The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-12-03
CAUSES or THE PRESENT FlNAN,
ciAL CONDITIONS is MADE
THE CHEF TOPIC.
SUGGESTS REMEDIES FOR ILLS
CONTROL OF CORPORATIONS AND
RAILROADS TO PREVENT
OvERCAPiTALizATloN.
Believes This Would Solve the Prob
lem Together with Provision Tor
More Elastic Curreney-Recom
mends Postal Banks and Asks for
Legislation Along Many Lines.

washington. Dec. 8. - President
Roosevelts annual message to congress
is 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,
ana for which the president lays much
of the blame upon inscriptions STOCK
speculators, and says:
I'm any large body OF men, however
there are certain to be some VINO are
dishonest and IL the conditions are
such that these men prosper or com
nit their misdeeds with impunity, thelr
example IL very evil thing TOT tne
community Where these men are busl-
meas men of great sagacity and of tenn
perament both INSCRIPTIONS and reck
less. and where the conditions are such
that they act without supervision or
control and at first without eHectlVe
check from public opinion, they delude
many innocent people into making III :
yestments or embarking In xmas OF
business that are really uhsouhu'
When the misdeeds of these successful
ly dishonest men are discovered. sur
fering comes not only upon them, but
upon the innocent men whom they
have misled 1t is a painful awakening
whenever IL occurs; and naturally
when II does occur those VINO suHer
are apt to forget that the longer II was
deferred the more painful IL would De.
In the effort to punish the guilty IL 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 il is not possible TO
refrain because of such distress from
striving to put an end to the misdeeds
that are the ultimate causes OF the sur :
fering, and. as a means 10 TINS ehu'
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 no 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 adVo-
Gated federal control of corporations
doing Interstate business, and believes
that in such control would be found the
remedy for overcapitalization and
stock speculation which he believes
have brought about the present imam
cial conditions. He says:
.'Our steady aim should be by legis-
lation. cautiously and carefully under
taken but resolutely persevered in, 10
assert the sovereignty of the national
government by affirmative action.
!. This is only in form an innovation
In substance 1t is merely a restoration
for from the earliest time such regula-
tion of Industrial activities has been
recognized in the action OF the law
making bodies and all that | propose
is to meet the changed conditions II
such manner as will prevent the com
monwealth abdicating the power II ha'
always possessed. not only In this coun
try but also in England before ant
since this country became separate
nation.
Federal Control of
Railroads Is Favored.
.'No small part of the trouble that w
have comes from carrying to an eS
treme the national virtue of self-re
lance. of Independence in initiative
and action. 1t Is wise to conserve TN
virtue and to provide for its fullest eN
ercise, compatible with seeing that lib
erty does not become liberty {
wrong others Unfortunately, this /
the kind OF liberty that the lack of al
effective regulation inevitably breeds
The founders of the constitution pro
vtded that the national government
should have complete and sole contro
of interstate commerce There wa
then practically no interstate buslnes
save Sucn dB was ny "af'i
and this the national government a
once proceeded to regulate In thorough
going and effective fashion. Condi
tions have now so wholly changed tina
the interstate commerce by water is In
significant compared with the amour
that goes by land. and almost all bi
business concerns are now engaged !
Interstate commerce. As result
can be but partially and imperfect
laa fah nv the aptinn q
any one OF the several states; such ac
tion inevitably tending to be either TO
drastic or else too lax, and In eithe
case Ineffective for purposes OF justice
Only the national government can |
thoroughgoing fashion exercise I'll
needed control. This does not mea
: that there should be any extension {
federal authority. for such authorit
already exists under the constitution
amplest and most far-reaching form
but IL does mean that there should
an extension of federal activity. Th
Ia not ad, coating Capitalization. 1t
merely looking facts in the face. an
realizing that Capitalization w bushes
has already come and can not be avoic
ed or undone. and that the public 1
large can only protect Itself from cei
tain evil effects of this business cer
tralization by providing better method
for the exercise of control through II
authority already centralized in II
national government by the constitl
tion itself. There must be no halt
the healthy constructive course OF az
tion which this nation has elected
pursue, and has steadily pursued, dul
ing the last six years, as shown both
the Legislation OF the congress and Il
administration Of the law by the d.
partmeDf OF Justice, The most Wit
need Is In connection with the railroad
As TO these. IN my judgment thei
should now be either national inco
poration act or law licensing railws
companies to engage In interstate con
rnerce upon certain conditions The la
should be no framed as to give to Il
Interstate commerce commission pow
20 pass upon the future issue of secur
ties, while ample means should be pr
vfded 60 enable the commission. whel
eyer In its Judgment II is necessary.
make a physical valuation OF any raj
road. As I stated In my message to Il
congress- year ago. railroads shou
bs given power 10 enter into agre
! ments subject to these agreements b
w psds public In minute detail and