Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1907-12-05
MESSAGE.

Washington, Dec. BIN his message
to congress President Roosevelt urges
the better regulation of corporations
and the curtailment of the power tc
issue securities also that pooling be
permitted. He also speaks for an
elastic currency based on securities
approved by the government. He
fayors an income tax, and heavy one
on smaller fortunes.
Panics.
In any large body Of men, ne says
there are certain to be some who are
dishonest, aud ii the conditions are
such that these men prosper or COM
nit their misdeeds with lmpunlty,
their example is a very evil thing for
the community. Where these men
are business men OF great sagacity
and OF temperament both unscru-
pulOus and reckless, and where the
Conditions are such that they act
without supervision or control and at
FIST without eff active check from pub
lie opinion, they delude many limo
cent people into making investments
or embarking in kinds OF business that
are really ungOund. When the mis-
deeds of these successfully dishonest
men are discovered, suffering comes
lot only upon them, but upon the in
nocent men whom they have misled.
1t is a 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 1t is both
wise and proper to endeayor so far as
POSSIBLE to minimize the distress OF
those who have been misled by the
guilty. Yet 1t Is not possible to re-
frain because of such distress from
striving to put an end TO the mtsdeeds
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 20
many governmental policies; but
surely there can be no such differ.
onces 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 acuon. 1t is wise to conserve
this virtue and to provide for it's full
est exercise, compatible with seeing
that liberty does not become g. liberty
to wrong others Unfortunately, this
is the kind of liberty that the lack of
all effective regulation inevitably
breeds. Only the national govern
ment can III thOrOughgoing fashion ex-
ercise 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 form; but
it 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 busf
ness has already come and can not
be avoided or undone, and that the
public at large can only protect itself
from certain evil effects of this bust
ness Capitalization by providing bet
ter methods for the exercise OF con
troll through the authority already cen
tralized in the national government
Ey the constitution itself.
The Railways.
The most vital need Is III connection
my Judgment there should now be
elUIer a national incorporation act O.
4 law licensing railway companies &c
engage Al interstate commerce lpon
CERTAIN conditions. The law should
De so framed as to give to the inter
state commerce commission power &c
Pass upon the future issue OF securE
ties, wAlle ample means should be
Lroyiued TO enable the commission
whenever in its judgment it IS neces
Sary, 20 make a physical valuation OF
any railroad. Railroads should be
given power 10 enter into agreements
subject to these agreements being
made public in minute detail and to
the consent of the interstate com
merce commission being first obtained
Until the national government as,
Cumes proper control of interstate
commerce, in the exercise of the auth
orIty il already possesses, il VIII be I'M
possible either to give to or to get from
the railroads full justice. The rail
roads and all o-he great corporations
will do well to recognize that this
control must co,ne: the only question
IS as 10 what governmental body
can most wisely excl else IT
There should be additional legislation
looking to 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
luhlic Experience, has definitely
shown not merely the unwisdom but
the utility of endeayoring to put 4
stop To all business combinations
Corporation and labor union alike
have como to stay. Each IL properly
managed Is source of good and no.
evil. Whenever In either there Is
evil. II should be- promptly held to &C
count: but !. should receive hearsy