Elk City mining news. (Elk City, Idaho) 1903-1913, 1907-11-23
PKtSEhloNtN iUtAS
TO ROOSEVELT On KtF0RMS
THAT LOOK GOOD TO HIM.
Provides for National Control of In
terstate Commerce Corporation,
Compulsory Publicity Of Accounts
Change All State Banks and Trust
Companies to National Banks.

Chicago lawyer, for three years presl-
dent of the Citizens association there,
called on the president recently to
present his views on corporate re-
forms. The president read and DIS
cussed with interest the brief state
ment which Mr. Prussing submitted
1t follows:
Currency reform, antitrust law
amendments and railroad regulation
naturally will first claim the attention
of congress.
General corporation reform in its
various phases may fairly be classed
second in Importance. Long and va
ried experience in corporation matters
leads me to offer these suggestions:
"The first question, that of jurisdic-
ton of the federal government will in
each instance be the challenge Of the
opposition. Successful effort, there
fore, must be along the line of the
least resistance, that is to say in har-
mony with the principles of state
rights and local government, as we'll
as the sentiments based upon these,
even if extreme.
National control of interstate COM
merce corporations, as distinguished
from national incorporation of all or
most corporations, will be readily
granted by most men of both parties.
Compulsory publicity of accounts,
the subsection of books, papers and
plans to inspection, ETC., of govern
ment officials will easily be accom-
plished.
Limits Holding Of Stock.
"The new step advised by the asso-
citation of attorneys general, slightly
modified, will be in the right direction,
and will be approved by state rights
men and federalists alike. The asso
citation recommends that the right tc
hold stock in any other corporation
should be denied to all interstate com
merce corporations. 1t seems to me
that the purpose of this, namely, to
compel the real owners of a corpora
ton to do business in their own name.
can be achieved by requiring the cor
poration owning stock in another, and
the corporation in which it owns
stock, to list such owners and stock
holdings, respectively, in every case
with the department of commerce
Thus honest holding companies will be
permitted, and yet protected against
possible assault of local taxation OF
other unjustly discriminating laws
Just as national banks are now, while
the public in turn will have knowledge
of whom it is dealing with and car
: protect itself.
: 1.-THE change of state banks ant
: trust companies to national banks
e which can be accomplished by single
2 amendment of the national banking
r act, will also be popular and can b.
I along state rights"
More Power to National Banks.
The proposed change is this:
"Give national banks two additional
. powers and their consequences.
: 81. To accept and execute trusts, b.
? complying with the general state law
on that subject, wherever they exist
, and in the District of Columbia.
a. To accept trust, savings AM
l time deposits and to keep separat'
accounts of the total of these, maxim!
. proper rules for notices of with
=. drawals, and allow a small percentag
= of reserves as to these deposits, ant
y also the making of solid bond AM
mortgage and other savings bank IN
,. vestments of the funds so received.
u "Thus every national bank become
l. the full competitor of trust companies
n and soon the latter will be forced t
= become national banks.
go at the general corporation prot
lem in a similar manner. Enlist tn
state representative men on you
side. Keep the subject of incorpors
e ton and ordinary control state cor
+ Germ; make the local laws harmonic
S If possible, by appointing a commits
+ sion to investigate the entire subject
Get the best talent; Root, Choate, Di
o lon and others of that type will b
d. glad to serve for patriotic reasons, an
. a result will be achieved in the forr
! of code based on principles and ez
periences suited to our dual govern
:. ment and varied conditions-just as
:, was in Germany in 1S7075 in the er
:, actment of laws by Prussia and tn
other states Of the empire which hav
served the purpose and stood the ties
= of time"
O Praised by Roosevelt.
At the end of the interview tn
s president said:
d "And now, my dear sir, want t
n pay you compliment. l did not es
L pect you to give me single thing
IS instead of that you have given me sey
J. eral practical suggestions in concret
h form-some of which are entirel
l. new. l shall study them with pleas
d IRE may say Won will soon Sc