The Wahpeton times. [volume] (Wahpeton, Richland County, Dakota [N.D.]) 1879-1919, 1907-12-05
CONGRESS HEARS
FROM PRESIDENT
MESSAGE DISCUSSES RECENT
FINANCIAL sTRINGENcY AND
ITS CAUSES.
FINANCIAL REFORM IS NEEDED
ANTITRUST LAWS, INTERSTATE
COMMERCE AND TARIFF DIS
cUssED.

The following is synopsis of the pres
;ident's message:
In opening his message the president
refers to the financial stringency as fol-
lows:
mo nation has greater resources than
. ours. and think it can be truthfully SAID
that the citizens of no nation possess
greater energy and industrial aoin ,s,ne IN
~ conditions sounder than in ours at TINS
very moment: and it is foolish, , When
is the for ito
banks: fol. it is such boarding that IS
the immediate occasion OF money strln-
gency. Moreover. as rule, the business
and probity, and this applies alike to
farms and factories. to railroads and
banks. to all our legitimate commerclal
enterprises.
I'm any large body of men: however.
there are certain to be some who are dis
honest. and if the conditions are such
1had these with is
very evil thing for the community. Where
these men are business men OF great
sagacity and Of temperament both un-
.scrupulous and reckless, and where the
conditions are such that they act with.
out supervision or control and at hrst
without effective check from public opin-
into making investments or embarking in
kinds of business that are really unsound.
When the misdeeds Of these successfully
comes not only upon them. but upon the
innocent men whom they have misled.
1t is a painful awakening. whenever 1t
cur those who suffer are apt to forget
that the longer it was deferred the more
painful 1t would be-. In the effort to pun
to endeavor so far as possible to minimize
the distress of those who have been mis-
led by the guilty. Yet it is not possible
striving to put an end to the misdeeds
that are the ultimate causes of the suf-
ie els' and as means to this end.
.sible for them. There may be honest diff
ferences Of opinion as to many govern
mental policies: but surely there can be
no such differences as to the need of un-
finching perseverance in the war against
successful dishonesty"
Interstate Commerce.
NO small part of the trouble that we
nave comes from carrying to an extreme
d dne national virtue Of self-reliance of in
wise to conserve this virtue and to pro-
vide for its fullest exercise, compatible
with 1,to seeing that liberty does not become
this is the kind of liberty that the lack
S OF all effective regulation inevitably
De@isad me founders Of the Constitution
should have complete and sole control Of
Interstate commerce.
.,a Only the national government can in
tnoroughgolng fashion exercise the need
ed control This does not mean that
there should be any extension of federal
ia sts n1.r for such authority already ex
and most far-reaching form; but it does
Of federal activity. This is not 's advo.
ine 1 fsc fsntra tba It is merely look
CONTAMINATION in business has already.
come and cannot be avoided or undone.
n ana dna t., the public at large can only
project itself from certain evil effects OF
ms business Capitalization bv providing
peter methods for the exercise of con.
troi through the authority already cen
the Constitution itself. There must he
no halt in the healthy constructive course
OF action which this nation has elected
70 70 pursue h e.. and has steadily pursued. dur
the legislation of the congress and the
s aunihlstratlon OF the law by the depart
=; men aen OF noJ Justice The most vital need is
these, In my judgment there should now
be either national Incorporation act or
q "a" licensing railway companies to en-
tain conditions. The law should be 80
framed as to. give to the interstate COM
me- merce ev. commission power to pass upon
ample uI means issue she,G Of securities while
Judgment It is necessary, to make a
physlcai valuation of any railroad.
The Anti-trust Law,
Inc president points out the need for
additional legislation looking to the proner
GonIr9i OF business concerns engaged in
exercised for their own benefit and mos
perity no less than for the protection Of
investors and Of the general public. He
says:
THE antitrust law should not be re-
peal;ed; but it should be made both more
eft,eient and more in harmony with actual
to forbid only the Rin De Sc as
which does harm to the general nmbIic
such amendment to be accompanied by,
vsory power c' to tb o. grant of super
these big concerns engaged in Interstate te
t', iIa;., This should be accompanied
onp Of of the and tbe p6ca
books and papers to the Inspection Of the
government OFFICIALS. A beginning has al
the establishment Of the burean 's nf cory 1y
porations. "a WI
THE antitrust law should not prohibit
comRinatio ton that do no injustice to the
WHICH is on the whole Of benefit to the
public: But even IL this feature Of the
law " were se, aholshed there would remain
enforcement: The governmen noG must % no nIs
submit 70 lrks0me and repeated delay he.
fore obtaining final decision Of the
courts upon proceedings Instituted. and
even a favorable decree may mean an
empty victory. Moreover, to attempt to
control these corporations by lawsuits
means to impose upon both the depart
Tnent of justice and the courts an Inn.
possible burden; it Is not feasible to
such suits. Such law to be really eff
fective must of course be administered
by an executive body. and not merely BY
means Of lawsuits. The design should be
to prevent the abuses incident to the
creation Of unhealthy and improper COM
binations. instead Of waiting until they
are in existence and then attempting to
ceedings.
"A combination should not be tolerated
II It abuse the power acquired by combi-
nation to the public detriment. No cor
poration or association Of any kind should
be permitted to engage in foreign or in
purpose Of. or whose operations create, a
monopoly or gneral control of the pro-
duction, sale or distribution Of any one
or more of the prime necessities of life or
articles Of general use and necessity.
Such combinations are against public pol
fey; they violate the common. law; the
doors Of the courts are closed to those
who are parties to them, and I believe