Mexico Missouri message. (Mexico, Audrain County, Mo.) 1899-1918, 1907-12-05


welt In his annual message deals vigor-
-ously with matters OF national impor-
lance. Referring to the recent disturb
-ance Ia financial clrclca he points out
that the boarding of money by the peO-
DIE, Instead of keeping II In sound banks,
was the first cause OF financial stringency
and a grave error. lie pays "A 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 presl-
dent asserts that his views have In no
way changed and declares IL In the duty
of the national government to embody
In action the principles he then expressed.
DisclRiming any idea OF advocating cen
trallEation 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 I'm 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 a 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 eTectually 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-
-dltions OF railroad activity. the condi-
lions OF our immense Interstate COM
merce, are such as to make the central
government alone competent TO exercise
full supervision and control.
''The antitrust law should be made both
more efficient and more In harmony with
actual conditions. II should be so amend
ed as 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, grant of SUI
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 subjcc-
ton OF books and papers 20 the inspec-
tiO:i OF the 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
iiation OF capital, and the prohibition OF
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
first submitted TO and approved by some
appropriate government body.
Like National Bank Supervision.
1.-THE congress has the power 60 charter
corporations 20 engage In interstate and
foreign commerce. and a general law can
be enacted under the provisions OF which
eel lad.
-erni charters and new federal corpora
lions could be created. An essential pro
vision OF such a law should be method
of predetermininK by some federal board
or commission whether the applicant fol
a federal charter was an association OF
combination within the restrictions OF the
federal law. The supervision established
might be analogous to that now exercised
over national banks. At least. tho anti
trust act should be supplemented by spe
-cific prohibitions OF the methods which ex
peFience has shown have been OF mos
service IN enabling monopolistic combina
lions 20 crush out competition. The rea
owners of n corporation should be com
PEELED 10 40 business In their own name
The right 20 hold stock In other corpora
lions should hereafter be denied 20 inter
state corporations. uniess on approval b!
the proper government officials. and
prerequisite 20 such approval should b
the listing with the government OF nj
owners and stockholders. both by tn
corporation owning such stock and b.
the corporation IN which such stock
owned"
The Currsney Question.
on the question OF the currency th
president calls attention 10 his last an
nual message wherein he pointed on
that our present system Il defective an
showing the need Of change. IN tina
message he said:
National banks should be permitted I
Issue a specified proportion or their ohr
itai In notes Of given kind, the issue
be taxed at 30 high rate a. TO drive IN
noteB back when not wanted In legtti
mate trade This plan would not pei
nit the issue OF currency to give bank
additional profits. but 90 meet the einei
goncy presented BY times OF stringenci
DO not say that this Ia the right Eys
TEN. ! only advance II 20 emphasis
my belief that there 10 need for the adoT
tion OF some system which shall be al
tomato and open 20 all sound bank
40 a. 10 avoid all possibility OF discrin
-inaton and favoritiam. Such. q pln
would tend 10 prevent the epasms OF hig
nancy and speculation which now Oh
tain IN the New York market, for I
present there Il too much currency
certain Seasons OF the year. ana itE ~
.cumulRtion at New York tempiB banker
10 lend Il al low rates for speculatiN
purposes. whereas az other times wins
the crops are being moved there II N
gent need for a large but temporary Il
crease in the currency supply. IL mni
concerns business men generally qni
a. much - bankers. especially n IN
tfue Of stookanen, farmers and busine'
men IN tbp west: Tor ~ present A. eertnl
serest rates between ths sas, ana We