Rocky Ford enterprise., 1907-11-08
URGED TO CALL
ExTRASESSI0N
BELIEF THAT NEW FINANCIAL
LEGISLATION Is NECESSARY
TO RESTORE CONFIDENCE.
ASK VIEWS
ON NEW LAWS NEEDED FOR THE
SUCCESSFUL CONTROL OF
CORPORATIONS.

washington.-lt il learned from un'
doubted sources that President Roose'
welt is now being urged To call an eS'
ira session Of congress to deal win
the financial situation. Tho request
comes from and represents the juds-
ment OF the conservative leaders In
the financial word. who have repre-
sented the present situation as one
compelling action OF character that
will eradicate all ground for suspicion
Of American industrial methods.
The President has been assured
from most reliable sources that there
will be- opposition on the part Of the
great Industries of the country TO the
enactment Of necessary laws TO carry
out his ideas OF federal control to the
extent to which lie has cSpounded
them In his recent public u,teranccs.
These assurances are made at this
time TO avert what has been repre-
scnted as the most dangerous siiun-
ton which has confronted the coun-
try during nm cxt.ndcd historic period
that is, the seeming growing lack
Of confidence. based on known IrIc.'
uinritIcs In business methods In some
quarters. and no sure and speedy
means oi separa.in. the good from
the unsound.
To this end II Is suggested that the
President set Congress to the task.
first. Of making such amendments to
the maximum of iicxibiiiiy with tho
minimum Of basic change In our sys'
TEN. Next. and perhaps most In I'm.
portancc. that the President cmbody
his suggestion on corporation control
into succinct rccommc ndations for en-.
actmcnt into law. In this connection
attention has been directed to what
he said at Proy!acr,own MasSachu.
sciis. August goth last:
II believe In national incorpora.
tion law for corporations engaged In
Interstate business. l believe. further.
more that the need for action In most
pressing as regards ihos. corpora
lions. which. because they are com
mon carriers. exercise quasi public
function: and which can be com
pictcly controlled In NIL respects by
the federal government. by the cScr'
else Of the power conferred under the
intcrStatc commerce clause. and II
necessary under the post road clause
Of the constitution.
''Thc national government should
exercise over them n similar super
vision and control to tina, which II
exercises over national banks. We can
do this only by proceeding further
along the lines marked out by the re-.
cent national legislation.
Almost every big business concern
IL engaged In Interstate commerce.
and such n concern must no, be nj.
lowed. by n dcStrous shifting Of po.
sition. rs has been too often the caJc
In the past, to escape thereby all rc.
sponsibili,y either to state or to ma
ton"
To meet his views the President
then sug.catcd amendments to the
Sherman nnii;rust law and the addi.
ton of criminal clause to that and
tho Interstate commerce regulations.
The benefit of having federal legal
machinery to detect and eradicate nm.
wholesome business methods Mt this
time was said 10 be the desirable end
to be accomplished. This would mean.
II is pointed out. a practical wiping
on OF the slate and starting afrcsh
under business conditions. which
would have and which would bear the
closest public scrutiny.
That the President has given the
request for an extra session careful
consideration Is Indicated by those
who have been asked to lend their
advice in the ma,ter.