Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1907-12-05

Washington, Dec. 3.-In his message
to congress President Roosevelt urges
the better regulation of corporations
and the curtailment of the power tc
issue securities also that pooling be
permitted. He also speaks for an
elastic currency based on securities
approved by the government. He
fayors an income tax, and heavy one
on smaller fortunes.
Panics.
In any large body of men, ne says
there are certain to be some who are
dishonest, and If the conditions are
such that these men prosper or COM
NIT their misdeeds with impunity,
their example is a very evil thing for
the community. Where these men
are business men of great sagacity
and Of temperament both unscru-
I.ulous and reckless, and where the
conditions are such that they act
without supervision or control and at
fdst without eff ective check from pub
lie opinion, they delude many inno-
cent people into making investments
or embarking in kinds of business that
are really unsound. When the mis-
deeds OF these successfully dishonest
men are discovered, suffering comes
Tot only upon them, but upon the in
nocent men whom they have misled.
Il is a painful awakening, whenever it
occurs: and, naturally, when it does
occur those who suffer are apt to for
get that the longer it was deferred
the more painful it would be. In the
effort to punish the guilty ii is both
wise and proper to endeavor so far as
POSSIBLE to minimize the distress of
those who have been misled by the
guilty. Yet it is not possible to re-
frain because of such distress from
striving to put an end to the misdeeds
that are the ultimate cause of the
suffering, and. as means to this
end, where possible to punish those
responsible for them. There may b,,
honest differences of opinion as 10
many governmental policies: but
surely there can be no such differ
ences as to the need of unfiinching
perseverance in the war against sue
oessful dishonesty.
Interstate Commerce.
No small part of the trouble tina.
We have comes from carrying to al
extreme the national virtue of self
reliance, of independence in initiative
and action. 1t is wise to conserve
this virtue and to provide for its full
est exercise, compatible with seeing
that liberty does not become 6. liberty
to wrong others Unfortunately, this
Is the kind of liberty that the lack of
all effective regulation inevitably
breeds. Only the national govern
nlent can IN thoroughgoing fashion ex-
ercise The needed control. This does
not mean that there should be any
extension of federal authority. for
such authority already exists under
the constitution in amplest form; but
II does mean that there should be an
extension of federal activity This is
rot advocating Capitalization. II is
merely looking facts in the face. ana
realizing that Capitalization in bust
ness has already come and can not
be avoided or undone, and that the
public at large can only protect itself
from certain evil effects of this busI-
ness Capitalization by providing bet
ter methods for the exercise of con
troll through the authority already cen
tralized in the national government
ty the constitution itself
The Railways.
The most vital need is in connection
with the railroads AS to these in
my judgment there shouS now be
either a national incorporation act or
a law licensing railway companies to
engage in interstate commerce apon
certain conditions. The law should
be so framed as to give to tie inter
state commerce commission power 20
Tass upon the future issue of securi-
ties. while ample means should be
provided to enable the commission.
whenever in its Judgment IT Is neces-
Sary. 20 make a physical valuation OF
any railroad. Railroads should be
gwen power TO enter into agreements.
subject to these agreements being
made public in minute detail and 10
the consent OF the interstate con-
merce commission being first obtained
Until the national government az
sumes proper control Of interstate
commerce. In 80 sxere!Ss OF the auth
or1ty IL already possesses. IL VII b. i'm
possible either TO give 10 or to get from
the railroads fun justice, The rail.
roads and all o.he great corporations
win 40 wei 10 recognise that this
control must cone. the only question
l. as to what governmental body
can most wisely exelCiSa u
There should be additional legislation
hooking to the proper control Of the
greas business concerns engaged IN
interstate business. this control to b.
exercised for their own benefit and
prosperity no less than for the pro.ec-
ton OF investors and % the general
ublic. Experience. has definitely