Belding banner. (Belding, Mich.) 1889-1918, 1907-12-05

the country.
Washington, Dec. 3.-Presdent Roose-
| welt in his annual message deals vigor-
ouSly with matters of national impor-
! lance. Referring to the recent disturb
ance In financial circles he points out
| that the hoarding of money by the peo
| pie, instead of keeping il in sound banks,
was the first cause of financial strngency
| and a grave error. He pays tribute to
! the general honesty OF the men engaged
| in the banking business.
! After quotations from his last annual
message which dealt with the necessity
! of governmental regulations, the presi-
dent asserts that his views have in no
way changed and declares ii is the duty
! of the national government to embody
in action the principles he then expressed.
Disclaimng any idea of advocating CEN
/ tralization 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 Federal Control.
! Declaring that modern Industrial con-
! ditions are such that combination is not
/ only necessary but inevitable. the prcsi-
| dent refers to his message Of year ago
concerning necessary changes in the
! antitrust laws. lie goes on: II ask for
| full power To be given the federal
! government, because no single state
can by legislation effectually cope
with these powerful corporations en-
/ gagged i'm interstate commerce. and. while
doing them full justice exact from them
| i'm ftil 10 Of hp
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
fun supervision and control,
"Thc antitrust law should be made both
more efficient and more in harmony with
! actual conditions. It ahould be so mend
ed as to forbid only thekind OF corhbina-
tim which does llarm faA he sfnerSl pub
! Hey such amendment to'be ACCOMPANIED
! by or to be an incident Of, a grant OF su-
| pervisory power TO the government over
| these big corporations engaged I'm inter
| state business. This should be accom-
panied by provision for the compulsory
publication of accounts and the subjec-
ton of books and papers to the inspec-
ton of the government officials. be-
ginning has already been made for such
| 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
fation Of capital, and the prohibition OF
n corporations making exclusive trade
with itself a condition Of having any
trade with itself. Reasonable agreements
between. or combinations OF, corporations
| should be permitted provided they are
first submitted TO and approved by some
| appropriate government body.
Like National Bank Supervision.
THE congress has the power to charter
| corporations to engage i'm interstate and
| foreign commerce. and a general law can
| be enacted under the provisions OF which
existing corporations could take out fed
eral charters and new federal corpora
lions 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
| q federal charter was an association or
| combination within the restrictions Of the
| federal law. The supervision established
| might be ana logous to that now exercised
over national banks. At least the anti
trust act should be supplemented by spe-
cinc prohibitions Of the methods which ex-
| perience has shown have been of mos;
service in enabling monopolistic combna-
| tons to crush out competition. The real
| owners of a corporation should be com
| PEELED TO do business in their own name
The right TO hold stock in other corpora
lions should hereafter be denied TO inter
state corporations unless on approval by
the proper government officials. and n
prerequisite to such approval should be
the listing with the government Of al
owners and stockholders. both by the
corporation owning such stock and by
the corporation in which such stock is
owned"
The Currency Question.
on the question Of the currency the
president calls attention to his last an
nual message wherein he pointed out
that our present system is defective and
showing the need OF a change. In that
message he said:
National banks should be permitted &c
issue a specified proportion OF their cap.
ital In notes OF a given kind. the issue tC
be taxed at so high rate as to drive the
notes back when not wanted in legiti.
mate trade. This plan would not per-
NIT the issue OF currency to give banks
additional profits, but to meet the emer.
gency presented by times OF stringency
I do not say that this Is the right sys.
tenn. l only advance Il to emphasize
my belief that there is need for the adop.
ton OF some system which shall be au-
tomato and open to all sound banks
so as to avoid all possibility of discrim.
ination and favoritism. Such plar
would tend 10 prevent the spasns OF high
money and speculation which now oh.
tain In the New York market: for al
present there is too much currency al
certain seasons OF the year and it's &C.
emulation at New York tempts bankers
TO lend II AT low rates for speculative
purposes; whereas at other times wher
the crops are being moved there Is ur
gent need for n large but temporary in
crease in the currency supply. IL must
never be forgotten that this question
concerns business men generally quit,
as much as bankers: especially is this
true of stockmen. farmers and business
men in the west: for at present at certain
seasons OF the year the difference In In.
terest rates between the east and wes