Woodruff County news. [volume] (McCrory, Ark.) 1901-1910, 1907-12-05

Washington, Dec 3.-President Roose-
welt in his annual message deals vigor-
ousy with matters of national impor-
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 stringency
and a grave error. He pays a 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 it is the duty
of the national government to embody
In action the principles he then expressed.
& DiSclaiming 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 Federal Control.
Declaring that modern industrial con-
only necessary but inevitable, the presi-
cent refers to his message of a year ago
poncermng necessary changes in the
antitrust laws. He goes on: It ask for
tull power to be given the federal
government, because no single state
can by legislation effectually cope
WIN these powerful corporations en-
sdseo IN interstate commerce. and, while
aolng them full justice, exact from them
IN return full inStipa tn OF
oluons of railroad activity, the condi-
Iohs or our immense interstate com
merce, are such as to make the central
government alone competent to exercise
lull supervision and control.
Inc antitrust law should be made both
more eHaclent and more in harmony with
ACTUAL conditions. 1t should be so amend
ca as 10 forbid only the kind of combina-
,loh winch does harm to the general pub
NC such amendment to be accompanied
W. OF TO be an incident Of a grant of su-
perNsory power to the government over
li'ese olg corporations engaged in inter-
state business. This should be accom-
panied by provision for the compulsory
puoheatlon of accounts and the subiec-
t .,on ol DOCKS and papers TO the inspec-
uoh OF the government officials, A be-
ginning has already been made for sucb
ssuperVlslon by the establishment of the
bureau of corporations.
among the points to be aimed at
Snoulo be the prohibition of unhealthy
soihpeuuon, such as by rendering service
- an actual loss for the purpose of crush
~ OUT competition, the prevention of in
s'"'ion OF capital, and the prohibition of
H,. IIofporatlon's making exclusive trade
M'h itself condition of having any
.fade with itself. Reasonable agreements
set"een or combinations of, corporations
az ouiu De permitted, provided they are
49, submitted to and approved by some
TFF-0piiate government body.
Ae National Bank Supervision,
cor nne congress has the power to charter
fora pord'lons to engage in interstate and
h. eh commerce, and general law can
Enacted under the provisions of which
ara1 corporations could take out fed
tions CHARTERS and new federal corpora
ss ois could be created. An essential pro-
sision of such a law should he a method
preoetermining by some federal hoard
a. COMMISSION whether the applicant for
eaIs dl charter was an association or
fedostu .lon within the restrictions of the
mioh law The supervision established
owe oe analogous to that now exercised
tr,s. Hational banks. At least, the anti
ci1c -, silould be supplemented by spe-
perio r.oiiipitions of the methods which ex-
ser,,N mas SHOWN have been OF most
tions N enabling monopolistic combina-
ovp, crush out competition The real
neuos Vi a corporation should be com
The r;- 70 DO business in their own name.
tons s 5at 10 hold stock in other corpora
stat "nould hereafter be denied to inter
the r.porarlons unless on approval by
preraon;ps government officials, and
the n s4ise TO such approval should be
ow,aa with the government of all
cornos ana stockholders, both by the
the sion owning such stock and bv
Owned III "hlch such stock Is
whi ltef calling attention to the benefits
confar .ne legislation he urges would
says: oT poh the country, the president
son ~ nose who fear, from any rea.
do wei, extension of federal activity will
the ae4 70 study the history not only of
food LANAI law banking act. but of the pure
ton LAW ana notably the meat inspec-
interste. recently enacted The benefit to
Gomez common carriers and business
Womb from the legislation / advocate
pe equally marked.
On ~ me Currency Question.
pres,as sne question of the c,,rre,cv tho
nual ,noa calls attention to his last an
that on, usage wherein he pointed out
show,ra present system 10 defective and
messaass me need of change In that
..sNsage he said N 'iia'
Issue 0,naI banks should be permitted tn
specified proportion Of their can