The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-12-11
PRESIDENTS
! MESSAGE.
Makes Annual Recommen=
.. dations to Congress.
ATTACKS ANTITRUST LAW

8herman Act Should Be Amended to
. Permit Combinations Which Are In
, the Interest Of the Public, Says the
President - Urges Legislation to
Safeguard the Waseworkers-Dweils
on Need Of Protection For Forests
Views on the Army and tho Navy.
Washington, Dec. Sin his message
DO congress, read to the two houses,
the president said:
The financial standing Of the nation
at the present time is excellent, and
the financial management of the ma
tion's interests by the government dur
tng the last seven years has shown the
most satisfactory results. But our
currency system is imperfect, and 1t
Is earnestly to be hoped that the cur
rency commission will he able to pro
pose a thoroughly good system which
will do away with the existing defects.
During the period from July 1, 1901,
to Sept. 30. 1908, there has been net
surplus of nearly one hundred millions
Of receipts over expenditures, reduc-
tion of the interest bearing debt by
ninety millions. in spite of the extraor-
binary expense of the Panama canal
and Il saving of nearly nine millions
on the annual interest charge. This is
an exceedingly satisfactory showing.
There has been a reduction of taxa
ton.
Corporations.
AS regards the great corporations en-
Raged in interstate business, and espe-
ctally the railroads, I can only repeat
what I have already again and again
eaid in my messages to the congress.
Z believe that under the interstate
clause Of the constitution the United
States has complete and paramount
night to control all agencies Of inter
etate commerce, and I believe that the
national government alone can exer-
else this right with wisdom and ef-
fectiveness 80 as both to secure justice
from and to do justice to the great
corporations which are the most im-
portant factors in modern business. |
believe that it is worse than folly to
attempt to prohibit all combinations,
as is done by the Sherman antitrust
law, because such law can be en-
forced only imperfectly and unequal
,ly, and it's enforcement works almost
as much hardship as good. strongly
advocate that instead Of an unwise
effort to prohibit all combinations there
shall be substituted law which shall
expressly permit combinations which
are In the interest Of the public, but
shall at the same time give to some
agency Of the national government full
power Of control and supervision over
them. One Of the chief features OF
this control should be securing entire
publicity in all matters which the pub
lie has a right to know and, further
more, the power, not by judicial, but
by executive, action to prevent or put
a stop to every form Of improper IA
voritism or other wrongdoing.
The railways Of the country should
be put completely under the interstate
commerce commission and removed
from the domain of the antitrust law.
The power Of the commission should
be made thoroughgoing. so that It
could exercise complete supervision
and control over the issue Of securities
as well as over the raising and lower.
ing of rates. AS regards rates. at least
this power should be summary. Pow
er to make combinations and traffic
agreements should be explicitly con.
serred upon the railroads. the permls-
sion of the commission being hrSt
gained and the combination or agree
ment being published in all its de-
tails. The interests Of the sharehold-
ers, Of the employees and of the ship
pers should all be guarded as against
one another. To give any one OF them
undue and improper consideration Is
to do Injustice to the others. Rates
must be made as low as is compatible
with giving proper returns to all the
employees Of the railroad, from the
highest to the lowest, and proper re-
turns to the shareholders, but they
must not, FOR instance, be reduced in
such fashion as to necessitate a cut
in the wages Of the employees or the
abolition of the proper and legitimate
profits Of honest shareholders.
Telegraph and telephone companies
engaged in interstate business should
be put under the jurisdiction Of the in
terstate commerce commission.
Ample Rewards For Intelligence.
It is to the interest of all Of US that
there should be a premium put upon
Individual initiative and individual ca
pacity and an ample reward for the
great directing intelligences alone com
petent to manage the great business
operations Of today 1t IS we'll to keep
in mind that exactly as the anarchist
is the worst enemy Of liberty and the
reactionary the worst enemy Of order
80 the men who defend the rights OF