Milford chronicle., 1907-12-06
The PRESIDENTS
ANNUAL MESSAGE

h this very moment, and it is foolish
when such is the case for people to hoard
money instead of keeping it i'm sound
banks, for it such boarding that is the
immediate occasion of money stringency.
Moreover, as "a rule the business of our
people is conducted with honesty and pro-
bity, and this applies alike 10 farms and
factories, to railroads and banks. to all
our legitimate commercial enterprises
In any large body of men. however
there are certain to be some who are dis
honest, and if the conditions are such
that these men prosper or commit their
misdeeds with impunity their example is
q very evil thing for the community
When the misdeeds of these successfully
dishonest men are discovered. suffering
comes not only upon them. but upon the
innocent whom they have mised. 1t is a
painful awakening whenever it occurs,
and naturally when it does occur those
who suffer are apt 10 forget that the
longer it is deferred the more painful it
would be- In the effort to punish the
guilty it is both wise and proper to en-
deavor so far as possible to minimize the
distress of those who have been mis-
led by the guilty. There may be honest
differences of opinion as to many gov
ernmental policies, but surely there can
be no such differences as to the need
Of unfinching perseverance, in the war
against successful dishonesty.
INTERSTATE commerce.
No small part of the trouble that we
have comes from carrying to an extreme
the national virtue of self reliance. of in
dependence in initiative and action. It
is wise to conserve this virtue and to
provide for its fullest exercise compatible
with seeing that liberty does not become !
q liberty to wrong others. Unfortunate
ly this is the kind of liberty that the lack |
OF all effective regulation inevitably |
breeds. Only the national government /
can in thorough going fashion exercise |
the needed control. This does not mean /
that there should be any extension of |
federal authority, for such authority al
ready exists under the constitution in
Rmplest and most far reaching form. but
1t does mean that there should be ex-
tension Of federal activity. This is not
advocating Capitalization. 1t is merely
looking facts in the face and real
fling that Capitalization in business has
already come and cannot be avoided or
undone and that the public at large can
only protect itself from certain evil ef-
fects of this business Capitalization by
providing better methods for the exercise
of control through the authority already
centralized in the national government
by the constitution itself.
National License For Railroads.
The most vital need is in connection I
with the railroads. As to these, in my {
Judgment, there should now be either a |
national incorporation act or a law Ii
eensing railway companies to engage in ! {
interstate commerce upon certain condi- 4
tions. The law should be so framed as ]
to give to the interstate commerce COM I
mission power to pass upon the future is {
sue of securities while ample means q
should be provided to enable the commits r
sion whenever in its judgment it is neces- v
sary TO make a physical valuation Of any u
railroad. Until the national government i:
merce in the exercise of the authority it t
already possesses it will be impossible v
either to give to or to get from the rail- a
roads full justice. ii
The Antitrust Law. ~
Moreover. in my judgment there should D
be additional legislation looking to the Il
proper control of the great business con- il
Germs engaged in interstate business this G.
control to be exercised for their own
benefit and prosperity no less than for u
the protection of investors and of the
general public. AS I have repeatedly
said in messages to congress and else E.,
where. experience has definitely shown | ~
not merel the unwisdom of but the fu- -, -
ility of endeavoring to put a stop 10 all 20
business combinations. Modern indus o.
rial conditions are such that combi- o.
nations is not only necessary. but ineVi- -
able ~
The antitrust law should not be repeal ~ 20
L..
ent and more in harmony with actual a.
onditions 1t should be so amended as to ~
orbid only the kind OF combination a.,
which does harm to the general public, an
UGH amendment to be accompanied by git
r to be an incident of a grant Of super no
isory power to the government over en-,
hese big concerns engaged in interstate ON
usiness. This should be accompanied by rsC
revision for the compulsory publication Tb
( accounts and the subjection of books M
nd papers to the inspection of the the
overnment officials. fx,
The congress has the power to charter scr
to engage in interstate and Iici
,reign commerce. and a general law can Nit
g enacted under the provisions of which
listing corporations could take out fed .,
al charters and new federal corpora
ons could be created. 70
Lessons of Recent Crisis. arr, arr,
To confer upon the national government ebo
connection with the amendment l adj q,
Dcate in the antitrust law power of su- Tn
rVision over big business concerns en- Dro
Lged in interstate commerce would BEN den
It them as it has benefited the national botr
INKS. In the recent business crisis it is wise
teworthy that the institutions which era,
lied were institutions which were not
der the supervision and control of the ~,
tional government. Those which were
der national control stood the test. a.
control of the kind above adj - -
=, Sa'eu " 9 "Oui9 -, - -. IT, u,t,o 60. post
I'm any reason the extension of federal - .iaF
tivity will do we'll to study the history -' sll-s
Oniy Vi lue "a ,i9taI,i', tb have
the Puie IOUu l'." -. - 1.s,at.S 80 men
Currency Legislation Needed. or il
again urge on the congress the need men
immediate attention to this matter. of Il
3 need a greater elasticity in our cur woul
ICY. provided of course that we recOg- trad,
q the even greater need of safe ana and
ure currency Provision should be +
de for an emergency currency. The cons
ergency issue should of course be made ais
h an effective guarantee and upon con- the
Ions carefully prescribed by the gov route
ment. Such emergency issue must he thing
led on adequate securities approved by ters
government and must be issued under 9th
eavy tax. This would permit currency Dee