The Mathews journal. (Mathews C.H. [Court House]) 1903-1937, 1907-12-05


sage Of, President Roosevelt is given
as follows:
To the Senate and House of Repre-
sentativeS:
No nation has greater resources
than ours, and l think it can be
truthfully said that the citizens of no
nation possess greater energy and in
dustraI ability. In no. nation are
the fundamental business conditions
sounder than in ours at this very nc
ment; and it is foolish, when such is
the case, for people to hoard money
instead of keeping it in sound banks;
for 1t Is such. boarding that is the
immediate occasion of money strin-
gency. Moreover, as a rule, the bust
ness of our people is conducted with
honesty and probity, and this applies
alike to farms and factories, to rail
roads and banks, to all our legitimate
commercial enterprises.
Our steady aim should be by legiS-
latiOn, cautiously and carefully I'M
dertaken, but; pesolutely persevered
IN, to assert the sovereignty of the
National Government by affirmative
Interstate Commerce.
No small part of the trouble that
we have comes from carrying to an
extreme the NATIONAL virtue of self
reliance, of independence in initiative
and action. 1t is wise to conserve
this Virtue and to provide for its
fullest exercise compatible with see.
ing that liberty does not, become a
liberty to wrong others. Jnfortun-
ately, this is the kind of liberty that
the lack of all effective regulation
inevitably breeds. The founders Of
the Constitution provided that the
National Government should have
complete and sole control of inter
state commerce.
Only the National Government can
IN thoroughgoing fashion exercise the
needed control. This does not mean
that there should be an extension of
Federal authority, for such authority
already exists under the Constitution
In amplest and most far-reaching
form; but it does mean that there
should be an extension of Federal
activity. This is not advocating cen.
tralization. 1t is merely looking facts
In the face, and realizing that cen.
traiization in business has already
come and cannot be avoided or un.
done, and that the public at large
can only protect itself from certain
evil effects of this business centrali.
cation by providing better methods
for the exercise of control through
the authority already centralized in
the National Government by the Con.
stitution itself.
Sherman Antitrust Law.
Moreover, in my judgment there
should be additional legislation look
ing to the proper control of the great
business concerns engaged in inter.
state business, this control to be ex.
ercised for their own benefit and
prosperity no less than for the pro.
lection of investors and of the gen.
eral public. As l have repeatedly
said in Messages to the Congress and
elsewhere, experience has definitely
shown not merely the unwisdom but
the futilitY of endeavoring to put a
stop to all business combinations
Modern industrial conditions are
such that combination is not only
neccessady Dat enevltayDIe. 1t Is so IN
the world of business just as it is so
In the world of labor, and it is as
idle to desire to put an end to all
corporations to all big combinations
OF capital, as to desire to put an end
to combination of labor, Corporation
and labor union alike have come to
stay.
The antitrust law should not be re-
pealed; but it should be made both
more efficient and more in harmony
with actual conditions. 1t should be
so amended as to forbid only the
kind of combination which does harm
to the general public, such amend
ment to be accompanied by, or be
an incident of, a grant of supervi-
sorry power to the Government over
these big concerns engaged in inter-
state business. This should be ac-
companied by provision for the COM
pulsOry publication of accounts and
the subsection of books and papers
to the inspection of the Government
officials.
The antitrust law should not pro-
hibit combinations that do no injus.
tice to the public, still less those the
existence OF which Is, on the whole
Of benefit to the public.
A combination should not he tole-
rated If 1t abuse the power acquired
by combination 10 the public detri-
ment. No corporation or association.
Of any kind should be permitted to
engage in foreign or interstate COM
merce that is formed for the purpose
of, or whose operations create, mo-
nopoly or general control of the pro-
ductipn, sale or DISRUPTION of an
duction, sale or distribution Of any
one OF more of the prime, necessities