The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1907-12-03
THE PRESIDENT
TO CONGRESS
lFv tcontinued from Page -

ynorougngofng rasnion exercise me
needed control. This does not mean
that there should be any extension OF
federal authority, for such authority
already exists under the constitution
in amplest aud most far reaching form.
but It does mean that there should be
an extension OF federal activity. This
fs not advocating Capitalization. II is
merely looking facts in the face and
realizing that Capitalization IN business
has already come and cannot be avoid
ed or undone and that the public at
large can only protect itself from GER
tain evil effects Of this business cer-
tralization by providing better methods
for the exercise Of control through the
authority already centralized in the
national government by the constitu-
tior itself. TTere must be no halt In
the hes - constructive course of ac-
tion which this nation has elected to
pursue and has steadily pursued dur
fng the last six years as shown both
In the legislation Of the congress and
the administration Of the law by the
department OF justice.
National License For Rsilrosds.
The most vital need is in connection
with the railroads. AS to these, in my
Judgment. there should now be either
national incorporation act or law
licensing railway companies to engage
in interstate commerce upon certain
conditions. The law should be so
Framed as to give to the interstate
commerce commission power to pass
upon the future issue of securities
while ample means should be provided
to enable the commission whenever In
1ts judgment II IS necessary to make a
physical valuation Of any railroad. As
stated IN Ily .1essaCe 20 the congress
year ago, railroads should be given
bower TO enter into agreements sub
jcct to these agreements being made
public IN minute detail and to the con
sent Of the Interstate comm cree com
mission being first obtained Untll
the national government assumes prop
er control OF interstate commerce in
the exercise Of the authority it already
possesses II VIII be impossible either
70 give to or to get from the railroads
full justice. The railroads aud all 9th
er great corporations will do well to
recognize that this control must come.
The only question Is as to what gov
ernmental body can most wisely exer-
else IT, The courts will determine The
limits within which the federal author
ity can. exercise It, and there VIII still
remain ample work within each state
for the railway commission OF that
state, ana the national interstate com
nerce commission VIII work IN har-
mony with the several state commits
slons, each within its own province, to
achieve the desired end.
The Antitrust Law.
Moreover, IN my judgment, there
should be additional legislation looking
10 the proper control of the great bpsi-
ness concerns engaged in interstate
business. this control to be exercised
for their own benefit and prosperity
no less than for the protection Of in
vestors and OF the general public. As
! have repeatedly said in messages 10
congress aud elsewhere, experience has
definitely shown not merely the unwis-
dom, but II sItility, Of endeayoring 10
put stop 10 all business combinations.
Modern Industrial conditions are such
that combination is not only necessary,
but inevitable. II is so in the world OF
business just az II Is so in the world
Of labor, and It is as idle 10 desire TO put
an end to all corporations, 10 all blg
combinations Of capital rs to desire 20
put on end to combinations Of labor.
Corporation and labor union alike have
come TO stay, Each If properly man
aged Is a source Of good and not evil
Whenever In either there Is evil II
should be promptly held 10 account,
but II should receive hearty encourage
ment SO long as 1t is properly managed
II is profoundly immoral 10 put OF
keep on the statute books a law nomi
nally IN the interest Of public morality
that really puts a premium upon pub
lic immortality by undertaking 10 for
bid honest men from doing what must
be done under modern business condi
tions so that the law itself provide.
that rs own infraction must be the
condition precedent upon business sue
cess 70 aim at the Accomplishment
Of too much usually means the accom-
plishment OF too little and often the do
ing Of positive damage
Not Repeal but Amendment.
The antitrust law should not be re
pealed. but It should be made botl
more efficient and more IN harmon,
with aetual conditions IL should b
50 amended as 10 forbid only The kim
OF coordination which does harm 10 Ia
general public, such amendment to b
accompanied by or 10 be an Incident O
grant Of supervisory power TO th
government over these big concern
engaged ia iuteisinte business. Thi
should be accompanied by proyisio
FOR the compulsory publication OF az
counts aud the Subsection OF hooks an
papers 70 the Inspection OF the go'
ernmeut officials. A beginning las a
ready been msde Cor such superyisio
by the establishment Of ihe hnrean !
corporations
The antitrust law should not prohib