Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1907-12-13
ROOSEVELT STANDS
FOR REGULATION Of
BIG CORPORATIONS
In Message Delivered tuesday
He Urges a National In
corporation Act.
MONEY REFORM is NEEDED
He Leaves Il to Congress to Select
Plan, but lncIines Toward Guar
anty Fund for Protection
Many Points Covered.

Washington. D. c., Dec. S.-Pres-
ident Roosevelt today sent his annual
message to the siXtieth congress, ana
IT was read in both branche or the
assembly. In part the message Is as
follows:
The Senate and House OF Represent
atives: No nation has greater re-
sources than ours, and l think 1t can
be truthfully said hat the citizens or
no nation possess greater energy ana
Industrial ability. In no nation are the
fundamental business conditions sound
er than in ours at this very moment;
1t is foolish, when such is the case,
for people to hoard money instead OF
keeping it in sound banks; for IT Is
such boarding that is the immediate
occasion of money ~stringency. More
over, as a rule, the business of our peo-
pie is conducted with honesty and pro-
bity, and this applies alike TO farms
and factories, 20 railroads M BANKS
to all our legitimate commercial enter
prises.
IL any large body OF men, however,
there are certain to be some who are
dishonest. and If the conditions are
such that these men prosper or com
NIT their misdeeds with impunity, their
example is a very evil thing for the
community. Where these men are
business men OF great sagacity and or
temperament both unScrupulouS and
reckless, and where the conditions are
such that they act without supervision
or control and at first without effective
check from public opinion, they delude
many innocent people into making in
Vestments or embarking in kinds or
business that are really unsouno. When
the misdeeds OF these successfully dls-
honest men are discovered, SUFFERING
comes not only upon them, but upon the
innocent men h they have misled. 1t
| . a afnf,Y a yUDlnninU ~NUhpnpVRr If &C.
ours; and, naturally, when 1t does oc-
cur those VINO suffer are apt TO forget
that the longer it was deferred the more
painful it would be. In the effort TO
punish the guilty it is both wise and
proper to endeavor so far as possible TO
minimize the distress of those VINO
have been misled by the guilty. Yet 1T
is not possible to refrain because or
such distress from striving to put an
n to the misdeeds that are the uIu-
mate causes of the sufferings, and, as
a means to this end, where possible TO
punish those responsible for them.
There may be honest differences OF
opinion as to many governmental poll
cies; but surely there can be no such
differences as to the need of unfinch-
ing perseverance, in the war against
successful dishonesty.
CHere the president quotes from his
1906 message his declaration for the
= SQUARE zeal DelWcGH CUT DOi dilCiiS dilu
people n for the regulations of inter-
state to this end.)
I have called your attention in these
quotations to what l have already said
because 1 am satisfied that it is the
duty OF the national government to en-
body in action the principles thus ex-
pressed.
Interstate Commerce.
Nc small part of the trouble that we
have comes from carrying 10 an ex-
IRENE the national virtue of Self-re-
lance, OF independence in initiative and
action. 1t IS wise to conserve this vir-
tue n TO provide for its fullest exer-
else. compatible with seeing that lib
erty does not become a liberty to
wrong others. Unfortunately, this is
the kind OF liberty that the lack of all
effective regulation inevitably breeds.
The founders of the constitution pro-
vided that the national government
should have complete and sole control
of interstate commerce.. There was
then practically no interstate business
save such as was conducted by water,
and this the national government at
once proceeded to regulate in thor
~oughgoing and effective fashion. Con-
ditionS have now so wholly changed
that the interstate by water
is insignificant compared with the
amount that goes by land, and almost
| Ill pth oAAS aS NAS ~
gagged in interstate AS a
result, it can be but partially and inn
perfectly controlled or regulated by the
action of any one of the several states;
such action inevitably tending to be
either too drastic or else too lax, and in
either case ineffective for purposes OF
Justice. Only the national government
can in thoroughgoing fashion exercise
the needed control. This does not
mean that there should be any extern
sion OF federal authority, for
such authority already exists un-
der the constitution in amp
lest and most far-reaching form
but ii does mean that there should be
an extension OF federal activity. This
is not advocating Capitalization. 1t is
merely looking FACTS in the face, and
realizing that Capitalization in bust
ness has already come n cannot be
avoided or undone, and that the pub
lie at large can only protect itself from
certain evil effects OF this business
GENERALIZATION by providing better
methods for he exercise OF control
through the authority already central
lied In the national government by the
constitution itself.
f.: There must be no halt In the !:
/: healthy constructive course of ac-
: ton which this nation has elected /:
(: TO pursue. cad has steadily pur- ::
/. sued, during The last SIX years, as ::
(: shown both In the legislation of ::
the congress and the administra- !:
/: ton OF the law by the department (:
of Justice. The most vital need is !:
In connection With the railroads. !:
AS TO these. in my Judgment there I:
should now be either a national In !:
corporation act or a law licensing {:
(: railway companies TO engage In in /:
terstate commerce upon certain con- !:
ditiuas. THE LAW SHOULD BE :
/: SO FRAMED AS TO GIVE TO I:
/: THE INTERSTATE COMMERCE. /:
COMMISSION POWER TO PASS I:
!: UPON THE FUTURE ISSUE OF (.
: SECURITIES. WHILE AMPLE !:
I: MEANS SHOULD BE PROVIDED :
/: TO ENABLE THE COMMISSION.
I: WHENEVER IN ITS JUDGMENT /:
/: IN Is NECESSARY TO MAKE A :
(: PHYSICAL VALUATION OF ANY :
: RAILROAD.
Should Permit Pooling.
AS | stated In my message 10 me