Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1907-12-06
SUGGESTS REMEDIES FOR ILLS
CONTROL OF CORPORATIONS AND
RAILROADS TO PREVENT
DISQUALIFICATION.
Eeelieves This Would selve the Prob
lem Together with Provision for
More Elastic Currency-Rocom-
mends Postal Banks and Asks for
Legislation Along Many Lines.

washington, Dec. .. - fresiuent
Roosevelts annual message to congress
10000 words by far the longest mes
sage he has ever submitted to congress
The opening subject of the message is
the financial condition of the country,
and for which the president lays much
of the blame upon unscrupulous stock
1gpeculators, and says:
"In any large body of men, however.
<here are certain to be some who are
dishonest, and II the conditions are
such that these men prosper or COM
init their misdeeds with impunity, their
example is very evil thing for the
community Where these men are busi-
mess men of great sagacity and OF tenn
aerament both INSCRIPTIONS and reck-
less, and where the conditions are such
that they act without supervision or
control and at first without effective
check from public opinion, they delude
many innocent people into making in
Westments or embnrking in kinds of
business that are really unsound.
When the misdeeds of these successful
hy dishonest men are discovered, suf-
fering comes not only upon them. but
upon the innocent men whom they
have misled. It is n painful awakening.
whenever it occurs; and, naturally,
when IL does occur those who Suffer
are apt to forget that the longer 1t was
deferred the more painful II would be.
In the effort to punish the guilty 1t is
both wise and proper TO endeavor so
far as possible to minimize the dis
0ress of those who have boen misled by
the guilty. Yet IT is not possible TO
refrain because of such distress from
striving to put an end to the misdeeds
that are the ultimate causes of the suf-
fering, and. as a means to this end.
where possible to punish those re-
ssponsible for them. There may be hon
est differences of opinion as to many
governmental policies; but surely there
can be no such differences as to the
need of unflinching perseverance in the
war against successful dishonesty"
He quotes at length from his mes
lsage of last year in which he advo-
Gated federal control OF corporations
doing interstate business. and believes
that in such control would be found the
remedy for overcapitalization and
,stock speculation which he believes
have brought about the present fnan-
.cial conditions. He says:
"Our steady aim should be by legis-
lation, cautiously and carefully under
taken, but resolutely persevered in, to
assert the sovereignty of the national
government by Affirmative action.
This is only in form an innovation.
In substance 1t is merely n restoration;
for from the earliest time such regula-
ytion of Industrial activities has been
recognized in the action of the law
making bodies; and all that / propose
IS to meet the changed conditions in
ssuch manner as will prevent the COM
monwealth abdicating the power ii has
always possessed, not only in this coun-
try but also in England before and
,since this country became a separate
nation.
Federal Control of
sRaiIroads Is Favored.
mo small part of the trouble that we
have comes from carrying to an ex-
rtreme the national virtue of self-re-
1iance, of independence in initiative
and action. 1t is wise to conserve this
virtue and to provide for its fullest ex-
.ercise, compatible with seeing that lib
.erty does not become liberty to
wrong others Unfortunately, this is
the kind of liberty that the lack of all
effective regulation inevitably breeds.
THE founders of the constitution pro-
'vided that the national government
sshould have complete and sole control
of interstate commerce There was
then practically no interstate business
save such as was conducted by water
and this the national government at
-once proceeded to regulate in thorough
igoing and effective fashion. Condi-
,tlons have now SO wholly changed that
( the interstate commerce by water is in
significant compared with the amount
that goes by land. and almost all big
tDuSlneSS COnCGTnS arc uoW oHBAHcu III
Interstate commerce. AS result. 1t
can be but partially and imporfectly
controlled or regulated by the action of
,any one of the several states; such ac-
,tion inevitably tending to bo either too
drastic or else too lax, and in either
case ineffective fer purposes OF justice.
Only the national government can in
hhoroughgoing fashion exercise the
needed control. This aess not mean
THAT there should be any extension of
federal authority, for such authority
salready exists under the constitution in
samplest and most far-reaching form;
but II does mean that there should be
can extension of federal activity. This
lis not advocating Capitalization. 1t is
merely looking facts in the face. and
realizing that Capitalization in business
has already come and can not be avoid
Led or undone. and that the public Mt
Narge can only protect itself from GER
tain evil effects of this business CEN
straliZation by providing better methods
for the exercise of control through the
authority already centralized In the
national government by the constitu.
rtion itself. There must bo ne halt in
the healthy constructive course of ac-
7tion which this natien has elected to
pursue. and has steadily Dursusd, dur
dng the last six years. As shown beth In
the legislation OF the congress and the
administration Of the law by the de-
,partment of Justice. Tho msst vital
,need is in connection with the railroads
AS to these. in my judgment there
should now be either national incsr-
poration act or law heeasins railway
companies to engage In Interstate com
,merce upon certain conditions. The law
should be so framed ~ to give to the
interstate commerce cemmissien power
10 pass upon the future issue OF Becuri-
tiles. while ample means should bo pro-
vided to enable the commission, when
ever in Its Judgment II 10 necessary, to
make a physical valuation of any rail-
road. As / stated in my message to the
congress q year ago. railroads should
he given power to enter into agree
menta subject to these agreements be-