The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1907-12-06
message DISCUSSES RECENT
SHANGHAI sTRlhaENcv AND e
ITS CAUSES.
FINANCIAL REFORM Is NttDt!D
ANTITRUST lave eI1!laisTArE
COMMERCE AND sfaR 4 p's-
cussEp.

The following is synopsis Of the pres
ident's message:
In opening his message the president
refers to the financial stringency as fol-
lows:
mo nation has greater resources than han
ours. and think 1t can be trutniuIiy sa.n
greater energy and Industrial ability. In
no nation are the fundamental business
conditions sounder than in ours at ,, this
money = instead as DOT Of Keeping il in sound
banks: for It is such boarding that att, Is
the immediate occasion Of money strin-
of our people Is conducted with honesty
and probity and this appliH;s alike .r to
banks. to all our legitimate commercial
enterprises.
A., In any large body Of men; however.
honest. and If the conditions are such
misdeeds with impunity, their example Is a
these mem az Tor h as men of ereat
sagacity and Of temperament both I'M
scrupulous and reckless. and where the
out supervision su or control a s and at first
without effective check from public opin-
lon. they delude many innocent people
INTO making investments or embarking IN
kinds KIND Of business that are really unsound:
When the misdeeds Of these successfully
dishonest men are discovered, suffering
innocent ' mem whom Io they tssS R 'p @isled
1t is painful awakening. whenever 1t
occurs: and. naturally. when it does &C.
that the longer h Il was DEFERRED the more
painful it would be-. In the effort to pun
ish the guilty. 1t is both wise and proper
the distress Of those who have been mis-
led by the guilty. Yet it is not possible
70 refrain because of such distress from
that are the ultimate causes of the suf-
fering, and. as means to this end.
s where 81, possible to punish those respon-
ferences Of opinion as to many govern
mental policies: but surely there can be
no such differences as to the need of UNI
nlnching perseverance in the war against
successful dishonesty
Interstate Commerce.
mo small part of the trouble that we
have comes from carrying to an extreme
the national virtue Of self-reliance. Of in
wise to a tbs and action S It is
vide for its fullest exercise. comnatibie
With III. seeing that liberty does not become
this the KIND 81 seTy {ha9 tbe ss
OF all effective regulation inevitabIv
p nree,'s, The founders Of the Constitution
should have complete and sole control of
interstate commerce. VI
only the national government can in
ed control. This does not mean that
there should be any extension of federal
sauthority. for such authority already ex-
a and nnaer :. the Constitution in amplest
mean that there should be an extension
OF federal activity. This is not advo.
eating ns fs, Capitalization It is merely look
Capitalization in business has already
come and cannot be avoided or undone.
nnd eha 18th the public at large can only
this business Capitalization by PROVIDING
better methods for the exercise Of cnne
troI through the authority already cen
the na tae Rsse BY
NO malt IN the healthy constructive course
t acton which this nation has elected
no tbs e. ana has steadily pursued dur
the legislation of the congress and the
administration Of the law By the DEPART
m nen OF Justice The most vital need is
these. In my Judgment there should now
oe lei, elsher national Incorporation act or
law licensing railway companies to- en-
tain condt' Interstate gb commerce ~ upon GER
framed as to give to the interstate COM
merce commission power to pass upon
amp,a au1 neena issue sna Of securities while
abe ,ds the commission. whenever in its
1udgment 1t ts necessary, to make a
physical valuation Of any railroad.
The Antitrust Law.
d Ine president points out the. need for
aoattIl9nal legislation looking to the proper
Gi mtn Of business concerns engaged in
exercised for their own benefit and pros
Perity no less than for the protection a.
says: p"'l'e' 11e
The antitrust Law. should not be re-
p eal;ed; but # should be made both more
em n5etie ana more IN harmony with actual
only the fn % Sc eombnstas
which does harm to the general pubiic.
such amendment to be accompanied BY.
ysory power to the Grant Of super
these big concerns engaged in interstafe
business p, . This should be. accompanied
ton OF accounts and the subsection 6f
books and papers to the Inspection Of the
government ofiicials. A beginning has i aie
the establishment Of the bureau s's of coy 1y
porations -. - - y W
THE santi-trust law should not proh,hit
r,h,ic stsa1 ,e enat 60 no Injustice to the
cubic But il hs f sshsns e e ths
an ne eeu sni1Ssnsa there would remain
enforcement. The eovernraent must no. a.
eb sa maj Sse:a5a
sven fsvorsbis decree i may mean a sd
s@RS shsssy tG
means 70 impose .upon. both ne dspsrt-
lrenfih ;,of Justice ana the courts az Inn
tb. aRs f saSsr
fsstiys NUT s espsss IS ssa afianE 81
mean. q iawsuits Fhe design s ssoaIa 3 3
ss,,s:t,en q , nnhsslthy ana impropss com.