Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1907-12-11
MESSAGE.

to congress President Roostv1 urges
the better regulation of corporations
and the curtailment of the power to
issue securities also thai pooling be
permitted. He also speaks for an
elastic currency based on securities
approved by the government He
favors an income tax, and heavy one
on smaller fortunes.
Panics.
In any large body of men, he says.
there are certain to be some who are
dishonest, and il the conditions are
such thai these men prosper or conf
init their misieeds with 1mpunity, /
their example is very evil thing for |
the community. Where these men
are business men of great sagacity
and OF temperament both unscru-
pulous ana reckless, and where the
conditions are such that they act
". houG supervision or control ana at
fl t without eff sctiye check from pub
lie opinion. they delude many inno-
cent people into making investments
or embarking in kinds OF business that
are really unsound. When the mis-
deeds OF these successfully dishonest
men are discovered, suffering comes
not only upon them, but upon the In
noeent men whom they have misled
It is d painful awakening, whenever IT
occurs; and. naturally, when it does
occur those who suffer are apt to for
get 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 endeavor so far rs
POSSIBLE TO minimize the distress Of
those who have been misled by the
guilty. Yet it is not possible to re-
frain because Of such distress from
striving to put an end TO the misdeeds
that are the ultimate cause OF the
suffering. and, as means to this
end, where possible to punish those
responsible for them. There may Be
honest differences Of opinion as co
many governmental policies; but
surely there can be no such differ
ences as to the need of unfiinching
perseverance in the war against sue
cessful dishonesty.
Interstate Commerce.
No small part OF the trouble thai
We have comes from carrying to al
extreme the national virtue of self
reliance, OF independence in initiative
and action. 1t is wise TO conserve
this virtue and to provide for its full
est exercise, compatible with seeing
that liberty does not become q liberty
10 wrong others Unfortunately, this
is the KIND OF liberty that the lack of
all effective regulation inevitably
breeds. Only the national govern
ment can IN thoroughgoing fashion ex-
ereise the needed control. This does
not mean tat there should be any
extension OF federal authority, for
such authority already exists under
the constitution in ampIest form; but
1t does mean that there should. be an
extension OF federal activity. This is
not advocating Capitalization. 1t is
merely looking facts In the face, and
realizing that Capitalization in bust
ness has already come and can not
be avoided OF undone, and that the
public at large can only protect itself
from certain evil effects of this busl-
ness Capitalization by providing tet-
ter methods for the exercise of con-
troll through the authority already cen
tralized in the national government
ty the constitution itself.
The Railways.
The most yIIal need Is IN connection
with Tie railroads.. AS to these. i'll
my Judgment there should now be
either i national incorporation act o:
law ucens4ng railway companies TO
engage III interstate commerce upon
oerta conditions. The law should
be 50 framed -s TO give to the inter
state commerce commission power 20
pass upon the future issue OF seeurI-
ties, Wnle ample means should be
provided 10 enable the commission,
whenever in its Judgment 1t is neces-
sary, 70 make d physical valuation of |
any railroad. Railroads should be |
gwen power TO enter into agreements, |
subject to these agreements being |
@He%N1 PugiAN III AA4AAtS 0SIAll ehl4u ~ |
the consent OF the interstate com
merce commission being first obtained. !
Until the national government as
cumes proper control Ct interstate |
commerce, in the exercise of the auth /
orlty It already possesses, it VIII be- I'M |
possible either to give to or to get from |
the railroads full Justice. The rail. !
roads and ali o-he great corporations |
will 40 ell TO recognize that this
control must co,ae: the only question |
is as to what governmental body |
can most wisely excl else 1t
There should be additional legislation /
looking 10 the proper control of the |
great business concerns engaged In |
interstate business, this control to be |
exercised for their own benefit and |
prosperity no less than FOR the pro+ec-
ton Of investors and OF the general |
lublic. Experience. has definitely |
shown not merely the unwisdom but |
the tutility Of endeavoring to put !
stop to all business combinations. |
Corporation and labor union alike |
have come to stay. Each If properly !
managed is source of good and not |
evil. Whenever In either there Is
evil, It should be promptly held to &C.
count; but it should receive hearty |