The Montgomery tribune. (Montgomery City, Mo.) 1892-1910, 1907-12-06
SUGGESTS REMEDIES FOR ILLS
CONTROL OF CORPORATIONS AND
RAILROADS TO PREVENT
DECENTRALIZATION.
Believes This Would Solve the Prob
lem Together with Provision for
More Elastic Currency-Recom-
mends Postal Banks and Asks for
Legislation Along Many Lines.

Washington. Dec. s. - President
Rooseyelt's annual message to congress
10 a voluminous document of nearly
10000 words, by far the longest mes
sage he has ever submitted to congress.
The opening subject of the message is
the financial condition of the country
and for which the president lays much
of the blame upon nscrupulou STOCK
speculators, and says:
I'm any large body of men, however.
there are certain to be some who are
dishonest, and If the conditions are
such that these men prosper or COM
init their misdeeds with impunity, their
example is a very evil thing for the
community. Where these men are busi-
ness men of great sagacity and of tenn
both INSCRIPTIONS and reck-
less, and where the conditions are such
that they act without supervision or
control and at first without effective
check from public opinion, they delude
many innocent people into making IN
or embarking in kinds OF
business that are really unsound.
When the misdeeds of these successful
ly dishonest men are discovered, suf-
fering comes not only upon them, but
upon the innocent men whom they
have misled. 1t is a painful awakening,
n 1t occurs; and, naturally,
when it does occur 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 dis
tress of those who have been misled by
the guilty. Yet it is not possible to
refrain because of such distress from
striving 70 put an end to the misdeeds
tina are the ultimate causes of the suf-
Sering, and, as a means to this end,
where possible to punish those re-
sponsible for them. There may be hon.
est differences of opinion as to many
governmental policies; but surely there
can be 10 such differences as to the
need of unflinching perseverance in the
war against successful dishonesty"
He quotes at length from his mes
sage of last year in which he adVc-
Gated federal control of corporations
doing interstate business. and believes
that in such control would be found the
remedy for overcapltalization and
stock speculation which he believes
have brought about the present fnan-
DIAL conditions. He says:
"Our steady aim should be by legis-
lation. cautiously and carefully under
taken. but resolutely persevered in, to
assert the sovereignty of the national
government by affirmative action.
This is only in form an innovation.
In substance it is merely a restoration;
for from the earliest time such regula-
ton of industrial activities has been
recognized in the action Of the law
making bodies; and all that I propose
IL to meet the changed conditions in
such manner as will prevent the COM
monwealth abdicating the power 1t has
always possessed. not only in this coun-
try, but also in England before and
since this country became a separate
nation.
Federal Control of
Railroads Is Favored.
mo small part of the trouble hat we
have comes from carrying to an ex-
IRENE the national virtue of %self-re-
lance. of independence in initiative
and action. 1t is wise to conserve this
virtue and to provide for it's fullest ex-
srcise, compatible with seeing that lib
erty does not become a 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 hat the national government
should have complete and sole control
of interstate There was
then practically no interstate business
save such as was conducted by water
and this the national government al
once proceeded to regulate in thorough
going and effective fashion. Condi-
tions have now SO wholly changed that
the interstate by water is in.
significant compared with the amount
that goes by land. and almost all bis
business concerns are now engaged ir
interstate ommerce. AS a result, II
can be but partially and imperfectly
controlled or regulated by the action OF
any one of the several states; such &C
tion inevitably tending to be either too
---Al- 49, - - --A " -AL-
case ineffective for pc of Justice
Only the national government can IL
thoroughgoing fashion exercise tn,
needed control. This does not meal
that there should be any extension o
federal authority, for such authorit,
already exists under the constitution IL
amplest and most far-reaching form
but 1t does mean that there should b.
an extension of federal activity. Thii
Is not advocating GENERALIZATION. 1t 4
merely looking facts in the face. an
realizing that GENERALIZATION in business
has already come and can not be avoid
ed or undone. and that the public a
large can only protect itself from Ger
tain evil effects of this business cen
tralization by providing better method
for the exercise OF control through tn
authority already centralized in tn
national government by the constitu
ton itself. There must be no halt Al
the healthy constructive course of &C
tion which this nation has. elected I
pursue. and has steadily pursued. dur
ing the last six years.. as shown both 4
the legislation of the congress and tn
administration of the law by the de
partment of Justice. The most vita
need is in connection with the railroads
As to these. in my judgment Their
should now be either a national incor
poratfon act or q law licensing railwa
companies to engage in interstate com
merce upon certain conditions. The la,
should be 80 framed as to give to tn
Interstate commission powe
10 pass upon the future issue of securi
ties. while ample means should be pro
vided to enable the commission when
ever in its Judgment IL Is necessary, I
make a physical valuation of any rail-
road. As I stated in my message to tn
ngre q year ago. railroads shout
be given power to enter into agree
ments, subject to these agreements b.
AnE made public In minute detail aHq