The Nevada County picayune. (Prescott, Ark.) 190?-current, 1907-12-05

cessity Tor improving Waterways of
the Country.
Washington. Dec. 3.-President Roose-
welt in his annual message deals yjpor-
ously with matters of national imnor-
lance. Referring to the recent disturb
ance in financial circles he points out
that the boarding of money by the peo-
pie instead of keeping it in sound banks
was the first cause of financial stringencv
and grave error. He pays a tribute to
the general honesty of the men engaged
In the banking business
After quotations from his last animal
message which dealt with the necessity
Of governmental regulations the presi-
dent asserts that his views have in no
way changed and declares il is the dutv
OF the national government to embody
In action the principles he then expressed
Disclaimng any idea of advocating CEN
traization the president insists upon the
necessity for federal control of the rail-
roads Of the country through the inter-
state commerce commission, and also
urges legislation looking to the proper
control Of the great business concerns en-
gagged in interstate business this control
TO be exercised for their own benefit and
prosperity no less than for the protection
Of investors and of the general public.
wants r. uera1 Control
Declaring that modern industrial con-
ditons are such that combination is not
only necessary but inevitable, the presl-
dent refers to his message OF a year ago
concerning necessary changes in the
antitrust laws He goes on: Il ask for
full power to be given the federal
government because no single state
by legislation eTectually cope
with these powerful corporations en-
gagged in interstate commerce. and, while
doing them full justice, exact from them
In return full justice to others The con
ditions Of railroad activity the condi-
tons Of our immense interstate com
merce. are such as to make the central
government alone competent to exercise
full supervision and control
The antitrust law should be made both
more efficient and more in harmony with
actual conditions. 1t should be so amend
ed as 10 forbid only the kind of combina-
uon which does harm TO the general pub
lie, such amendment to be accompanied
by or to be an incident OF. a grant Of SUI
pervisory power to the government over
these big corporations engaged in inter
state business This should be accom-
panied by provision for the compulsory
publication Of accounts and the subjec-
uon Of books and papers to the nspee-
ton OF the government officials A be
supervision by the establishment OF the
bureau Of corporations.
Among the points to be aimed at
should be the prohibition OF unhealthy
competition. such as by rendering service
at an actual loss for the purpose OF crush
ing out competition. the prevention OF in
nation Of capital, and the prohibition OF
corporations making exclusive trade
with Itself a condition OF having any
trade with itself Reasonable agreements
between. or combinations Of corporations
shouid be permitted. provided they are
nrst submitted to and approved by some
appropriate government body.
Like National Bank Supervision.
The congress has the power to charter
corporations TO engage in interstate and
Foreign commerce, and a general law can
DC enacted under the provisions OF which
existing corporations could take out fed
eral charters and new federal corpora
uons could be created. An essential pro-
vision Of such a law should be a method
OF predetermining by some federal board
or commission whether the applicant for |
: FEDERAL charter was association or |
continuation within the restrictions OF the |
ieoeral law The supervision established |
might be analogous TO that now exercised |
over national banks At least the anti /
trust act should be supplemented by spe- |
enc prohibitions OF the methods which ex-
penenee has shown have been OF most |
. service In enabling monopolstlc combina-
uohs to crush out competition. The real /
owners Of corporation should be com
peheo TO do business In their own name
ahe right to hold stock in other corpora
uohs should hereafter be denied to inter
..ate corporations, unless on approval by |
.he proper government officials, and
prerequisite to such approval should be
u'e Hstlng with the government OF all
owners and stockholders. both by the
CORPORATION owning such stock and by
'he corporation In which such stock Is
owned"
The Currency Question.
oh the question OF the currency the
president calls attention to his last an
nual message wherein he pointed out
maj maj our present system is defective and
showing the need of a change. In that
message he said:
national banks should be permitted 20
. .sSne specified proportion OF their cap
'ai IN notes of a given kind. the issue to
oe hNed at so high rate as to drive the
no'es back when not wanted in legiti-
.naie trade. This plan would not per-
ny me issue of currency to give banks
auuiuohal profits. but to meet the emer-
SehcF presented by times of strinEency.
uo not say that this is the right sys-
.eih. only advance II to emphasize
my belief that there is need for the adop-
oh on some system which shall be au-
.o'Naue and open to all sound banks,
~ as TO avoid all possibility OF discrim-
nation and favoritism. Such a plan
would tend to prevent the spasms OF high
.moheY and speculation which now OBJ
saih In the New York market; for at
present there is too much currency at
oeIlaln seasons of the year, and its ac-
emulation at New York tempts bankers
W lend II at low rates for speculative
purposes; whereas at other times when
.le crops are being moved there is ur-
gent need for large but temporary in
crease In the currency supply. 1t must
AeVer be forgotten that this question
concerns business men generally quite
- much as bankers; especially is this
Iue of stockmen, farmers and business
men ~ the west; for at present at certain
'easons of the year the difference In In
srest rates between the east and west !