Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1907-12-07
CONGRESS HEARS
FROM PRESIDENT
MESSAGE DISCUSSES RECENT
FINANCIAL sTRiNoENcY AND
ITS CAUSES.
FINANCIAL REFORM IS NEEDED
ANTITRUST LAWS, INTERSTATE
COMMERCE AND TARIFF DIS
cussED.
FINANCIAL REFORM IS NEEDED

TO the Senate and House of Rep
No nation has greater resources
than ours, and | think IL can be truth
fully said that the citizens of no nation
possess greater energy and industtiat
ability. In no nation are the funda-
mental business conditions sounder than
in ours at this very moment; and II ls
foolish. when such IL the case. Tor peo-
pie to hoard money instead Of keeping It
In sound banks; for IL is such boarding
that is the immediate occasion OF money
stringency Moreover as rule, tho
business of our people is conducted with
honesty and prObity, and TINS appneb
alike to farms and factories, TO railroads
and banks, to all our legitimate CONNER
cial enterprises.
In any large body Of mon. however,
there are certain to be some who are dis
honest, and If the conditions are such
that these men prosper or commit their
misdeeds with impunity, their example
Is a very evil thing for the community:
Where these men are business men or
great sagacity and of temperament both
unscrupuiOus and reckless, and where the
conditions are such that they act with
out supervision or control and at first
without effective check from public opin-
ion, they delude many innocent people
into making Investments or embarking In
kinds of business that are really un-
sound. When the msdeeds of these sue
cessfully dishonest men are discovered.
suffering comes not only upon them, but
upon the innocent men whom they have
nnSieu. II lS a paiUIul awakening. When-
ever Ii occurs: and, naturally, when II
does occur those who suffer are apt to
forget that the longer IL was deferred the
more painful II would be. In the effort to
punish the guilty IL is both wise and
proper TO endeavor so far as possible to
minimize the distress of those who have
been misled by the guilty. Yet II Is not
possible TO refrain because OF such dis
tress from striving TO put an end 10 the
misdeeds that are the ultimate causes OF
the suffering. and, as means to this
end, where possible TO punish those re-
sponsible for them. There may be honest
differences of opinion as to many govern
mental policies; but surely there can be
no such differences as 10 the need of un.
ninching perseverance, In the war against
successful dishonesty.
No small part of the trouble that we
have comes from carrying to an extreme
the national virtue of self-reliance of
independence in in
,. - itiatiVe and action.
'' ~ 1t Is wise to con-
merce. serve this virtue and
to provide for It's
fullest exercise, COM
patible with seeing that liberty does not
become liberty to wrong others. I'm
fortunately this Is the kind OF liberty
that lack of all effective regulation in
evitably breeds. The founders of the
Constitution provided that the n9tional
government should have complete and
sole control of interstate commerce.
There was then practically nd interstate
business save such as was conducted by
water. and this the national government
at once proceeded TO regulate In thor
oughgoiag and effective fashion Con-
ditions have now so wholly changed
that the Interstate commerce by water Is
insignificant compared with the amount
that goes by land, and almost all big
business concerns are now engaged in
interstate commerce. AS a result II can
be but partially and imperfectly con-
trolled 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 inef-
fective for purposes of justice.
Only the national government can in
thoroughgolng fashion exercise the need
ed control. This does not mean that
there should be any extension OF federal
authority. for such authority already ex-
lists under the Constitution i'm amplest
and most far-reaching form; but II does
mean that there should be extension
of federal activity. This is not advocat-
ing Capitalization. IL is merely looking
facts in the face and realizing that CEN
tralizatiOn In business has already come
and cannot be avoided or undone and
that public at large can only protect
itself from certain evil effects of this
business Capitalization by providing bet
ter methods for the exercise of control
the authority already centralized
In the national government by the Con-
stitution itself. There must be no halt
tion which this nation has elected to
pursue. and has steadily pursued, during
the last six years. as show both in the
legislation OF the congress and the ad-
of the law by the DEPART
ment of justice.
with the railroads. As to these. ir my
Judgment there should now be either n
Incorporation at or law IL
censing railway companies to engage In
uf.4.. ntxx.sv a.
tions The law should be so framed as
to give the interstate commerce commits
sion power to pass upon the future is-
sue Of securities, while ample means
whenever In its Judgment IL is
necessary, to make physical valuation
Of any railroad. AZ / stated In my
to congress year ago, rail-
into agreements. subject to these agree
ments being made public Ia minute de-
tall and to the consent OF he Interstate
commerce commission being first obtain
3D. Until the national government as
sumes proper control of interstate COM
merce In the exercise of the authority
It already possesses. II will be impossi-
BILE either to give to or 10 get from the
railroads full Justice. The railroads and
all other great corporations will do well
70 recognize that this control must come;
The only question Is as to what govern
mental body can most wisely exercise IT,
4
N which the federal authority can ex-
.rcise 1t, and there will still remain
ample work within each state for the
railway commission OF that state. and |
he national Interstate commerce COM |
mission will work In harmony with the |
several commissions. each within its own |
province. to achieve the desired end
Moreover in my Judgment there should :
,e additional legislation looking TO tho
proper control of the great business con- /
Germs engaged In in
snne, x~.,.& terstate business,
"e'"'a" this control TO be
- exercised for their I
own benefit and pros |
perity no less than J
or the protection of investors and OF the
General public. AS ! have repeatedly ,
aid In messages TO the congress and |
lsewherc. experience has definitely /
hown not merely the unwisdom hut the !
utility of endeavoring to put stop to
III business combinations Modern fa-
lustrial conditions arc such that COM
linauon is not only necessary but inevt-
able. II Is so In the world OF business
usz as II is so In the world Of labor. and
Is as idle to desire to mt an end to all
orporations. to all big combinations OF
apital. as to desire 10 nut an end to
Of labor Corporation and
abor union alike have come to STAY
Zach II properly managed is source S,f
GOD and not evil. Whenever in either
here Is evil. II should be promptly held
. account: but II should receive hearty