The Washington times., 1907-12-03

/ W ~ tlADl hldL tOulu llOL DC tllNGAANNt1
prohibited. and have in part in their
| prohibitions confounded what should be
] allowed and what should not be AL
I lowed. IL is generally useless TO try TO
/ prohibit all restraint on competition,
| whether this restraint be reasonable or
| unreasonable; and where II is not use
! less ii is generally hurtful. The
| successful prosecution of one device to
| evadc the law Immediately develops an
/ other device to accomplish the same
purpose.
| What is needed is not sweeping pro-
! hibition OF every arrangement. good or
| bad. which may tend to restrict cOmFs-
| tition, but such adequate sup6- vision
| and regulation as will prevent any re-
! striction Of competition from being to
/ the detriment OF the public as well as
| such supervision and regulation as will
/ prevent other abuses in no way con-
nected with restriction OF competition
! ] have called your attention in these
/ quotations TO what I have already said
| OF the National Government to embody
IN action the principles thus expressed.
No Eight to Wrong Others.
| have comes from carrying 10 an ex-
\ treIne the national virtue OF self-re-
1 lance, OF independence in initiative and
acton II is wise to conserve teis vir-
/ Tue and TO provide for its fullest exer-
]
| does not become a liberty 10 wrong
others. Unfortunately. this Is the kind
| OF liberty that the lack OF all effective
regulation inevitably breeds. The foun-
! ders OF the Constitution provided that
| the National Government should have
| complete and sole control Of Interstate
| commerce. There was then practically
| no interstate business save such as was
] conducted by water, and this the Ma
| tional Government at once proceeded 10
! regulate in thoroughgolng and effective
! fashion. Conditions have now so Who'll
I ly changed that the interstate commerce
/ by water Is insignificant compared with
the amount that goes by land, and al
most al big business cOnctrns are now
I engaged In interstate commerce.
AS a result 81 can he but partially
ard mperfectly controlled or regulated
/ Ey The action of any one of the several
? Stat IS; such action inevitably tending
| to be either too drastic or else too lax
and IN either case ineffective for pur-
/ poses OF justice. Only the National
| Government can IN thoroughgoing fash
| ion exercise the needed control. This
does rot mean that there should be any
extension of Federal authority, for such
authority already exists under the Con
stlutIon n amDlest and most far
reaching form: but II does mean that
there should be an extension Of Federal
activity
This IS not advocating Capitalization.
II is merely looking facts in the face.
and realizing th5c Capitalization in bust
ness has already come and cannot be
avoided or unLOne, and that the public
at large can only protect itself from
certain evil effects or this business cen
trallZatlOn by providing retter methods
fer the exercise OF cOntrOI through the
authority Already centralized IN the Ma
tiOnal Government by 'he Constitution
Itself There must be TO halt in the
healthy constructive course OF action
which this nation has elected TO pur-
sue. and has steadily pursued. during
the last six years, as shown both In TIE
legislation OF the Congress and the al
ministration OF the law by the Depal l.
ment Of Justice.
National Railway Incorporation.
The most vital need is in connection
with the railroads. AS to these, in my
Judgment there should now be either a
national incorporation ae N a law
licensing railway companies ge
in interstate commerce upon cei-
conditions. The law should be so franz
ed as to give to the Interstate Com
merce Commission power to pass upon
the future issue of securities, while
ar7ple means should be provided to en-
able the commission, whenever in its
Judgment it is necessary, to make
physical valuation of any railroad. As
stated in my message to the Congress
a year ago, railroads should be given
power to enter into agreements, subject
to these agreements being made public
in minute detail and to the consent of
the Interstate Commerce Commission
being fi1st obtained
Until the National Government as /
sun.es proper control OF interstate |
commerce. in the exercise OF the author /
ity II already possesses. IL will be impOs- /
sIble either to give 70 or 70 get from /
The railroads full justice. The railroads I
and all other great corporations will do /
well to recogn ne that this control must
cc17le; the only question is as TO what /
governmental body can most wisely |
exercise It. The courts Will determine |
the umits within which the Federal au- |
thority can exercise II. and there will |
still remain ample work within each !
State for the railway commission of |
that State; and the National Interstate |
Commerce Commission will work in har- /
monv with the several State commits
sions. each within It's own province, to |
achieve the desired end.
Moreover, in my judgment there |
should be additional legislation looking /
to tie proper control Of the great bust |
ness concerns engaged in Interstate /
business, this control TO be exercised for !
their own benefit and prosperity no less |
than for the protection OF investors and I
OF the general public. AS I have repeat |
edIy said in messages to the Congress |
and elsewhere, experience has definitely |
shown not merely the unwisdom, but |
the futility Of endeavcring to put a stop
20 al l,1YSiueCs QOu1 hf1q ffOng