The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-12-03
PRESIDENTS MESSAGE.

\
have been sent out broadcast by the
Washington correspondents = those
| who always take it upon themselves
| to speak with "authority''-have init
mated that Mr.. Roosevelt would deal
with a delicately gloved hand with all
| of the important financial and COM
| merciaf questions which are before
| the public today for solution, and on
which the president was known to
have such pronounced views.
AS is usual with the work of
prophets these representations are
| proved to be wrong by the message
itself which was delivered to both
| branches of congress today.
During the last year every agency
| under the control of the Wall street
| crowd was utilized to impress upon
the people the belief that constant
criticisms of corporations by the
president and his declaration in favor
of radical steps for their regulation
had resulted in unsettling the finan-
cial world and the impairing of pub
lie confidence in the soundness of
railroads, banks and the great indus
trial corporations. The recent incipi-
ent panic in Wall street. the ramifica-
tions of which have been felt through
out the country. has given this crowd
an opportunity to yell ST told you sol"
And 1t seemed to be quite a general
belief that the president would back
down to some extent on some of the
stands he has taken. But he has not
backed down one iota in the progress
sive policies he has inaugurated for
the reasonable regulation of railroads
and omniverous corporations. For this
firm stand. the people as whole will
applaud.
The message is couched in a little
more temperate language than Mr..
Roosevelt is accustomed to use in his
speeches. But it is none the less
strong and firm. On the whole 1t is a
sober, dispassionate and conservative
treatment of existing conditions in the
commercial world with pronounced
and pertinent remedial suggestions.
But there Is not a line in it which can
be construed as showing a scintilla
of wavering on the part of the pres1-
dent in the policies he has In
augurated.
He asks congress in unmistakable
words to strengthen the laws relative
to the federal regulation of railroads
and he asks that antitrust laws be
SO strengthened as to effectually curb
rapacious corporations. combinations
of them, and monopolies.
There is little discussion in the
message of the recent panic In wall
street and the resulting financial
stringency throughout the country. In
his opening paragraph Mr.. Roosevelt
states that in no nation ARE the bust
ness conditions sounder than in ours
at this very moment" This is fol-
lowed with a dissertation on the fact
dishonesty is bound to creep into the
business affairs of every large body or
men and that when misdeeds OF sue
cessfully dishonest men are dis
covered, suffering comes not only on
them but upon the innocent men
whom they have misled
There may be honest differences
of opinion say the president, "as to
many governmental policies; but sure
lv there can be no such differences as
to the need of unf1inching persever-
ance in the war against successful
dishonesty"
Further on in the message under a
discussion headed Currency" Mr..
Roosevelt touches on the financial
situation and money stringency by
saving 1--WE need a greater elasticity In
our currency, provided, OF course,
that we recognize the even greater
need of a safe and secure currency.
There must always be the most rigid
examination by the national authori-
ties. Provision should be made for
an emergency currency. The emer-
gency issue should, of course, be made
with an effective guaranty, and upon
conditions carefully prescribed by the
government. Such emergency issue
must be based on adequate securities
approved by the government and
must be issued under a heavy tax. 1t
would permit currency being issued
when the demand for 1t was urgent,
while securing it's retirement as the
demand fell off. 1t is worth investf-
eating to determine whether officers
and directors of national banks should
ever be allowed to loan to themselves
Trust companies should be subject to
the same supervision as banks; legis-
lation to this effect should be enacted
for the District of Columbia and the
territories"
In his suggestions for the strength
ening of the antitrust laws the presi-
dent would bar any corporation or
monopoly from foreign or interstate
commerce that is formed for the pur-
pose of or the control of any one or
more of the prime necessities of life.
He also believes that corporations do
ing an interstate business should
either be chartered or licensed by the
federal government Through either
of these mediums the government can
gain supervision over them.
On the important question of the
tariff, which will likely be one of the
paramount issues in the next presi-