Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1907-12-11

Washington, Dec. S-President Roose-
Vslt in his annual message deals vigor-
eusly with matters of national impor-
lance. Referring to the recent disturb
ance In financial circles he points out
That the boarding of money by the peo-
pie. instead of keeping it in sound banks,
was the first cause of financial stringency
and . grave error. He 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
u governmental regulations, the presi-
dent asserts that his views have in no
way changed and declares it is the duty
Of the national government. to embody
In action the principles he then expressed
Disclaiming any idea of advocating CEN
traliEation 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-
Ntions are such that combination Is not
only necessary but inevitable, the presi-
dent refers to his message of a year ago
concerning necessary changes in the
antitrust laws He goes on: 1T ask for
full power to be given the federal
government because no single state
can By legislation effectually 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-
AA
lions Of our immense interstate COM
mercs. 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 m harmony with
actual conditions. 1t should be so amend
Cd a. to forbid only the kind of combina-
ten which does harm to the general pub
lie, such amendment to be accompanied
~, OF to be an incident Of q 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 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
dalton Of capital. and the prohibition of
= corporations making exclusive trade
with itself q condition of having any
trade with itself Reasonable agreements
between. or combinations of. corporations
should be permitted. provided they are
hrst submitted to and approved by some
appropriate government body.
Like National Bank Supervision.
The congress has the power to charter
| corporations to engage in interstate and
foreign commerce, and q general law can
| be enacted under the provisions of which
| existing corporations could take out fed
| sTal charters and new federal corpora
| lions could be created. An essential pro-
vision of such a law should be method
| Of predetermining by some federal board
| OF commission whether the applicant fol
| federal charter was an association OF
| scmbinAticn within the restrictions of the
federal law. The supervision established
| might be analogous to that now exercised
Sver national banks. At least, the anti
| trust act should be supplemented by spe.
ethc prohibitions OF the methods which ex.
| eerfence has shown have been of mos
| service in enabling monopoiistic combina
lions to crush out competition. The rea
| owners OF q corporation should be com
| PEELED to DO business in their own name
| The right to hold stock in other corpora
dons should hereafter be denied to inter
state corporations, unless on approval b,
| the proper government officials, and
| prerequisite to such approval shorld bt
the listing with the government of al
| swners and stockholders. both by til.
| corporation owning such stock and BY
| the corporation in which such stock /.
| swned"
The Currency Question.
On the question OF the currency tn,
| president calls attention to his last an
| nual message wherein he pointed on
| tEat our present system is detective ant
| showing the need Of q change In tina
| message he said:
| National banks should be permitted t,
| issue q specified proportion of their cap
gtai IN notes of given kind. the issue I,
be taxed at 80 high q rate as to drive tn
aotes back when not wanted In legiti
mate trade. This plan would not per
n1it the issue of currency TO give bank
additional profits, but 10 meet the emer
gency presented by times OF stringency
do not say that this is the right sys
tenn. 1 only advance 1t to emphasiz
ny Setef that there is need for the adop
don OF some system which shall be Al,
tomato and open to all sound bank.
90 ~ to avoid all possibility of discrim
nation and favorittsm Such a pla
would tend to prevent the spasms of hig
money and speculation which now oh
tain In the New York market; for a
present there Is too much currency a
certain seasons OF the year. and its &C
emulation At New York teIupts banker
to lend II at low rates for speculativ
| purposes; whereas at other times whe
the crops are being moved there is Ut
| gent need for large but temporary in
crease in the currency supply. 1t mus
never b forgotten that this questio
concerns business men generally quit
a. much as bankers: especially Is thi
true OF stockmen. farmers and bushes
men In the west; for at present at certai
l. seasons OF the year the difference In II
tssest rates bstwsea the east and wei