The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-11-08
URGE CONGRESS BE CALLED.
conservative Financiers Believe that
Need is Pressing for Congress
sional Action on the Money
Question.

w
Learned here today from undoubted
sources that President Roosevelt is
now being urged to call an extra ses-
sion OF congress to deal with the fin
ancial situation. The request comes
from and represents the judgment of
the conservative leaders in the finan-
cial world who have represented the
present situation as one compcllil lg
action of character which will affir-
matively eradicate all ground for sus-
pici0n of American industrial meth
DDS.
The president has been assured
from most reliable sources that there
will be no opposition on the part OF
the great industries of the country to
the enactment Of tile necessary law:
to carry out his ideas of Federal con-
troll to the extent to which he has ex
pounded them in his recent public ut
terances. These assurances are made
at this time to avert what has been
represented as the most dangerous
situation which has confronted the
country during an extended historic
period-that is, the seemingly grow
ing lack Of confidence based on known
irregularities in business methods in
some quarters, and no sure and speedy
means Of separating the good from
the unsound.
TO this end it is suggested that the
president set congress to the first task
Of making Sucn amendments to the
financial laws as will result in the
maximum Of flexibility with the mini
mum of basic change in our system.
Next, and perhaps most in import
ance, is that the president embody his
suggestions on corporation control in
to succinct recommendation for en-
acting into law. In this connection
the president attention has been di-
rected to what he said at Princeton,
Mass, August 20 last:
81 believe in a national incorpora-
ton law for corporations engaged IL
Interstate business, | believe, fur
thcrmorc, that the need FOR action j.
most pressing as regards those cor
poralions which, because they are
common carriers, exercise quasi pub
lie function; and which can be com
pletely controlled, in all respects by
the Federal Government, by the ex-
ercise Of the power conferred during
the Interstate commerce clause, and
if necessary under the post road
clause Of the constitution.
"The National Government should
exercise over them similar super
vision aId control to that which it
exercises over national banks. We
can do this only by proceeding farth-
er along the lines marked out by the
recent national legislation.
"Almost every big business concern
is engaged in Interstate commerce,
and such a concern must not be al
lowed by dcXtcrous shifting Of posi-
tion, as has been TOO often the ease
in the past, TO escape thereby all re-
sponSbility either TO state or to Ia
tion.'
TO meet his views the president
tncn suggested amendments TO the
Sherman antitrust law, and the addi-
ton Of criminal clause to that end
to the Interstate commerce rc2Nlla-
tions. The bcncti! Of having Federal
legal machinery to detect and eradi-
cate unwholcSome business methods
at this time was said to be the de-
sirabIe end to be accomplished. This
would mean, it is pointed out, prac-
tical wiping off Of the slate and a
starting arresh under business condi-
tiols wnich would have and which
could bear the closest public scrutiny
That the President has given the re-
quest for an extra session careful 'con"
sideration is indicated by those who
have been asked to lend their advice
in the matter. That the information
as to existing conditions is not alarm
ing has been the continuing assurance
which has come from the Govern
mcnt's careful observations. With
this in view The President has been
told that the call for an extra scssio.
Of congress might have the reverse
effect from that desired by those who
are urging such action; that it would
tend to emphasize in the public mind
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