The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-03
Conservative 6 Financiter.s 4.
Ask Such Action on
Financial Status.
ENACT FEDERAL
CONTROL IDEAS
Amendments to Financial Laws
Which Insure Maximum Flexi-
bility With Minimum Of
Basic Change Are Ad-
vocated-O Opposition
toExtra Session.

u v
WASHINGTON, November 2.-It was
learned here to-day from undoubted
sources that President Roosevelt is now
being urged to call an extra session
OF Congress to deal.with the financial
situation The request comes from and
represents tho judgment of the con-
servative leaders In the finnnc world.
who have represented the present situa :
ton as one compelling action OF d
character which will affrma lively Grad
icate all ground for suspicion OF Ameri-
can Industrial methods. The President
has been assured from most reliable
sources that there viii be no Opposition
on the part OF the great industries OF
the country to the enactment OF the
laws to carry out his Ideas
OF Federal control to the extent to
which he has eNpounded them IN hts
recent public utterances.
These assurances are made at this
time to avert what has been repre-
sented as the most dangerous situa-
ton which has confronted the couh-
try during an extended historic period
that Is. seeming growing lack OF
confidence. based on known lrregulart-g
ties in business methods In some
quarters, and no sure and speedy
means of separating the good frona
the unsound. To this end. 1t " suts-
gested that the President set Con-
gress to the task, first. OF making
such amendments to the dnanciui laws
as Will result in the maximum 2f
srexibility with the minimum OF basic
change In our system; next, and per-
maps most In ill.portance. that this
President embods iis suggestions o a
corporation control to succ1nct recon-
menda tions for enactment into law.
In this connection the Pre- sident's at
tention has been directed to what he
said at Proyincetown, Muss.. August
10th, last: II believe. In a national in
corporation law for scorporations Ell
gagged in inters tate business be
live, furthermore. that the need for
action is most pressing as regards
those corporations which, because they;
are common carriers. exercise quasi
public function. and which can be com
petely controlled, in all respects, by
the Federal government, by the exer- :;
else Of the power Cont >srss 4 under the
Interstate commerce clause, and. II nee.
essary. under the post-road clause of
the Constitution. The national govern
m mt should exercise over them a SINH
lar supervision and control to tliar
which it exercises overinatfonal banks.
We can do this only by proceeding far
ther alone the lines marked out by
the recent national legislation. Il
Almost every big business concern
Is engaged In interstate commerce.
and such a concern must not be all
lowed by q deXterolss shifting of posi-
ton, as had been too often the cage
in the past to escape thereby all re-
sponsibtlity, either to State or to ma
tlon.''
Remedies He suggestcd.
To meet his views, the President
then suggested amendments to the
Sherman antitrust law and the addi-
tion OF a criminal clause to that end
to the Interstate commerce regula-
tons. The benefit of having Federal
legal machinery to detect and eradicate
unwholesome business methods at this
time was said to be the desirable end
to be accomplished This would mean,
1t Is pointed out, a practical wpinE
off OF the Slate and starting afresh
under business conditions, which would
have, and which could bear, the closest +
public scrutiny. &
That the President has given the re-
quest for an extra session. careful con-
sideration is indicated by those who
have been asked to. lend their ad-s
vice in the matter. That tn informst
ton as to existing conditions is not
alarming has been the continuing as
surance which has come from the gov
ernment's careful observations.
| With this In view tho President has
been told that the call for extra ses-
sion of, Congress might have the re-
verse effect from that desired by those
who are urging such action: that it
would tend to emphasize In the publ g
mind an apprehension OF unfavorabIe
conditions, which do not exist.
Failing In obtaining an extra ses-
sion. those who have made the appeal
nr an additional request that the Pres
ident make public statement OF the
assurance he feels In the sound condi-.
ton OF public credit This. too has
the administrations advisers. Bot b
suggestions are still matters OF con-.
slderat tion, although no lsS information
either directly from the White House.