Palestine daily herald. [volume] (Palestine, Tex.) 1902-1949, 1907-12-03
PRESIDENTS MESSAGE
GOES TO CONGRESS

iuS lllG ldSL SlA AtdlS' do SuOhh DDAA
in the legislation of the congress and
the administration Of the law by the
department of justice. The most vital
need is in connection with the rail-
roads. AS to these, in my judgment
there should now be either a national
incorporation act or a law licensing
railway companies to engage in inter
state commerce upon certain condi-
tions. The law should be so framed
as to give to the Interstate Commerce
Commission power to pass upon the
future issue of securities, while ample
means should be provided to enable
the Commission, whenever in its judg
ment it is necessary, to make a physi-
cal valuation of any railroad. AS
stated in my message TO the congress
year ago. railroads should be given
power to enter into agreements, sub
| ject to these agreements being made
public in minute detail and to the con-
sent of the Interstate Commerce Com
mission being first obtained. Until
the national government assumes
proper control OF interstate COM
nerce, in the exercise Of the authority
il already possesses, il will be impos-
sible either to give to or or to get
from the railroads full justice. The
railroads and all other great corpora
tons will do well to recognize that
this control must come; the only ques-
ton is as to what governmental body
can most wisely exercise it. The
courts will determine the limits with
in which the federal authority can ex-
ercise it. and there will still remain
ample work within each state for the
railway commission Of that state:
and the national Interstate Commerce
Commission will work in harmony
With the several state commissions.
Zach within its own province, to
achieve the desired end.
Moreover. in my judgment there
should be additional legislation look
ing to the proper control of the great
business concerns engaged in inter
state business, this control to be exer-
cised for their own benefit and pros.
perity no less than for the protection
Of investors and of THE general public.
Y wy - 80 said In messages
to congress and elsewhere, experience
| has definitely shown not merely the
unwisdom but the futility of endeavor-
ing TO put a stop TO all business com
binations. Modern industrial condi-
tons are such that combination is not
only necessary but inevitable. It is
so in the world of business just as It
is so in the world OF labor. and IT is
as idle to desire 10 put an end to all
corporations, to all big combinations
of capital, as to desire to put an end
to combinations of labor. Corpora
ton and labor union alike have come
to stay Each if properly managed is
a source Of good and not evil. When
~'SA ~ NlAAlNA AAAtlf ID evil, IL SllDulu
be promptly held to account; but it
should receive hearty encouragement
so long as it is properly managed. II
is profoundly immoral to put or keep
on the statute books law, nominally
in the interest Of public morality. that
really puts premium upon public i'm
morality, by undertaking to forbid
honest men from doing what must be
done under modern business condi.
tons, so that the law itself provides
that its own infraction must be the
condition precedent upon business
success. To aim at the accomplish |
ment of too much usually means the |
accomplishment of too little, and often
the doing Of positive damage.
The antitrust law should not be re. |
Dealed; but it should be made both |
more efficient and more in harmony |
with actual conditions. It should be
so amended as to forbid only the kind /
of combination which does harm to
the general public, such amendment
to be accompanied by. or to be an in
cident Of, grant Of supervisory pow
er to the government over these big
concerns engaged in interstate bust
ness. This should be ACCOMPANIED bv
provision for the compulsory publica.
ton Of accounts and the subsection of
books and papers TO the inspection OF
the government officials. A begin
ming has already been made for such
supervision by the establishment of
the Bureau Of Corporations.
The antitrust law should not pro
hibit combinations that do no inins.
.ice to the public, still less those the
existence of which is on the whole OF
benefit to the public. But even If tbIg
feature of the law were abolished
here would remain as an equally oh.
feature the difficulty and
ielay now incident TO it's enforcement
The government must now submit TO
rksome and repeated delay before OBJ
aiming a final decision Of the courts