The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-08-17

ervision and control of a vast number
of Industrial operations, including all
common carriers, the meat, drug, gro
Gerry, canning, liquor and numerous
kindred industries. And, radical as have
been these legislative measures, for
the enactment of which Mr.. Roosevelt
is almost solely responsible, the dire
results predicted by those engaged in
the interested industries have entirely
failed to materialize, and no one of
them has served even to check the
steady progress of that general pros
perity for which the Republican party
claims, and is generally accorded, cred
Il,
1t may be objected that the recent
depreciation of certain railway securi-
ties disproves at least in part, the as
sertion that the legislative enactments
for which Mr.. Roosevelt is responsible
have promoted rather than decreased
the prosperity of every industry af-
fected, and certain prominent railway
managers have. recently complained to
the President that, as a result If bIs
policies, the public has lost confidence
IN their securities, and that they find
themselves unable to raise the capital
feeded to make those improvements of
trackage and equipment which are
necessary to met the demands of a
steadily increasing commerce. To
all VINO have made this complaint. Mr.
Roosevelt has replied by asking If
certain stock transactions recently
brought to light by the Interstate
commerce Commission, have not been
the real occasion Of the loss Of pub
lie confidence, and if Federal SUPER
vision of stock and bond issues would
not give to railway securities a stab
lllty Which would insure their ready
sale at a reasonable figure. He has
also pointed to his last annual mess
age, in which he described overcap-
italization as perhaps the "chief" rail-
way abuse, as generally the result Of
dishonest promotion" and said of III:
Such overcapitalization often means
an initiation which invites business
panic; it always conceals the true re-
lation Of the profit earned to the cap
ital actually invested and it creates a
burden Of interest payments which is
fertile cause Of improper reduction
or Limitation of wages; 1t damages the
small investor, discourages thrift, and
encourages gambling and specula-
ton"
In his next annual message Mr..
Roosevelt expects to deal with this
Iquestion at great length, as he purpos-
es to make it one of the chief issues of
the next session of congress, while ii
lis entirely lfkely that between now
and next December he will avail him
self of some of the opportunities af-
forded by his public speeches to i'm
press upon the people the advantages
to be derived from such legislation
and thus to secure to the representa-
tives of the people such encourage.
ment as may be necessary to offset the
warnings and protests Of those who
regard all change as menace to Their
interests.
Mr.. Roosevelt believes that all com.
binations, even though they may bt
in restraint of trade, are not neces.
sarily evil. He has advised congress.
that "the power vested in the govern,
ment to put a stop to agreements t.
the detriment of the public should, II
my judgment, be accompanied BY
power to permit, under specified con
ditions and careful supervision, agree,
ments clearly in the interest Of The
public" And, while he may not speci
fically recommend an enactment au
thorizing traffic agreements, common
ly called pools" he would doubtless
approve such law If the railway
should see their way clear to glvt
their cordial support to his policy O
government control Of stock and bono
issues.
On April IA, 1905, the Presiden
publicly expressed his conviction tina
I'VE shall ultimately have to conside
, the adoption of some such schem
:. as that Of a progressive tax on all for
tunes This idea he has gradual,
developed until the imposition of al
income tax and of graduated inner
itance tax by the national government
has come to constitute one Of his mos
important public policies A discus
{ sion Of these forms Of taxation, cou
: Piled with an earnest recommendation
{ of legislative action, will constitut
one of the striking and forceful feat
ures Of the Presidents next anhua
| message.
) No feature of the Presidents poll
: lcies is more wildly misunderstood
} than his attitude on the tariff. H
} has long believed that the time ha
| arrived when revision of the Dingle
: tariff act is advisable. True, Their
} have been evils which he has regard
!, ed as of paramount Importance
/ for instance, the granting of railwa
Y rebates, overcapitalization, etc; bu
: on a number of occasions he has sun
0 mon@d the leaders of his party an
t sought to impress on them the advis
e liability of tariff readjustment, only t
e learn that the determined oppositio
: of Speaker Cannon and his associate
in the House constituted an insupera
= BILE obstacle. On one occasion, in h
= annual message of 1904, he went S
= far as to give notice of speci;
r message in which he would urge tai
It liff revision. He wrote, ION the sui
S iject of the tariff I will address you la
r err" But the earnest representations
! the leaders Of his party that tart
a revision would be impossible at
81 short session and that notice given s
/ far in advance of special session
u be called for this purpose would ser
II ously unsettle business led him to O.
/ der the line quoted to be stricken fro
1t the message after the advance copi,
Y | had been furnished to the nress.