The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1907-06-07
President in His Memorial Day
Speech Urges Regulation Like
That Of National Banks.
SCORES THE s%PEcULAToR
40 Disturbance of Values to Hurt the
Innocent Investor, He Adds, but
Likewise No Let-Up to the
Reform Work Begun.

Indianapolis-President Roose-
velt, in his Memorial day address
here, declared for a valuation of
the railroads of the United States.
That the railroads have grown
In value until probably in most
cases worth the par of the capital
stock issued by them, is his ex-
pressed opinion. But he condemned
without stint the Spectator, as
distinguished from the legitimate
railroad manager. He thinks there
should be no such disturbance of
values as would prove a hardship
for the innocent investor, but he
declares against the "unearned
increment" Of speculation in rail
road properties. A national in
corporation act is his preference
for means Of regulating capital
stock in the future, which, ne says,
must be done.
After paying tribute to both
union and confederate armies in
the civil war and eloquently re-
ferring to General Lawton, whose
monument he assisted in dedicat-
ing this afternoon, the president
turned his attention to pressing
present questions, saying:
One great problem that we have be-
fore us is to preserve the rights of
property; and these can only be pre-
served if we remember they are in less
fRnn9r al from tho Snrin1jSt and am
archist thar from the predatory man
of wealth. 1t has become evident that
to refuse to invoke the power OF the
nation to restrain the wrong commits
ted by the man OF great wealth WHO
does evil Is not only to neglect the in
terests of the public. but is to neglect.
! the interests OF the man of means vino
acts honorahly by his fellows. The
power Of the nation must be eXerted
to stop crimes of cunning no less than
crimes of violence. There can be no
halt in thec course we have deliberately
elected to pursue. the policy of assert
Ing the right of the nation, so far as it
has the power. to supervise II con-
troll the business use of wealth. espe-
cially IN its corporate form.
Today / wish to say q word to you
about the first and most important
feature Of this task, the control of the
common carriers doing ar interstate
business; a control absolutely vested in
the nation, While in so far as the com
mon carriers also transport the mails it
Is in my opinion probable that whether
their business is or is not interstate It
is to the same extent subject to federal
control, under that clause of the co,l-
stitution granting to the national gov
eminent power to establish post roads
n therefore by necessary Implication
power to take all action necessary in
order to keep them at the highest point
OF efficiency.
A Step in Advance.
Every federal law dealing with cor
poratlons or with railroads that has
been put upon the statute books during
the last six years has been a step in
advance in the right direction. All ac-
ton taken by the administration under
these and the practising laws has
been just and proper. Every suit I'M
dertaken during that period has been a
suit not merely warranted, but re-
CURED, by the facts; a suit in the in
terest of the people as a Whole and, i'll
the long run, particularly in the inter
est of stockholders as we'll as in the
interest of business men of property
generally.
There can be no swerving from the
course that has thus been mapped out
IN the legislation actually enacted and
IN the messages in Which have asked
for further legislation. We best serve
the interests of the honest railway men
WHeH we announce lhat we Nlil fCfiOW
precisely this course. It is the
course Of real, of ultimate conserva-
tisln. There will be no halt in the for
ward movement toward a full develop
ment of this policy; and those who
wish us to take a step backward or TO
stand still, If their wishes We're realized.
would find hat they had invited an
outbreak Of the very radicalism they
fear.
There must be progressive legislative
n administrative action for the cor
rection of the evils which every sincere
man must admit to have existed IL
railroad management in the past.
Full Pcwer Of Control.
Such additional legislation as that
for which I have asked in the past. and
especially that for which I asked in my
message at the opening of the last ses-
sion Of congress. is not merely in the
interest of the public, but most en-
pha icalls in the interest of every hon
est railway n'anaser and of ali iavcs-
tors or would-De investors in railway
securities. There must be vested in the
federal government a full power OF
supervision and control over tha rail-
ways doing interstate business: a pow
er in many respects analogous to and
as complete as that the government
exercises over the national banks. 1t
must possess the power TO exercise
supervision Over The future issuance
Of stoclSs ard bonds. either through a
rational incorporation (Which I should
Tfsfsr) or in some similar fashion.
suca supervision to include the frank |
publicity CT everything which wculd-
be invesfars and the public at large
il:s.ve q right to know.
i'iia f~es;eI;.! government Will teus ha
Pile to r~revelt all Observation-Disclosures |
in thu fixture: to prevent any lran
rs fter fsc.ea p!rndsring Others ly
1cs1iiTs railway Irorerti s with ohliga-
q 95if:; :ii13 TscNotiag this lroa.y inetand I
Girss I. in inanrove 1ncnts sra in
) ssigis,;ssa corporate purposes: ami any
IN .asfi4s5 in sncfl fashion storld
H. is1Naa 10 a criminal accountability. !,