The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1908-12-10
THE MESSAGE.

Message was read before both th,
Senate and the House, following III,
opening of Congress. II is, in part
as follows:
To the Senate and House OF Repre
sentatives:
The financial standing of the Ma
tion at the present time is excellent
and the financial management of the
Nations interests by the Government
during the last seven years has shown
the most satisfactory results. But
our currency system Is imperfect. and
It Is earnestly to be hoped that the
currency Commission will be able to
propose thoroughly good system
which VIII do away with the existing
defects.
The Presidents Message then
states that during the past seven wears
and three months there has been a
net surplus of nearly one hundred
millions ofreceipts over expenditures.
reduction of the interest bearing
debt by ninety millions, in spite OF
the extraordinary expense of the Pan
anna Canal, and saving OF nearly
nine millions on the annual interest
charge. This is an exceedingly salts
factory showing, especially in view of
the fact that during this period the
Nation has never hesitated to under
take any expenditure that it regarded
as necessary. There have been no
new taxes and no increases of taxes;
on the contrary some taxes have been
taken OFF, there has been a reduction
of taxation.
As regards the great corporations
engaged in interstate business, and
especially the railroads. l can only
repeat what have already again and
again said in my messages to the Con-
gress. / believe that under the inter-
state clause of the Constitution the
United States has complete and para
mount right to control all agencies OF
interstate commerce, and l believe
that the National Government alone
can exercise this right with wisdom
and effectiveness SO as both to secure
Justice from. and to do Justice to. the
great corporations which are the mos.
important factors in modern business.
! believe that 1t is worse than folly
to attempt to prohibit all combina-
tions rs Is done by the Sherman anti
trust law, because such a law can be
enforced only imperfectly and une-
qually. and its enforcement works al
most as much hardship as good. !
strongly advocate that instead of an
unwise effort to prohibit all combina-
tions. there shall be substituted law
which shall expressly permit combin-
ations 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
he securing entire publicity in all
80. t.1. ia L. L
to know. and furthermore, the power,
not by judicial but by executive ac-
ton, to prevent or put stop to every
form of improper favoritism or other
wrongdoing.
The railways of the country should
be put completely under the Inter-
state Commerce Commission and re-
moved from the domain of the anti
trust law. The power of the Com
mission should be made thorough
going. so that 1t could exercise COM
plete supervision and control over the
Issue of securities as well as over the
raising and lowering of rates. AS re-
CARDS rates, at least. this power
should be summary. The power to
Investigate the financial operations
and accounts of the railways has been |
one OF the most valuable features in |
recent legislation. Power to make |
combinations and traffic agreements |
should be explicitly conferred upon |
the railroads. the permission of the !
Commission being first gained and |
the combination or agreement being |
published In all it's details. In the |
interest of the public the representa-
tives of the public should have COM
plete power to see that the railroads
do their duty by the public. and as a
matter of course this power should
also be exercised so as to see that no
injustice is done to the railroads. The
shareholders, the employees and the
shippers all have interests that must
be guarded. 1t is to the interest of
all OF them that no swindling stock
speculation should be allowed, ard
that there should be no Improper
Issuance of securities. The guiding
intelligences necessary for the sue
cessful building and successful man
agement OF railroads should receive
ample remuneration, but no man
should be allowed to make money in
connection with railroads out of frau
dulent over-capitalization and kin
dred stock gambling performances;
there must be no defrauding of in
vestors, oppression of the farmers
and business men VINO ship freight,
or callous disregard of the rights and
needs of the employees. In addition
to this 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 abo-
lition of the proper and legitimate
profits of honest shareholders.
Telegraph and telephone companies I
engaged in interstate business should ,
be put under the jurisdiction of the (
Interstate Commerce Commission. I
1t is very earnestly 10 be wished ]
that our people. through their repre- l
sentatiyes, should act In this matter. I
1t is hard to say whether most dam
age to the country at large would I
come from entire failure on the part {
OF the public to supervise and control '
the actions of the great corporations. 1