Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-12-08

Wv
IN both houses was centered today
n the reading of the presidents mes
sooe following the notification of
.be chief executive by joint COM
,,ittee that congress was ready to
receive II.
The Galleries of both houses were
ened and all senators and members
cave Comparatively little attention to
.bo reading. but most of them busted
thomselves with printed copies.
WASHINGTON, Dec. SIN his message
tn oea-fysa. read to the two houses.
the president said:
Tae financial standing of the nation
NJ the present time is excellent, and
1bc financial management of the ma
ans interests by the government dur
i've the last seven years has shown the
most satisfactory results. But our
rur.ancy system is imperfect, and it
Is earnestly to be hoped that the cur
rency commission will be able to pro-
pose thoroughly good system which
will do awly with the existing defects.
During the period from July l. 1901,
to Sept 80, 1908, there has been net
surplus Of nearly one hundred millions
of receipts over expenditures, a reduc-
tion Of the interest bearing debt by
ninety millions, in spite Of the extraor-
.dinary expense of the Panama canal
and saving Of nearly nine millions
on the annual interest charge. This Is
an exceedingly satisfactory showing.
There has been a reduction of taxa
tion.
corporattUns.
As regards the great corporations en-
gagged in interstate business, and espe-
clally the railroads, l can only repeat
what have already again and again
said In my messages to the congress.
I believe that under the interstate
States has complete and paramount
right to control all agencies Of inter
STATE commerce, and | believe that the
national government alone can cxer-
else this right with wisdom and ef-
fectivenesS SO as both to secure justice
from and to do justice to the great
corporations which are the most in-
pOrtant factors in modern business. |
believe that it is worse than folly to
attempt to prohibit all cOnnina tious.
as Is done by the Sherman antitrust
law, because such law can be Ell
forced only imperfectly and unequal
~, and its enforcement works almost
as much hardship as good. l strongly
advocate that instead of an unwiSe
effort to prohibit all combinations there
Shall be substituted a 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 owe,
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, bu
oy executive. action to prevent or put
stop to every form Of improper ia
vorltism 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
Ihe power Of the commission shoult
oe made thoroughgoing, SO that i
could exercise complete supervision
and control over the issue of securities
as well as over the raising and lower
!ng OF rates. AS regards rates, at leas
tnls power should be summary. Pow
er TO make combinations and trafh
agreements should be explicitly con
ierred upon the railroads. the permis
sion OF the commission being frs
gained and the combination or agree
ment being published in all its de
M'ls. The interests Of the sharehold
ers OF the employees and Of the ship
pers should all be guarded as agains
one another. 70 give any one Of ther
undue and improper consideration
20 DO Injustice to the others. Rate
must be made as low as Is cOmpatibl
WIN giving proper returns to all th
employees Of the railroad. from tn
u'shest to the lowest. and proper r.
.urhs to the shareholders, but the
snust not. for instance. be reduced !
uch fashion as to necessitate Gu
~ tne wages Of the employees or tn
aooiition Of the proper and legitimat
"uhts OF honest shareholders.
Telegraph and telephone companio
saged In interstate business shoul
put under the jurisdiction OF the II
state commerce commission
ample Rewards For intelligence.
A." Is to the interest of all of US ths
.au.d lie a premium mt upo