The Ordway new era., 1907-11-08
BELIEF THAT NEW FINANCIAL
LEGISLATION is NECESSARY
TO RESTORE CONFIDENCE.
ASK KPRESIDENT's VIEWS
oN NEW LAWS NEEDED FOR THE
SUCCESSFUL CONTROL OF
CORPORATIONS.

Washington.-It is learned from uu
uouDted sources that President ROose.
Nelt Is now being urged to call an ex-
va SESSION OF congress to deal with
'hc financial situation. The request
COMES IRON and represents the judg-
nIeht OF the conservative leaders in
the hhanclal wOrId. who have repre.
scented the present situation as one
compelling action Of a character that
VIII eradicate all ground for suspicion
ol american industrial methods
Inc President has been assured
from most reliable sources that there
VIII be opposition on the part of the
great industries of the country TO the
enactment OF necessary laws to carry
out his ideas of federal control to the
extent to which lac has cXpOundcd
them In his recent public utterances.
These assurances are made al this
tlme to avert what has been repre-
sented rs the most dangerous sItua.
ton which has confronted the coun-
try during an extended historic period
that is, the seeming growing lack
of confidence. based on known irreg-
ularlties in business methods in some
quarters. and no sure and speedy
means OF separn ing the good from
the unsound.
To this end 1t IS suggested that the
President set Congress To the task.
first, Of making such amendments TO
the maximum Of nexibility with the
minimum of basic change in our sys-
ten. Next, and perhaps most in i'm.
pOrtance. that the President embody
his suggestion on corporation control
int
actment into law. In this connection
attention has been directed to what
he said at ProviIcetown Massachu-
sets. August 2Oth last:
Il believe In national incorpora-
tiOn law for corporations engaged in
interstate business. ! believe. further
more that the need for action is most
pressing as regards those corpora
lions, which. because they are com
mon carriers. exercise quasi public
function: and which can be com
plctely controlled in all respects by
the federal government. by the cxer-
else of the power conferred under the
Interstate commerce clause. and il
necessary under the post road clause
OF the constitution.
The national government should
exercise over them similar super
vision and control to that which 1t
exercises over national banks. We can
do this only by proceeding further
along the lines marked out by the re-
cent national legislation.
Almost every big business concern
Is engaged in interstate commerce.
and such n concern must not be al
lowed, by dcXtrous shifting of po-
sition. as has been too often the case
in the past, to escape thereby all re.
sponsibility either to state or to ma
ton"
To meet his views the President
then suggested amendments to the
Sherman antitrust law and the addi-
tion of n criminal clause TO that and
the Interstate commerce regulations.
The benefit of having federal legal
machinery to detect and eradicate un'
wholesome business methods at this
time was said to be the desirable end
to be accomplished. This would mean,
II is pointed out, practical wiping
off of the slate and a starting afresh
under business conditions, which
would have and which would bear the
closest public scrutiny.
That the President has given the
request for an extra session careful
consideration Is indicated by those
who have been asked to lend their
advice in the mater.