New-York tribune., 1907-11-15
PRESIDENTS MESSAGE.
IT'S PRINCIPAL POINTS
Federal Corporation License-Sher-
man Lac 4mendment-Currencu.
tFrom The Tribune Bureau.l

talked 10 the President recently are convinced
that his annual message will contain most
earnest recommendation of legislation providing
that all corporations doing interstate busi-
ness, and of given magnitude shall be re-
quirsd to procure federal license. to he issued
cny under restrictions as to capitalization
methods Of doing business the control of given
industries and such other limitations as may be
deemed necessary to the public safety and vel
fare
With regard to railroads, an extension of the
powers Of the Interstate Commerce Commission
10 include supervision Of all stock and bond
issues will be asked. together with authority TO
sanction railway pooling arrangements. not as
TO the division of profits. but as TO the main
tenance Of uniform rates for like services.
An urgent recommendation will further he
made that the Sherman antitrust law he SO
amended as to prohibit only such combinations
in restraint of trade may be pronounced by
the courts 10 be unreasonable.
ts already indicated in these dispatches. an
urgent recommendation of financial legislation
will be presented. So far as at present deter
mined. this portion of the message having not
yet been written, provision will be asked for
emergency currency based on assets and 50
taxed to insure it's retirement as soon as the
emergency has passed.
other recommendations will include gradu-
ated inheritance tax. consideration of federal
income tax. the revision OF the tariff on imports
from the Philippines, the passage of a modified
shipping bill, the creation of postal savings
banks, the establishment Of more effective
public health service than now exists. the ex-
tension Of the parcels post. etc.
NATIONAL CORPORATION LICENSE.
The President is convinced that the national
license scheme for corporations doing an inter
state business. which he suggested two years
ago and again recommended to the consideration
Of Congress in his last message. would result in
the henef1t TO the larger corporations Of
The country as the federal inspection of meats
and meat products has produced for the packing
industry.
In many instances the federal guarantee Of
purity and cleanliness has doubled the sale of
packing house products So, too, the pure food
law seems destined greatly to promote the sale
Of those articles which come within fits purvew.
and the Executive is convinced that federal in
spection and guarantee OF the securities of the
larger corporations would operate TO establish
equal confidence in them and promote their
ready purchase for investment purposes. while
# might also serve to check much Of the specula-
ton in stocks and bonds which now operates
largely to their detrinent.
federal, graduated inheritance tax will also
he urged, although in possibly less urgent terms
than the measures above enumerated.
Those who have watched President Roose-
velt's methods believe that in every case where
circumstances will permit he is guided by
dearly defined system. system which his sue
cess in obtaining the enactment of the railway
rate law demonstrated 10 be most effective. Ac-
cording TO this system outlined by those
who believe they have discovered 1t. the Presi-
dent first suggests legislation he deems wise in
q somewhat tentative manner. The following
wear he urges it's enactment and if Congress
then fails 10 act he appeals to the public in
the speeches which he invariably makes during
the recess for popular support of the proposed
measures
This course resulted in the enactment of the
railway rate law. and it is assumed that the
same will be true with the national corporation
license law, although it is possible that as the
coming session Immediately precedes an cleo
ton. final action may be deferred until nes
year.
FOR AN ELASTIC CURRENCY.
In his annual message of 1906 the President
quoted what he had said on the necessity of
adding elasticity TO the currency in 1902. and
added:
Every consideration Of prudence demands the
addition Of the element Of elasticity to our cur
rsncv system The evil does not consist Of in
ADEQUATE volume Of money, but in the rigdty
of this volume which does not respond as it
should 10 the varying needs Of communities and
asons.
Imitation must be avoided; but some provision
should be made that will insure larger volume
= money during the fall and winter monthS
than in the less active seasons OF the year: so
that the currency will contract against specuIa-
tiop and will expand for the needs OF legitimate
business At present the Treasury Department
Is al irregularly recurring intervals Obliged, IN
the interest of the American public, 10 Try 10
avert financial crises by providing a remedy
which should be provided by Congressional ac-
fion.
Last year the President outlined briefly the
currency scheme Of Secretary Shaw. saying:
do not say this is the right system. only
advance 1t to emphasize my belief that there is
need for the adoption of some system which
shall be automatic and open to all sound Dahhs'
etc
This year the President will repeat in SUD-
stance what he has said before, but he hopes
before concluding his message 10 be able 10
present some scheme for effective elasticity
which he can recommend with the assurance
that IL is the right scheme, and he believes that
a the recent graphfc demonstration of the impera-
tive necessity Of legislation of this character VIII
result I'm its enactment by the coming Congress.
II is of course. too early for the President to
make predictions as to the extent to which Con-
gress will carry out his recoInmenoation9 "' 10
coming session. but his friends gain the impress
sion that he regards two measures as certain oi
enactment, the first providing elasuclIy LOT 'io
currency the second amending the sherman
law as heretofore indicated. Beyond this, it is
asserted he is unwilling TO go IN making {"
foreca 81 of the work of the coming SESSION. al
though he sincerely hopes that the PniNppihe
tariff bill. left over from year ago. VIII re-
,,alF hot