The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1907-12-05
Presidents Recommen-
dations on National
Legislation.
AS TO CURRENCY QUESTION
Many Defects Of Present System
Are Pointed Out by Chief
Executive.
NOT TIME FOR TARIFF
PostPonement Of Discussion Of Re-
vision Of Schedules Until After
Presidential Election Urged - Ne
csssity for Improving Waterways Of
- a.,.
the Country.

Washington, Dec. 3-President Roose-
welt In his annual message deals yigor-
ously with matters Of national impor-
tancs Referring to the recent disturb
ancs In financial circles he points out
that the boarding of money by the peo-
pie. instead Of keeping 1t In sound banks,
was the hrst cause Of financial stringency
and a grave error He pays q tribute to
the general honesty of the men engaged
In the banking business.
After quotations from his last annual
message which dealt with the necessity
Of governmental regulations, the presi-
dent asserts that his Views have in no
way changed and declares 1t Is the duty
Of the national government to embody
In action the principles he then expressed.
Disclaiming any idea OF advocating CEN
tralizstion the president insists upon the
necessity for federal control OF the rail-
roads Of the country through the inter-
state commerce commission, and also
urges legislation looking to the proper
control Of the great business concerns en-
gagged In interstate business, this control
to be exercised for their own benefit and
prosperity no less than for the protection
Of investors and of the general public.
Wants Federal Control.
Declaring that modern Industrial con-
ditions are such that combination is not
only necessary but inevitable, the presl-
dent refers to his message Of year ago
concerning necessary changes In the
antitrust laws. He goes on: II ask for
full power to be given the federal
government, because no single state
can by legislation effectualy cope
with these powerful corporations en-
gagged In interstate commerce and while
doing them full justice exact from them
in return full justice to others. The con-
ditions of railroad activity, the condi-
tons Of our immense interstate COM
merce, are such as to make the central
government alone competent TO exercise
full supervision and control
1.-THE antitrust law should be made both
more efficient and more in harmony with
actual conditions. It should be so amend
ed az to forbid only the kind OF combina-
ton which does harm to the general pub
lie, such amendment to be accompanied
BY or to be an incident of, a grant OF su-
pervisory power to the government over
these big corporations engaged in inter-
state business. This should be accom-
panied by provision for the compulsory
publication OF accounts and the subjec-
ton Of books and papers to the inspec-
ton OF tho government officials. A be-
ginning has already been made for such
supervision by the establishment Of the
bureau Of corporations.
Among the points to be aimed at
should be the prohibition OF unhealthy
competition, such as by rendering service
at an actual loss for the purpose OF crush
ing out competition, the prevention of in
nation Of capital, and the prohibition of
a corporations making exclusive trade
with itself a condition Of having any
trade with itself Reasonable agreements
between, or combinations of, corporations
should be permitted, provided they are
appropriate government body
Like National Bank Supervisor.
1.-THE congress has the power to charter
corporations to engage in interstate and
foreign commerce, and general law can
be enacted under the provisions OF which
existing corporations could take out fed
eral charters and new federal corpora
lions could be created. An essential pro-
vision Of such a law should be a method
Of predetermining by some federal board
or commission whether the applicant for
q federal charter was an association or
combination within the restrictions of the
federal law. The supervision established
might be analogous to that now exercised
over national banks At least, the anti
trust act should be supplemented by spe-
cihc prohibitions Of the methods which ex-
psrience has shown have been OF most
service In enabling monopolistic combina-
lions to crush out competition. The real
owners Of corporation should be COM
pellsd to do business In their own name.
The right to hold stock In other corpora
tons should hereafter be denied to inter-
state corporations, unless on approval by
the proper government officials, and \
prerequisite to such approval should be
the listing with the government OF all
owners and stockholders, both by tho
corporation owning such stock and by
the corporation In which such stock is
owned"
The Currency Question.
On the question Of the currency the
president calls attention to his last an
nual message wherein he pointed out
that our present system Is defective and
showing the need OF change. In that
message he said:
National banks should be permitted to
issue specified proportion OF their cap
ital In notes Of given kind, the issue to
be taxed at 30 high rate as to drive the
notes back when not wanted In legiti-
mate trade. This plan would not per-
init the issue Of currency to give banks