The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1907-12-06
ROOSEVELT STANDS
FOR REGULATION OF
BIG CORPORATIONS
In Message Delivered Tuesday
He Urges a Nationa, In
corporation Act.
MONEY REFORM is NEEDED
He Leaves II TO Congress to Select
Plan, but Inciines Toward Guar.
anty Fund for Protection
Many Points Covered.

Washington. d. c.. Dec. 3.-Pres-
tdent Roosevelt today sent his annual
message to the sixtieth congress-. and
1t was read in both branches OF 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 t%ruthfully said that the citizens OF
no nation possess greater energy and
Industrial ability. In no nation are the
fundamental business conditions sound
er han in ours at this very moment;
and 1t is foolish, when such is the case,
for people to hoard money instead OF
keeping 1t in ound banks: for 1t 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-
and factories. 90 railroads n banks,
to all our legitimate commercial enter
priSeS.
In any large body of men. however.
there are certain to be some who are
dishonest. and if the conditions arc
such that these men prosper or COM
nit their misdeeds with impunity, their
example is u very evil thing for the
community. Where these men are
business men OF great Sagacity and OF
temperament DOlu QllSCi QpQlOuS dllu
reckless, and where the conditions are
such that they act without supervision
or control and at first without effective
check from public opinion, they deluda
many innocent people into making in
vestments or embarking in kinds of
business that are really %unsound. When
the misdeeds of these successfully dis
honest men are discovered, suffering
comes not only upon them, but upon the
innocent men whom they have isled. 1t
is a painful awakening, whenever it oc-
ours; and, naturally, when it does oc-
u those who suffer are p to forget
that the longer it was deferred the more
painful 1T 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 who
have been nisled by the guilty. Yet it
is not possible to refrain because OF
such distress from striving to put an
end to the misdeeds hat are the ulti-
mate auses of the sufferings, and, as
u 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 unfiinch-
ing perseverance in the war against
successful dishonesty.
CHere the president quotes from his
1905 message his declaration for the
square deal between corporations and
people and for the regulations Of inter-
state to his end.)
[ 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 IN
pressed.
Interstate Commerce.
Nc small part Of the trouble that we
have comes from carrying to All en-
IRENE the national virtue of self-re-
lance, of independence in initiative an
action. 1t is wise to conserve this vir-
tue and to provide for it's 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.
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
o%ughgoing 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
all big business concerns are now en-
gagged in interstate m AS a
result, 1t can be but partially and i'm
perfectly controlled or regulated by the
action of any n Of the several states; |
such action inevitably tending to be
either too drastic or else too lax, and in
either case ineffective for pos of
justice. Only the national government
can in thoroughgoing fashion exercise
the needed control. This does not
mean that there should be any extern
such authority already exists UNI
lest and most %far-reaching form
but 1t 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 and cannot be
avoided or undone, and that the pub
lie at large can only protect itself from
certain evil effects OF this business
methods for the: exercise of control
through the authority already central
tied in the national government by the
constitution itself.
/: There must be no halt in the
/: healthy constructive curse Of ac-
{: ton which this nation has elected
(: to pursue. and 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
/: should now be either a national in
corporation act or q law licensing
{: railway companies to engage in in
+: terstate upon certain con-
ditions. THE LAW SHOULD BE {:
/: so FRAMED AS TO GIVE TO
/: THE INTERSTATE COMMERCE !:
I: COMMISSION POWER TO PASS /:
/: UPON THE FUTURE ISSUE OF
I: SECURITIES. WHILE AMPLE (:
+: MEANS SHOULD BE PROVIDED /:
(: TO ENABLE THE COMMISSION, !:
I: WHENEVER IN ITS JUDGMENT /:
n: 1T IS NECESSARY TO MAKE A
: PHYSICAL VALUATION OF ANY :
(: RAILROAD. :
Should Permit Pooling.
AS I stated in my message to the
congress a year ago. railroads should
he Rlypn mower tn ontor ;pto a0roo.