Arizona republican., 1907-12-04
PHOENIX ARIZ., DEC. I, 1907
THE MESSAGE

Though the usual rigid precautions had been taken by the news agencies to preserve the contents of the presi- dents message, as in the cases of all previous messages by President Roose- welt. the essential features of it had been anticipated through the medium of inspired dispatches.
 The presidents attitude toward the corporations had been awaited with perhaps more interest than was felt in his position on any other public question It had been understood that the unexpected exigencies which had lately arisen. had served to modify his views A perusal of the message confirms this early understanding. If we are to judge by the mere words of that part of the message relating to the trusts, we will conclude that his mental attitude toward the corpora .ions is unchanged. for he confines himself largely to quotations from for n1er messages and speeches and to the IClltIdNlbll bl iltlONhtAs CABANsNTNN opinions. There is really no softening of the language. no recanting, nor was il expected in an- quarter that there would be an open confession of error. But through those portions of ;he mes sage linking the quotations and reiter- ations together there breathes a chas- tened spirit
 Business men, and those accustom- ed to seeing through things. will see in the message an abandonment, or at least modification of the anti-corpo- ration policy of the president. The masses and those accustomed to look ing only upon the face of things. will see in the presidents quotation of his former brave utterances an unswerv ing purpose to punish the evil trusts and wealthy indicators whom he still calls by name. So. the message ought t. be satisfactory to all parties.
 There is the expected plea for the extension of federal control. within constitutional limitations, over all cor IbIdllbllS IOlIlS OuSAiiCoS-
 In this connection the president pre- sents the following unhappy and ill., timed illustration:
 ITO confer upon the national gov ernment. in connection with the amendment I advocate in the antitrust law, power of supervision over big business concerns engaged in inter state commerce, would benefit them as it had benefited the national banks. In the recent business crisis it is note worthy that the institutions which failed were institutions which were not under the supervision and control Of the national government Those which were under national control stood the test"
 While the excellence of the national banking act is admitted by all bank ars, the present trouble has proved that it is not automatic in it's opera tiOn and that it is capable of careless administration. It is noteworthy that the first sign of the financial panic was the crash of badly supervised na- tional bank, followed by another and another. It is also a noteworthy fact that aside from the great trust com- pany, nearly every great bank which suecumbed was a national bank It is a further noteworthy fact that 1t was an association of bankers. private citizens that took charge of the situa- ton and arrested the destruction of public confidence in financial institu- tions generally.
 The president voices the sentiment Of financial students generally in his recommendation of currency reform, and he recites that he called attention in a former message to the need of it. That the currency bill failed in the last congress was not because of active opposition. but because of lack of ac- tive support. The chairman of the house committee on banking and currency was unable to arouse his colleagues from their apathy. They had not then been given an object lesson If the I~esident had then understood the i'm portance Of the reform as every one does now and devoted to it a tithe of the energy which he expended upon the joint statehood bill, the rate bill or the Philippines tariff bill, we would have long since had an elastic currency.
 The president rightly refrains from designating any one of the various projects which have been. discussed. as the proper or only one, and in this part of his message. as in all other parts of it, there is an absence of that dictatorial tone which characterized his earlier communications to the con- gress.
 There is as We had been led to ex- peet, an absence of reference to state