Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1907-12-07
PRESIDENTS MESSAGE
voluminous Document From Hand
Of the Nations Head.
FEDERAL CONTROL FAVORED
Greater Elasticity in Currency Advo.
cated-sticks to Rate Reeula.
ton Policy


Pres dent Roosevelts message to
the first session of the Sixtieth con.
gress was sent to the Capitol yester-
day and read in both houses. u was
taken from the White House TO the
Capitol by Assistant Secretly Latta
The following Is summary Of the
message:
Finance.
an no nation are the fundamental
business conditions sounder than IN
ours at this very moment; and 1t Is
foolish when such is the case 'or peo-
81 to hoard money instead OF keeping
It In sound banks. for II Is such hoard
ing that is the immediate occasion OF
money stringenoy.
1--WE need a greater elasticity in our
currency. Provision should be
made for an effective currency The
emergency issue should be made with
"a effective guaranty, upon conditions
prescribed by the government, and
under 1 heavy tax
Trust companies should be subject
| to the same supervision as banks.
mo legislation can By any POSSIBLE
| ity guarantee the business community
| against the results of speculative fol.
| iy any more than 1t can guarantee
an individual against the results of bis
extravaganza.
Corporations.
| 'sThere may be honest differences
OF opinion as to many governmental
policies. but surely there can be n
such differences as to the need Of I'M
fiinching perseverance, in the wal
against successful iishonesety.
+ Modern industrial conditions arc
such that combination Is not only
necessary but inevitable. 1t is
as id'e to desire to put an end to
all corporations, to all big combine
lions of capital, as to desire to pun
an end to combinations Of labor.
! Corporation and labor union alike
have come to stay.
Most certainly there will be no
re,axation by the government author
tiles In the effort 10 get at any great
railroad wrecker-any man who by
clever swindling devices robs inyes-
tors, oppressee wage workers, and
does injustice to the general public.
ITO confer upon the national gov
eminent the power which ask would
be check upon overcapitalization
and upon the clever gamblers who
benefit by overcapitalization.
Anti-Trust Law.
"The antitrust law should be
amended as to forbid only the kind
of combination which does harm the
generael public. Provision should
be made for complete publicity in all
matters affecting the public and com
plete protection to the investing pub
&c and the shareholders in the matter
of issuing corporate securities
Federal Control.
only the national government can
exercise the needed control lof inter
ssate commsres) THIS does not mean
that there should be ans extension
OF federal authority, for such author
ity already exists under the constitu.
tion in amplest and most far-reaehing
form but II does mean that there
should be an extension Of federal ac-
tivity.
The most vital need Is in ccnnec-
I ton with railroads As 10 these. in
my Judgment, there should now be
either national Incorporation act or
law licensing railway companies TO en-
gage In interstate commerce upon
certain conditions. The rail
roads and all other great corporations
win do well to recognize that tbs
control must come.
Rate Regulation.
While there must be Just and
reasonable regulation Of rates, we
should be the first TO protest against
any arbitrary and uathlnking move
ment to cut them down without The
fullest and more careful censdera-
tion Of all interests concerned and Of
the actual needs of the situation
Army and Navy.
"As a ration we haze always been
shortsighted in providing for the ef-
ficiency Of the army in time Of peace
CONTINUED on Second Page