The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1907-12-05
In Message Delivered Tuesday
He Urges a National In
corporation Act.
o N REFORM IS NEEDED
He Leaves II to Congress TO Select
Plan, but ineIines Toward Guar
anty Fund for Protection-
Many Points Covered.

L u WIS IGdu III WILL VA NAAS
assembly. In part the message Is as
follows:
The Senate an6 House OF Represent
atives: No nation has greater re-
sources than ours, and / think IL can
be truthfully said that the citizens of
no nation possess greater energy and
industrial ability. In no nation are the
fundamental business conditions sound
er than In ours at this very moment;
and II Is foolish. when such Is the case,
for people to hoard money instead OF
keeping IL in sound banks: for II Is
such boarding that 10 the immediate
occasion Of money stringency. More
over, as a rule, the business OF our peo-
pie Is conducted with honesty and pro-
bity. and this applies alike to farms
and factories, to railroads and m
to all u legitimate commercial enter
prises. # &c.,. s.
In any large body OF men, however.
there are certain to be some who ars
dishonest. and IL h conditions are
such hat these men prosper or COM
NIT their misdeeds with impuntty, their
example Is q very evil thing for the
community. Where these men are
business men OF great sagacity and OF
temperament both INSCRIPTIONS and
reckless. and where h conditions are
such that they act without supervision
or control and at first without efective
check from public opinion. they delude
many innocent people into making in
vestments or embarking in kinds or
business that are really unscund. When
the misdeeds OF these successfully dis
honest men are discovered, suffering
comes not only upon them, but upon the
innocent men whomt they have misled. Ii
Is a painful awakening, whenever 1t oc-
ours; and, naturally, when 1t does oc-
cur those who suffer are apt to forget
that the longer 1t was deferred the more
painful 1t would be. In the effort TO
punish the guilty 1t is both wise and
proper to endeavor so far as possible to
minimize the distress of those who
ave been misled by the guilty. Yet 1t
Is not possible to refrain because OF
such distress from striving to put an
end TO the misdeeds that are the ulti-
mate causes of the sufferings, and, as
n e to this end, where possible to
punish those responsible for them.
There may be honest differences OF
opinion as to many governmental poll
cies; hui surely there can be no such
differences as to the need Of unfinch-
ing perseverance in the war against
successful dishonesty.
CHere the president quotes from his
1905 message his declaration for the
square deal between corporations and
people and for the regulations Of inter-
state to this eEd.)
have called your attention in these
quotations to what 1 have already said
because / am satisfied that 1t is the
duty of the national government to IN
body in action the principles thus ex-
pressed. ...
Interstate Commerce.
No small part of the trouble that We
have comes from carrying to an ex-
irene the national virtue of self-re-
liance, of independence in initiative and
action IL ic uyfua m aannGaFxTa this yir-
tue and to provide for its fullest exer-
Else. compatible with seeing that lib
erty does not become q 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
should have complete and sole control
of interstate There was
then practically no interstate business
save such as wa conducted by water,
and this the national government at
once proceeded to regulate In thor
sughgoing and effective fashion. Con-
ditions have now so wholly changed
that the interstate by water
Is insignificant compared with the
amount that goes by land, and almost
all big business concerns are now en-
gagged In interstate commerce. AS a
+ result, IL can be but partially and i'm
| pCTISCIly COIiNLOllGo VI AG6hldIG uy NllG
action OF any n OF the several states;
such action inevitably tending to be
either too drastic or else too lax, and in
either case ineffective for purposes OF
Justice. Only the national government
can in thoroughgoing fashion exercise
the needed control. This does not
mean that there should be any extern
sion of federal authority. for
such authority already exists UNI
der he constitution in amp
lest IN most f~ar-reaching form
but IL does mean that there should be
an extension of federal activity. This
Is not advocating Capitalization. 1t Is
merely looking facts in the face, and
realizing that Capitalization in bust
ness has already come n cannot be
avoided or undone, and that the pub
lie at large can only protect itself from
certain evil effects of this business
Capitalization BY providing better
methods for the exercise OF control
through the authority already central
, constitution itself.
{: There must be no halt in the
healthy constructive course OF &C :
{: ton which this nation has elected
to pursue. and has steadily pur-
sued, during the last six years, as
shown q in the legislation of
/: the and the adminlstra- (:
a: ton of the law by the department |:
of justice. The most vital need is
in connection with the railroads.
As to these, In my judgment there
/: should now be either a national in
corporation act or a aw licensing
railway companies TO engage in in
, terstate commerce upon certain con
ditions. THE LAW SHOULD BE /:
: SO FRAMED AS TO GIVE TO
: THE INTERSTATE COMMERCE. {;
4: COMMISSION POWER TO PASS ::
3 : UPON THE FUTURE ISSUE OF ::
: SECURITIES. WHILE AMPLE /:
+: MEANS SHOULD BE PROVIDED /:
{: TO ENABLE THE COMMISSION, /:
(: WHENEVER IN ITS JUDGMENT /!
/: 1T Is NECESSARY To MAKE A /:
{: PHYSICAL VALUATION OF ANY /:
RAILROAD. (:
Should Permit Pooling.
As / stated in my message to the
| congress a yea ago, railroads should
he given power to enter into agree