907-12-06
MESSAGE SENT
 TO CONGRESS Presidents Recommen- dations on National
 Legislation. AS TO CURRENCY QUESTION Many Defects of Present System Are Pointed Out by Chief
 Executive.
NOT TIME FOR TARIFF
eostponement of Discussion of Re V'sion of Schedules Until After Presidential Election Urged - Ne cessfty for improving Waterways of the Country.


 Veit In his annual message deals yigor- ously with matters of national impor- tahee. Referring to the recent disturb ance in financial circles he points out that the hoarding of money by the peo- pie Instead of keeping it in sound banks. was the frst cause of financial stringency ana grave error. He pays tribute to the general honesty of the men engaged i In the banking business
 After quotations from his last annual message which dealt with the necessity l ot governmental regulations, the presi- dent asserts that his views have in no way changed and declares it is the duty or the national government to embody In action the principles he then expressed.
 Disclaiming any idea of advocating cen 1 traiization the president insists upon the necessity for federal control of the rail- roads of the country through the inter- state commerce commission. and also l urges legislation looking to the proper control of the great business concerns en- gagged in interstate business. this control 10 be exercised for their own benefit and prosperity no less than for the protection or Investors and of the general public.
 Wants Federal Control.
 Declaring that modern industrial con- ditions are such that combination is not only necessary but inevitable, the presi- oene refers to his message of a year ago concerning necessary changes in the antitrust laws. He goes on: T ask for run power to be given the federal government, because no single state can by legislation effectualIy cone with these powerful corporations en- gagged in interstate commerce, and while doing them full justice, exact from them Tn return full justice to others. The con- ditions of railroad activity, the condi- tions of our immense interstate com merce, are such as to make the central government alone competent to exercise full supervision and control.
 The antitrust law should be made both more efficient and more in harmony with actual conditions. It should be so amend ed as to forbid only the kind of combina- ton which does harm to the general pub lie, such amendment to be accompanied by. or to be an incident Of grant of su- pervisory power to the government over these big corporations engaged in inter state business. This should be accom- panied by provision for the compulsory publication of accounts and the subjec- ton of books and papers to the inspec- | ton of the government officials A be- ginning has already been made for such supervision by the establishment of the bureau of corporations.
 Among the points to be aimed at should be the prohibition of unhealthy competition. such as by rendering service at an actual loss for the purpose of crush ing out competition, the prevention of in- fation of capital. and the prohibition of i eorporation's making exclusive trade with itself a condition of having any trade with itself. Reasonable agreements between. or combinations of corporations should be permitted. provided they are first submitted to and approved by some appropriate government body.
 Like National Bank Supervision.
 "'The congress has the power to charter corporations to engage in interstate and foreign commerce, and general law can be enacted under the provisions of which existing corporations could take out fed eral charters and new federal corpora tions could be created An essential pro vision of such law should be a method of predetermning by some federal board or commission whether the applicant for a federal charter was an association or combination within the restrictions of the federal law. The supervision established might be analogous to that now exercised over national banks. At least. the anti l trust act should be supplemented by spe- 1 cific prohibitions of the methods which eX- perience has shown have been of most service in enabling monopolistic combina- i tions 10 crush out competition. The real 1 owners of corporation should be com l pelled to do business in their own name. i The right to hold stock in other corpora i tions should hereafter be denied 10 inter state corporations. unless on approval by the proper government officials, and a prerequisite to such approval should be l the listing with the government of all owners and stockholders. both by the | corporation owning such stock and by l the corporation in which such stock Is i owned"
 After calling attention to the benefits which the legislation he urges would l confer upon the country, the president l says: Those who fear. from any req i son, the extension of federal activity Will i do well to study the history not only of l the national banking act, but of the pure i food law and notably the meat inspec- i ton law recently enacted. The benefit to i interstate common carriers and business I concerns from the legislation l advocate would be equally marked
 The Currency Question.
 On the question of the currency the
 president calls attention to h.s last an 1 nual message wherein he pointed out l that our present system Is defective and showing the need of change. h that 1 message he said:
 National banks should be permitted to
 issue specified proportion Of their cap