The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1907-12-03
SUGGESTS REMEDIES FOR ILLS
CONTROL OF CORPORATIONS AND
RAILROADS TO PREVENT
ovERcAPlTALlzATloN.
Believes This Would Solve the Prob
lem Together With Provision for
More Elastic curreney--Recon-
mends Postal Banks and Asks for
Legislation Along Many Lines.


Roosevelts annual message TO congress
Is yoluminous document Of nearly
30 600 words by far the longest mes
sage he has ever submitted to congress
The opening subject OF the message Is
tho financial condition Of the country
and for which the president lays much
of the blame upon unscrupulOus stock
spectators and says
IN any large body Of men, however,
there are certain 70 be some who are
dishonest. and II the conditions are
such that these men prosper Of COM
nit their misdeeds with impunity, their
example Is a very evil thing for the
community Where these men are busi-
ness men OF great sagacity and OF tenn
perauicnt both unscrupulous and reck-
less. and where the conditions are such
that they act without supervision Or
control and at first without effective
check from public opinion, they delude
many innocent people into making In
vettments or embarking ia kinds Of
business that are really unsound.
When the misdeeds Of these successful
~ dishonest men are discovered. auf-
fering comes not only upon them, but
upon the innocent men whom they
have misIeS, II Is a painful awakening,
whenever II occurs: and naturally.
when II does occur those who suffer
are apt to forget that the longer II was
deferred the more painful II would be,
IN the effort 10 punish the guilty IL is
both wise and proper TO endeayor 50
FAR as possible 20 minimize the dis
treas Of those who have been misied by
the guilty. Yet IL Is not possible TO
refrain because Of such distress from
striving to put an end 10 the misdeeds
that are the ultimate causes Of the suf-
fering. and. as a means TO this end.
where possible 70 punish those re-
nponsible for them. There may be hon
est differences Of opinion as to many
governmental policies. but surely there
can be no such differences as to the
need Of undinching perseverance In the
war against successful dishonesty"
He quotes At length from his mes
sage Of last year in which he advo-
Gated federal control OF corporations
doing interstate business. and believes
that In such control would be found the
remedy for oyercapltalixation and
stock speculation which he believes
have brought about the present imam
cial conditions. He says.
"Our steady akm should be by legis-
lation. cautiously and carefully underr
taken bat rosoiutely persevered ln. to
assert the sovereignty of the national
government BY Affirmative action.
"Thls IA only in form an Innovation.
In substance IL is merely q restoration.
for from the earliest time such regula-
tion OF Industrial activities has been
recognised IN the action OF the law
making bodies. and all that I propose
is to meet the changed conditions IN
such manner as viii prevent the COM
monwealth abdicatinK the power IL has
always possessed. not only in this coun-
try. but also Va England before and
since this country became separate
nation.
Federal Control Of
nailroads IL Favored.
mo small part OF the trouble that we
have comes from carrying 10 an ex-
treme the national virtue Of self-re-
lance or independence IN initiative
and action. II Is wise 10 conserve this
virtue and to provide for its fullest ex-
ercise. compatible with seeing that ilb-
erty does not become d liberty to
wrong others Unfortunately. this Is
che kind ~ Bs-rty tAat tia iack 81 al
effective regulation Inevitably breeds.
The founders OF the constitution pro-
v'dcd that the national government
should have complete and sole control
or interstate commerce. Thera was
then practically no interstate business
nave such as was conducted BY water.
and this the national government at
once proceeded 10 regulate IN thorough
going and effective fashion. condi-
tionH have now so wholly changed that
the interstate commerce By water Is in-
Significant compared with the amount
I.f-. A.
business concerns are now engaged In
interstate commerce As a result It
can be but partially aRd imperfectly
controlled Or regulated By the action OF
any one of the several states. such ac-
tion inevitably tending to be either too
drastic or else too lax. and IA either
case ineffective for purposes OF justice.
Only the national government can IN
thurouEhgoinE fashion exercise the
needed control This does not mean
that there should be any extension Of
federal authority. for such authority
already exists under the constitution In
amplest and most far-reaching form;
but e 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 that GENERALIZATION IN business
has already come and San not be avoid
ed or undone. and that the public al
large can only protect itself from GER
tain evil effects OF this business CEN
tralization By providing better methods
Tor the exercise Of control through the
authority already centralized In the
national government BY the eonstltu.
tion itsslf. There must be no halt In
the healthy constructive course Of ac-
ti0n which this nation has elected q
pursue, and has steadily pursued. dur
ing the last six years. az shown both n
the legislation OF the congress and the
administration OF the law by she de.
partment Of justice. The most Vita
need is in connection with the railroads
As 20 these. IN my Judgment there
should nov be either q national incor.
poration act or q law licensing RAILWAY
companies 70 engage IN Interstate com.
merce upon certain conditions. The Law
should be 80 framed as to give to tn,
interstate commerce commission power
10 pass upon the future issue OF gecurl
ties, while ample means should be pro
vided 70 enable the commission. when
ever IN Its judgment Il Is necessary [,
make q physical valuation Of any rail
road. As stated IN my message 70 IN,
congress year ago railroads shoul,
be given power 20 enter into agree
ments. subject to these agreements be-
Ing made public n minute detail and Il