Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1907-12-05
CAUSES OF THE PRESENT FlNAN.
cIAL CONDITIONS Is MADE
THE CHIEF TOPIC.
SUGGESTS REMEDIES FOR ILLS
CONTROL OF CORPORATIONS AND
RAILROADS TO PREVENT
DECENTRALIZATION.
Believes This Would Solve the Prob
lem Together with Provision for
! More Elastic currenoy-Recem-
4 mends Postal Banks and Asks for
Legislation Along Many Lines.

GyHtUtdeiOU ENhSttS "sN''y 1890
washington, Dec. .. - President
Roosevelts annual message to congress
AD q voluminous document OF nearly
10000 words. by far the longest mes
sage he has ever submitted to congress.
The opening subject Of the message u
the financial condition Of the country,
and for which the president lays much
6f the blame upon unScrupulous STOCK
apeculators, and says;
.'In any large body Of men. however.
there are certain to be some who are
dishonest. and II the conditions are
such that these men prosper or COM
init 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
perament both INSCRIPTIONS and reck-
less, and where the conditions are such
that they act without supervision or
control and at first without ehective
check from public opinion, they delude
many innocent people into making in
vaatments or embarking in kinds OF
huginess that are really unsound.
When the misdeeds Of these successful
ly dishonest men are discovered, suf-
forinR comes not only upon them, put
upon the innocent men whom they
4have misled. 1t Is a painful awakening,
whenever 1t occurs; and. naturally,
when It does occur those who suner
are apt to forget that the longer 1t was
deferred the more painful 1t would pc.
In the effort to punish the guilty IL 10
both wise and proper to endeavor 80
far as possible to minimize the dis-
+ 81 hns VEntalan bW
the guilty. Yet 1t Is not possible to
1Afrain because Of such distress from
aAriving to put an end to the misdeeds
that are the ultimate causes Of the sut-
fering. and, as q means to this end.
where possible to punish those re-
aponsible for them. There may be hon
est differences Of opinion as to many
governmental policies; but surely there
oan be no such differences as to the
need of unfinchin8 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 overcapitaliEation and
stock speculation which he believes
have brought about the present dnan-
oial conditions. He says
"our steady aim should be by lNgis-
lation. cautiously and carefully UNDER
taken. but resolutely persevered In, to
assert the sovereignty of the national
government by Affirmative action.
This is only in form an innovation.
In substance 1t IL merely 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 propose
io to meet the changed conditions IN
such manner a. will prevent the COM
monwealth abdlcating the power 1t has
always possessed. not only in this coun-
try but also In England before and
since this country became q separate
nation.
Federal Control Of
RaiIroada IL Favored.
sNo small part of the trouble that we
have comes from carrying TO an eA-
frame the national virtue OF self-re-
iIanca. of Independence In initiative
and action. 1t IL wise to conserve this
virtue and to provide for its fullest en-
.aFcise. compatible with seeing that lib
.srty does not become liberty to
wrong others. Unfortunately, this is
the kind Of liberty that the lack OF all
elective regulation Inevitably breeds.
The founders Of the constitution pro-
vided that the national government
ahouId have complete and sole control
Of Interstate commerce. There was
then practically no Interstate business
nave such ns was conducted by water,
and this the national government at
once proceeded to regulate In thorough
roinE and effective fashion. Condi-
lions have now 30 wholly changed that
fhe interstate commerce by water is In
Significant compared with the amount
that goes by land. and almost all big
business concerns are now engaged In
interstate commerce. As a result. IL
can BE- but partially and ihperfectly
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 In either
case Ineffective for purposes Of just =
Only the national government can IN
thoroughgolnE fashion exercise the
needed control. This does not mean
that there should be any extension OF
federal authority, fer such authority
already exists under the constitution in
nmplest and most far-reaching form;
but Il does mean that there should be
an extension Of federal activity. This
ts not advocating GENERALIZATION. II is
merely looking facts In the face. and
roaliainE that Capitalization In business
has already come and can not Be avoid |
- or undons. and that the public At |
large can only protect itself from GER
tain evil snscta Of this baainsas cen
tralination b. providing better msthods
fer the exercise Of eontrol through the /
aufhority already centraiined IN the |
nallonai novernmant hy the eonrtitu- |
f11n itrait Ihsrs muat be no halt ia |
~ healthy conEtructiva cauraa 81 &C.
liou wh1ch thla natiol has glo1led - |
parIoa anf kn1 atea11lf plnrue6 auf-
- oIs-lssi ~ Tag1 a4eesun hsih h