Omaha daily bee., 1907-11-03
They Think Legislation is Needed to
Retore Confidence.
ROOSEVELT DOES NOT AGREI
Executive Thinks Proposed Action
Would Add to Uneasiness.
CONDITION IS NOT ALARMING
Request for n Public Statement from
white House ss to sOundness Of
Public Credits Under Ad-
visement.

WASHINGTON, Nov. at was learned
here today from undoubted sources that
President Roosevelt is now being urged to
call an extra session of congress to deal
with the financial situation. rhe request
comes from and represents the judgment
of the conservative leaders in the financial
world who have represented the present
situation as one compelling action of a
character which will afflrmatively eradi-
cate all ground for suspicion Of American
industrial methods.
The president has been assured from
most reliable sources that there will be no
opposition on the part of the great in
dustries of the country to the enactment
Of the necessary laws to carry out his
ideas of federal control to the extent to
which he has expounded them in his
recent public utterances. These assurances
are made at this time to avert what has
been represented as the most dangerous
situation which has confronted the country
during an extended historic period; that
is. the seeming growing lack of confidence
based on known irregularities in business
methods in some quarters and no sure
and speedy means Of separating the good
from the uhsound.
Remedies SuEEested.
To this end It is suggested that the
president set congress to the task, first,
| of making such amendments to the finan-
cial laws as will result in the maximum
OF hexibility with the minimum of basic
change in our system. Next, and perhaps
1 most in Importance, that the president
embody his suggestions on corporation con-
troll into succinct recommendations for
enactment into law. In this connection the
i 4 4.
said at Provincetown. Mass, on August %
| lastI
II believe in national incorporation Law
for corporations engaged in interstate bust.
ness believe, furthermore that the need
for action isnost pressing as regards those
corporations which, because they are com,
mon carriers, exercised q quasi public func
ton, and which can be completely con
trolled in all respects. by the federal gov
ernment, by the exercise of the power con
ferred under the interstate commerce
clause, and, If necessary, under the pos
road clause of the constitution.
The national government should exercs,
over them a similar control to that q
exercises over national banks. We car
do this only byproceeding farther alonG
the lines marked out by the recent legis
ation.
| almost every big business concern is en-
gagged In interstate commerce and such &
concern must not be allowed. by a dex
ferrous shifting of position, as has beer
too often the case in the past to escap'
thereby all responsibility either to state Of
to nation"
Amendments to sherman Law.
To meet his views, the president thei
suggested amendments to the Sherman
antitrust law and the addition of a crimi
nal clause to that and the interstate com
merce law The benefit of having fedora
legal machinery to detect and eradicat
unwholesome business methods at this tim
was said to be the desirable end to b.
accomplished. This would mean, It 4
lpointed out, a practical wiping off of tn
slate and a starting afresh under busines
conditions which would have and whlcl
could bear the closest public scrutiny
That the president has given the reques
for an extra session careful consideration
is indicated by those who have been asket
to lend their advice in the matter. Tha
the information to existing condition
is not alarming has been the continuing
assurance which has come from the gov
ernment's careful observations. With thi
in view the president has been told tina
the call for an extra session of congres
might have the reverse effect from that o