Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1907-12-05
CONGRESS HEARS
FROM PRESIDENT
MessAoe DISCUSSES RGcGMr
FINANCIAL srH,Moemcv AND
re CAUSES.
FINANCIAL REFORM IS NHDfD

ANTLTRUor LAWS, INTERSTATE
COMMERCE AND TARIFF Dc
cusseo.
no the Senate and House Of Rep
resentatives:
No nation has greater resources
than ours. and | think y can be est 9,an
possess greater energy and industI 81
ability. In no nation are the funde-
mental business conditions sounder tna y
In ours at this very moment: and y -
foolish. when such r. the case. sOf pe0.
pie to hoard money instead OF keeping u
" sound banks; for 1t Is such hoa Iaa.
stringency. Moreover. as rule; the
business of our people IL conducted with
honesty and probity, and this applies
Alice to farms and factories. 70 ramr .ars
and banks to all Our legitimate CONNER.
ctal enterprises.
In any large body Of men. however.
there are certain to be some who are aus
honest, and II the conditions are gucn
mtsdeeds with impunity. their example
ts a very evil thing for the community:
Where these men are business men o.
interruptions and reckless, and where the
conditions are such that they act with
out supery- sion or control and at hrst
ion. they delude many innocent people
Into making investments or embarking IN
kinds OF business that are really UNI
sound. When the misdeeds OF these sue
suffering comes not only upon them but
upOn the innocent men whom they have
misled. 1t is a painful awakening. when.
ever Il occurs; and. naturally, when It
does occur those who suffer are apt to
forget that the longer II was deferred tho
more painful II would be In the emort TO
punish the guilty 1t is both wise and
minimise the distress of those who have
been misled by the guilty. Yet II q not
possible to refrain because OF such dis
misdeeds that are the ultimate causes OF
the suffering. and, as a means to this
end where possible to punish those re.
differences Of opinion az to many govern
mental policies: but surely there can be
no such differences to the need OF un-
successful dishonesty.
No small part Of the trouble that We
have comes from carrying to an extreme
the national virtue OF self-reliance. OF
independence in I'M
,......... e..,. itiative and action.
SV 1t 10 Wise to con-
meree. serve this virtue and
to provide for its
fullest exercise. COM
patible with seeing that liberty does not
. to t Sr0n RS Others os
that lack OF all effective regulation i'm
evitably breeds. The founders Of the
Constitution provided that the national
sole control of interstate commerce.
There was then practically no interstate
business save such as was conducted by
water. and this the national government
ne AJrS2 vnkr>
oughgoing and effective fashion. Con-
dttiOns have now 10 wholly changed
that the Interstate commerce by water IL
insignificant compared with the amount
business concerns are now engaged In
interstate commerce. AZ q result. 1t can
be but partially and imperfectlv con-
sSled or rsssatsd ey the ston
,nevitahly tending to be either too drastic
or else too lax. and In either case inet-
fective for purposes Of Justice.
Only the national government can In
thOroughgoing fashion exercise the need
ed control This does not mean that
authority. for such authority already ex
lists under the Constitution in amplest
and most far-reaching form: but II does
mean that there should be an extension
Of federal activity. This is not advocat-
Ing Capitalization. 1t IL merely looking
facts In the face and realizing that CEN
traltsatiOn In business has already come
and cannot he avoided or undone. and
that the public at large can only protect
itself from certain evil effects of this
business Capitalization by providing bet.
ter methods for the exercise OF control
through the authority already centralized
in the national government by the Con-
stitution itself. There must he no halt
in the healthy constructive course OF ac-
ton which this nation has elected to
pursue, and has steadily pursued. during
the last six years, rs shown both In tho
legislatiOn of the congress and the adj
ministration of the Law by the DEPART
anent OF justice.
The most vital need is in connection
with the railroads. As to these. In my
iudRment there should now be either u
national incorporation act or law H.
eensing railway companies to engage in
interstate commerce upon certain condt-
tions. The law should be so framed ~
to dive the interstate commerce commts-
sion power to pass upon the future is-
sue OF securities. while ample means
should be provided to enable the COM
necessary. to make physical valuation
of any railroad AS stated In my
message to congress year ago. rail-
roads should be given power to enter
lnents being made public In minute de-
tail and to the consent of the interstate
commerce commission being first obtain-
ed. Until the national government as
merce. In the exercise OF the authority
Il already possesses. 1t will be impossi-
BILE either to give to or TO get from the
railroads full justice. The railroads and
to recognize that this control must come;
The only question IL as to what govern
mental body can most wisely exerctse u.
THE courts will determine the limits with
in which the federal authority can ex-
ercise it, and there will still remain
nmpie work within each state for the
railway commission of that state. and
the national interstate commerce COM
mission will work In harmony with the
several commissions. each within Its own
province. to achieve the desired end
Moreover. in my judgment there should
be additional LEGISLATION looking to the
proper control OF the great business con.
Germs engaged in In
enerman Antitrust t tsis Control 10
Law. exercised for theil
own benefit and pros
for the protection of no es' tha.
general public. As | have repeatedly
naid In messages to the congress ana
elsewhere: experience haa definitel,
all business combinations Modern In
auatrial condition. are such that com
n .sraa y; not only necessary but inevl
lust AZ 1t Is so in the world Of labor ans
Y is as idle to desire to pat an end to al
s son3sn, to al! big combinations o
somb,nations Of labor. Corporation an,
labor union alike have come to stnv
rood ana progeny nat sv; managed !. source
here Ia evil, II should be rromptlv hi,
account: but II should receive heact