The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-08-08

a 1AA- t0ALHauAnA1 I'll AA0OuCF VII has 2
piled by asking IL certain stock trans
actions recently brought to tight by the
Interstate Commerce Commission, have
not been the real occasion Of the loss of
public confidence, and If Federal super
vision Of stock and bond issues would
not give to railway securities a stability
which would insure their ready sale at a
reasonable figure. He has also pointed to
his lust annual message. in which he de-
scribed overcapitalization as perhaps the
chief" railway abuse, as generally the
result Of dishonest promotion and said
of it: Such overcapitalization often
means an initiation which invites business
panic; 1t always conceals the true re1a-
ton OF the profit earned to the capital
actually invested. and 1t creates a burden
OF interest payments which Is a fertile
cause of improper reduction or limitation
of wages; 1t damages the small investor,
discourages thrift. and encourages gambling
and speculation. "
In his next annual message Mr.. Roose-
Welt expects to deal with this question at
great length, as he purposes to make 1t
one of the chief issues of the next session
Of Congress, while it Is entirely likely that
between now and next December he will
avail himself of some Of the opportunities
afforded by his public speeches to impress
upon the people the advantages to be de-
rived from such legislation, and thus to
secure to the representatives of the peo-
pie such encouragement as may be neces-
sary to offset the warnings and protests of
those who regard all change as a menace
to their interests.
Mr., Roosevelt believes that all combina-
lions, even though they may be in re-
straint of trade. are not necessarily evil.
He has advised Congress that the power
vested In the government to put a stop
to agreements to the detriment of the pub
lie should, In my judgment, be accompanied
by power to permit. under specified oondi-
tions and careful supervision, agreements
clearly in the interest OF the public" And.
while he may not specifically recommend
an enactment authorizing rafic agree
ments. commonly called pools he would
doubtless approve such a law If the rail-
ways should see their way clear to give
their cordial support to his policy OF gov
eminent control of stock and bond issues.
On April IA. 1906, the President pub
liclyf expressed his conviction that
I'VE shall ultimately have to con-
slider the adoption of some such scheme
as that of a progressive tax on ell for
tunes" This idea he has gradually de-
veloped until the imposition of an income
tax and OF a graduated inheritance tax
by the national government has come to
constitute one of his most important pub
lie policies. A discu sion of these forms
of taxation, coupled with an earnest rec
o~mmendation Of legislative action, will
constitute one of the striking and forceful
features of the Presidents next annual
message.
No feature Of the Presidents poNcies is
more widely misunderstood than his atti-
tude on the tariff. He has long believed
that the time has arrived when revision
of the Dingley tariff act Is advisable.
True. there have been evils which he has
regarded as of paramount importance-as,
for instance, the granting of railway re-
bates. over~capitalization, etc; but on a
number of occasions he has summoned
the leaders Of bis party and sought to
impress on them the advisability of tariff
REIMBURSEMENT. only to learn that the de-
termined opposition of Speaker Cannon
and his associates in the House consti-
tuted an insuperable obstacle. On one
occasion, in his annual message of 1904,
he went so far as to give notice of a
special message in which he would urge
tariff revision. He wrote, o the subject
of the tariff I will address you later"
But {he earnest representations of the
leaders of his party that tariff revision
would be impossible at a short session
and that notice given so far in advance
of a special session to be called for this
purpose would seriously ~ansettle business
led him TO order the line quoted to be
stricken from the message after the ad-
vance copies had been furnished to the
press. In January, 1906. he secured the
assent of the Senate leaders, not exclud-
ing Senator Aldrich. who has long been
known as 1.-THE high-priest of protection"
to a special session for tariff revision to
be called soon after March 4; but the con-
tlnued opposition of the Speaker and a
few other leaders of the House demon
strated the futility Of such a course. Mr..
Roosevelt is now Of the opinion that 1t
would be unwise to attempt tariff re-
vision in the coming Congress, but he will
exert his influence to commit i~rrevocably
the Republican party, in It's next national
| platform. to the program of summoning
Congress In special session to revise the
tariff, Immediately after March 4, 1909.
After his attitude toward the tariff, no
| policy or Mr.. Roosevelt is more widely
misunderstood than that which concerns
our insular possessions. His sole desire
and intent, in so far as the Philippines,
Cuba, Santo Domingo and Panama are
concerned, Is to guide them to a point
where they can govern themselves. He
has asserted with vehemence that the
mere thought that the United States must
always retain its present possessions. or
that 1t might be compelled to annex Cuba
or Santo Domingo or Panama, makes his
heart heavy. He Is striving to educate
these people In the difficult art of self
government, 10 AlSplIt luciH Will RdlTlOI-
ism and to develop that stability of char
acter which alone can make possible that
stability in their national existence for
which he hopes and strives. In the case
Of the Philippines he has always been a
consistent and persistent advocate of dele
eating to them every measure of self
government for which they seemed pre-
pared. He witnessed the necessity of the
return of the United States to Cuba with
sorrow, and it is his determination that
this time the work, not only Of establish
ing a national government at Havana, but
of fostering It until 1t shall be capable of
inspiring that confidence which is essen
tial to its permanence, shall be so thor
oughly done as to obviate all danger OF
this country's having again to take over
the control OF Cuban affairs. The treaty
with Santo Domingo, for which he sought
so long to secure the approval of the
Senate. and only recently succeeded. has
for its sole purpose the avoidance Of all
necessity for interference by this govern
ment and ali danger Of interference by
any other. All these features Of his in
sular policy the President clearly set forth
in his letter to the peace conference in
New York.
The foregoing constitute the important
features of Mr.. Roosevelt's policies, which
he hopes to see enacted into law during
the coming Congress. or to bedueath to
his successor, for Mr.. Roosevelt does not
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