The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1907-06-06
President in His Memorial Day
Speech Urges Regulation Like
That of National Banks.
SCORES THE SPECTATOR
No Disturbances 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 speculator, 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, he 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
jeopardy from the socialist and all
archist than from the predatory man
of wealth. 1t has become evident that
to refuse to invoke the power Of the
nation to restrain the wrongs commit
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 who
acts honorably 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 i'm the course we have deliberately
elected to pursue, the policy of assert
ing the right of the nation, so far as 1t
has the power, to supervise and con-
troll the business use OF wealth, espe-
cially in its corporate form.
1Oudy L WISH " say d "OIu ~ yOu
about the first and most important
feature of this task, the control of the
common carriers doing an interstate
business: q control absolutely vested in
the nation, while in so far as the COM
mon carriers also transport the mails IL
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 con-
AZ taff m fha No tinnal
ernment power to establish post roads
and therefore by necessary implication
power to take all action necessary in
order to keep them at the highest point
Of e. ficiency.
A Step in Advance.
Every federal Jaw 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 &C
tion taken by the administration under
these and the pre-eXisting laws has
been just and proper. Every suit un
dertaken during that period has been
suit not merely warranted, but re-
quired, by the facts; suit In the IN
terest OF the people as q whole and, in
the long run, particularly III 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 I have asked
for further legislation. We best serve
the interests of the honest railway men
when we announce that we will follow
out precisely this course. II is the
course of real, OF ultimate conserVa-
tism. There will be no halt in the for
FY.1
ment of this policy; and those who
wish us to take a step backward or to
stand still. If their wishes were realized,
would find that they had invited an
outbreak Of the very radicalism they
fear.
There must be progressive legislative
and administrative action for the cor
rectlon OF the evils which every sincere
man must admit to have existed in
railroad management in the past.
Full Power Of Control.
Such additional legislation as that
for which 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 rot merely in the
interest OF the public, but most em-
phatically I'm the Interest OF every hon
est railway manager and OF all inves-
tors or would-be investors in railway
securities. Thefe must be vested III the
federal government a full power of
supervision and control over the rail-
ways doing Interstate business; pow
er IN many respects analogous to and
as complete as that the government
exercises over the national banks. X
must possess the power to exercise
supervision over the future issuance
Of stocks and bonds, either through
national incorporation (Which l should
preferI or in some similar fashion,
such supervision to include the frank
publicity OF everything which would
be Investors and the public at large
have right 70 know.
The federal government will thus be
able to prevent all overcapitalizatIon
IN the future to prevent any man
hereafter from plundering others by
loading railway properties with obliga--
tions and pocketing the money instead
OF spending II in improvements and IN
legitimate corporate purposes; and any
man acting lin such fashion should
be held TO a criminal accOunt- Nt"