Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-11-08

Public Mind.
Washington, Nov. 7.-When congress
meets, four weeks from last Monday,
two more or less distinguished states
men will appear with very perfectly
rounded out indications. One OF these
statesmen is Charles N. Fowler OF New
Jersey, a republican, chairman of the
house committee on banking and cur
rency: the other is Senator Newlands
of Nevada, a democrat. For years, IN
season and out Mr.. Fowler has been
demanding currency legislation in the
interest Of greater elasticity, until the
other members Of the house began to
consider his proposition as good joke,
and labeled it a proposition In favor
of rubber currency" Now, however,
it seems that Mr.. Fowler Is to get
what he wants, and gentlemen who
for years have been standing In his
way in the house will come to the
front as eager champions OF his scheme.
The president Is to recommend II IN
his annual message, and the condition
Of the country is such that some sort
Of legislation is absolutely imperative.
Senator Newlands has for years
been demanding that the interstate
corporations be federalized. He took
up much Of the time of the senate
committee on commerce, Of which he
is a member, advocating such legisla-
ton and questioning witness about
it, while the committee was considering
the railroad rate question couple OF
years ago, and he has harped on this
one string so long that his colleagues
in the senate have thought he had
mild form of monomania.
Now, Newlands. like Fowler, is likely
to come into his own. The president
favors his plan, and will urge it in his
message, and the country, in the light
of exposures in New York in the past
year, is rapidly coming to feel that
some such check as federal incorpora-
ton will afford is essential, II the inter-
state corporations are to be made to
conduct their business honestly.
Legislation 10 Assured.
That there will be legislation this
winter along these two lines now
stands out clearly amid the gossip and
rumor of various sorts that is heard
from day to day. Meanwhile, the exact
character Of that legislation and the
presidents recommendation regarding
it, are still subjects of varying con-
lecture The president is to be sub
jected to strong pressure designed to
swerve him from his purpose. Only the
presentation Of his message, after con-
gress has met, will indicate to what
extent, If at all, he has yielded to that
pressure. Already it is generally known
that he is redrafting the financial Sec
ton Of the message, as was announced
in this correspondence more than a
week ago.
The opposition to any progressive ac-
ton by the president insists that con-
fidence must be restored, and that the
way to restore it is to do nothing pro-
gressive. 1t is a rather curious argu-
ment, but it has been successful many
times in the past in this country. 1t
is always used by the standpatters
when tariff revision is talked of. They
have always insisted that nothing must
be done in good times for fear Of maxi
ing them bad, and nothing in bad times
for fear of making them worse. The
tightening up Of finances in the east
has given these ultro- conservatives -
these forces which from the first have
been hostile to the presidents policies
- a leverage which otherwise they
could not have hoped to secure, and
they are using it for all they are worth.
With what effect, however, is not
known The president will recommend
something in his message along the
lines of his familiar policies. The
question is, will his recommendations
be softened in the light Of the pressure
that is now beginning to be felt in full
force?
How to Breed Confidence.
The presidents policy, as shaped
thus far, is fundamentally one calcu-
lated, in his judgment to breed conf
dence. He wants confidence to come
thru the stopping of improper prac-
tees He would make securities SAL
able by giving assurances that those
securities represent real value. In the
presidents opinion, the honest needs Of
the business community demand this,
and toward it he has been steadily
working.
Concurrently with the beginning of
this conservative pressure upon the
president, Governor Cummins has
visited Washington for a conference
with the president. Iowa, under
his leadership, it is pointed out,
has passed some of the most
stringent corporation laws in the his
tory Of the country, and they are eff
fective laws. The governor said to his
newspaper questioners that he was
convinced that the interstate corpor-
atoms must be brought under a fed
eral law, and he favors the federal in
corporation idea so long advocated
without a hearing by Senator New
lands, but now taken up by various
republican senator's of the best So
luton of the perplexing problem. More
than that, Governor Cummins believes
that there should be the most care
full supervision in Washington of the
capitalization of all interstate corpor-
ations. Such a law, he argues. would
give confidence to the value Of all Sc
curities and place business permanent
ly on solid basis.
President Roosevelt and Governor
Cummins have served about the same
length of time, one as the national,
the other as the state, executive. They
have studied the same problem from
different angles, and have been seek
ing, each in his sphere, to accomplish
much the same results. Their agree
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