New-York tribune., 1907-11-03
EXTRA SESSION OF
CONGRESS- URGED.
TO DEAL WITH FINANCE
And CORPORATIONS.
President assured Great Industries
WM Not Oppose His Policy
of Federal Control.
LRy Tho Associated Press.1


Washington Nov. 2-President Roosevelt IS
being urged to call an extra session of Congress
to deal with the financial situation. The request
comes from and represents the Judgment of the
conservative leaders in the financial world who
have represented the present situation as one
compelling action of character which will
remove all ground for suspicion of American
industrial methods
The President has been assured from the most
trustworthy sources that there will be no oppO-
sition on the part of the great industries of the
country to the enactment of the laws necessary
TO carry out his ideas of federal control to the
extent to which he has expounded them in his
recent speeches These assurances are made at
this time, 1t is said to avert what has been
represented the most dangerous situation
which has confronted the country for a long
time-that is. the apparent growth of lack of
confidence. based on irregularities in business
methods in some quarters, and no sure and
speedy means of separating the good from the
unsound.
To obtain this end 1t is suggested that the
President first set for Congress the task of
making such amendments in the financial laws
as VIII result in the maximum Of fiexibility with
the minimum of basic changes in the currency
system. The next. and perhaps most important
suggestion is that the President embody his
views on corporation control in recommendations
for engagement into law.
In connection with this subject the Presidents
attention has been directed to the following ex-
tract from his speech at Provincetown, Mass,
on August %:
believe in a national incorporation law for
corporations engaged in interstate business
oeueVe, furthermore, that the need for action
Is most pressing as regards those corporations
Whlch, because they We're common carriers ex-
erclSed a quasi-pubc function. and which can
Se completely controlled. in all respects, by the
federal government by the exercise of the
power conferred under the interstate commerce
clause, and. If necessary. under the post road
cause oi the Constitution The national
government should exercise over them a similar
supervision and control to that which il exer-
cises over national banks. We can do this
only by proceeding further along the lines
marked out by the recent national legislation.
Almost every big business concern is en-
gagged In interstate commerce, and such a con-
Germ must not be allowed by a deXterous shift
Ing OF position as has been too often the case
In the past, 10 escape thereby all responsibility,
either 10 state or 10 nation.
To meet his views the President then sug-
gested amendments to the Sherman antitrust
law and the addition of a criminal clause 10
that and the interstate commerce regulations.
The benefit of having federal legal machinery
to detect and eradicate unwholesome business
methods at this time was said to he the desir-
able end to be attained. This would mean. il is
pointed out. a practical wipng off of the slate
which would have borne and could bear the
closest public scrutiny
That the President has given the request for
an extra session careful consideration is indi-
Gated by those who have been asked for their
advice. That information to existing condi-
tions is not alarming has been the continuing
assurance which has come from the govern
ment's careful observations. With this in view
the President has been told that the call for an
extra session of Congress might have an oppo-
site effect from that desired by those who are
urging such action that 1t would tend to en-
phasize in the public mind apprehension Of
unfavorable conditions which do not exist. Fail
ing in obtaining extra session, those who
have made the appeal for it have presented an
alternative. additional request that the
President make public statement of the as
surance he feels in the sound condition of pub
lie credit. This. too, has met with a measure
of opposition from the administrations ad-
visers Both suggestions still under con-
sideration. although information regarding
either can be obtained at the White House.