Meade County news. [volume] (Meade, Kan.) 1900-1918, 1907-12-19
MESSAGE SENT
TO CONGRESS
Presidents Recommen-
dations on National
Legislation.
AS TO CURRENCY QUESTION
Many Defects of Present System
Are Pointed Out by Chief
Executive.
AS TO CURRENCY QUESTION
NOT TIME FOR TARIFF
Postponement of Discussion Of Re-
vision of Schedules Until After
Presidential Election Urged - Ne
eessity for Improving Waterways of
the Country.

the Country.
Washington, Dec. 3.-President 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 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 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
| 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 presi-
| dent refers to his message of a year ago
concerning necessary changes in the
antitrust laws. He goes on: IT 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 in interstate commerce. and, while
doing them full justice, exact from them
| in return full justice to others. The con-
diffnnG nj mi ootf he
tons of our immense interstate COM
| merce, are such as to make the central
| government alone competent to exercise
| full supervision and control.
| THE antitrust law should be made both
more efficient and more In harmony with
actual conditions. 1t should be so amend
| ed as to forbid only the Kind of combina-
| ton which does harm to the general pub
| lie, such amendment to be accompanied
| by, or to be an incident Of grant of su-
pervisory power to the government over
these big corporations engaged in 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. A 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
| 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.
1.-The congress has the power to charter
corporations to engage in 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
| tons 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
federal charter was an association or
| combination within the restrictions of the
| fedcyal law. The supervision established
might be analogous to that now exercised
| over national banks. At least the anti
| trust act should be supplemented by spe-
| cific prohibitions of the methods which ex-
| perfence has shown have been of most
service in enabling monopolistic combina-
| 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
| tons should hereafter be denied to inter-
| state corporations, unless on approval by
| the proper government officials, and a
| prerequisite to such approval should be
| the listing with the government of all
| owners and stockholders, both by the
| corporation owning such stock and by
| the corporation in which such stock is
| owned
After calling attention to the benefits
| which the legislation he urges would
| he he dopt
| says: Those who fear, from any rea-
| son, the extension of federal activity will
do we'll to study the history not only of
the national banking act. but of the pure
food law, and notably the meat inspec-
| ton law recently enacted. The benefit to
interstate common carriers and business
| concerns from tbs legislation 1 advocate
would be equally marked.
| 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 to
issue a specified proportion of their cap
| Ital in notes of a given kind, the issue to
| be taxed at so high a 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.
1 do not say that this is the right sys-
tenn. l only advance it 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 a plan
| would tend to prevent the spasms of high
| money and speculation which now OBJ
tain in the New York market: for at
| present there is too much currency at
! certain seasons of the year, and its ac-
| emulation at New York tempts bankers
| to lend it at low rates for speculative
! purposes; whereas at other times when
| the crops are being moved there is ur-
gent need for a large but temporary in
crease in the currency supply. 1t must
| never be forgotten that this question
concerns business men generally quite
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 west
| is from six to ten per cent, whereas in
| Canada the corresponding difference is
| but two per cent Any plan must, of
| course, guard the interests of western
and southern bankers as carefully as 1t
| guards the interests of New York or
| Chicago bankers, and must be drawn
! from the standpoints of the farmer and
| the merchant no less than from the
Strain the Milk.