Troy weekly news. (Troy, Idaho) 1897-1933, 1907-11-15
p!RESENTSNEW IDEAS
TO ROOSEVELT ON REFORMS
THAT LOOK GOOD To HIM.
Provides for National Control of In
terstate Commerce Corporation,
Compulsory Publicity of Accounts
Change All State Banks and Trust
Companies to National Banks.

Eugene T. Prussing, a well-known
Chicago lawyer, for three years presi-
dent of the Citizens association there,
called on the president recently to
forms. The president read and dis
cussed with interest the brief state
ment which Mr.. Prussing submitted.
1t follows:
Currency reform, antitrust law
amendments and railroad regulation
naturally will first claim the attention |
of congress.
General corporation reform in its
various phases may fairly be classed
second in Importance. Long and va
ried experience in corporation matters
leads me to offer these suggestions:
"The first question, that of jurisdic-
ton Of the federal government, will in
each instance be the challenge of the
opposition. Successful effort, there
fore, must be along the line of the
least resistance, that is to say, in har-
mony with the principles of state
rights and local government, as well
as the sentiments based upon these,
even if extreme.
National control of interstate com
MERGE corporations, as distinguished
from national incorporation of all or
most corporations, will be readily
granted by most men of both parties.
Compulsory publicity Of accounts,
the subsection of books, papers and
plans to inspection, ETC., of govern
ment officials will easily be accom-
plished
Fl Limits Holding of Stock.
1.-The new step advised by the asso
citation of attorneys general, slightly
modified, will be in the right direction
and will be approved by state rights
men and federalists alike. The asso
citation recommends that the right t.
: hold stock in any other corporation
) should be denied to all interstate com
merce corporations. 1t seems to m
+ that the purpose of this, namely, t
: compel the real owners Of corpora
= ton to do business in their own name
= can be achieved by requiring the CO..
e poration owning stock in another, an
e the corporation in which it own
II stock. to list such owners and stoc
II holdings, respectively. in every cas-
Z with the department of commerce
Thus honest holding companies will
lie permitted, and yet protected againi
n possible assault of local taxation
rs other unjustly discriminating law
it Just as national banks are now, viii
es the public in turn will have knowledt
of whom it is dealing with and ca
lg protect itself.
+ 1.-THE change of state banks al
,v trust companies to national bank
,g which can be accomplished by sing
ut amendment of the national bankil
o. act, will also be popular and can
along state rights"
of More Power to National Banks.
M The proposed change is this:
a, "Give national banks two addition
% powers and their consequences.
or 81. To accept and execute trusts,
-h- complying with the general state la
mr. on that subject, wherever they ext
of and in the District of Columbia.
"2. To accept trust, savings a
time deposits and to keep separi
accounts of the total of these, maxi
49, proper rules for notices of wi
-. drawals, and allow a small percenta
III of reserves as to these deposits, a
ieS also the making of solid bond a
Ill mortgage and other savings bank
vestments of the funds so received
as "Thus every national bank becon
he the full competitor of trust compani
ng- and soon the latter will be forced
. become national banks.
he go at the general corporation pr
las lem in a similar manner. Enlist
the state representative men on "
md side. Keep the subject of incorpc
ton and ordinary control a state c
u,, Germ: make the local laws harmon
ON il possible, by appointing a comm
-ilv sion to investigate the entire subj
Get the best talent; Root. Choate,
,v lon and others of that type will
,sa glad to serve for patriotic reasons,
40 a result will be achieved in the fc
of a code based on principles and
- periences suited to our dual COVE
,ed ment and varied conditions-just a
IN was in Germany in 1870-75 in the
on. actment of laws by Prussia and
ous other states of the empire which h
~. served the purpose and stood the
ath Of time"
a. Praised by Roosevelt.
ted At the end Of the interview
president said
M. "And now, my dear sir, l want
of pay you a compliment. I did not
ers. pect you to give me a single thin
title instead of that you have given me
in eral practical suggestions in conc