The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1908-12-12
PRESIDENTS
MESSAGE.
Makes Annual RecOmnen-
datiOnS to Congress.
ATTACKS ANTITRUST LAW

AlIALkS ANlI=lkUSI Law
Sherman Act Should Be Amended to
Permit Combinations Which Are In
the Interest Of the Public, Says the
President - Urges Legislation to
Safeguard the Waee~orkers-Dwells
on Need OF Protection For Forests.
Views on the Army and the Navy.
washington, Dec. SIN his message
TO congress, read 10 the two houses,
the president said:
The financial standing OF the nation
at the present time Is excellent, ana
the financial management OF the ma
lions interests by the government dur
ing the last seven years has shown the
most satisfactory results. But our
currency system is imperfect, and 1t
IN earnestly 10 be hoped that the cur
rency commission Will be able 10 pro-
pose a thoroughly good system which
will do away with the existing defects
During the period from July /. 1901,
20 Sept. 80, 1908, there has been a net
surplus OF nearly one hundred millions
OF receipts over expenditures, reduc-
ton OF the interest bearing debt by
ninety millions, In spite Of the extraor-
binary expense Of the Panama canal
and a 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-
gagged In Interstate business, and espe-
cially the railroads. can only repeat
what ] have already again and again
said In my messages to the congress
l believe that under the interstate
clause Of the constitution the United
States has complete and paramount
right 10 control all agencies Of inter
state commerce, and believe that the
national government alone can exer-
else this right with wisdom and ef-
fectlveness so as both TO secure justice
from and 10 do justice 10 the great
corporations which are the most I'm
portant factors In modern business.
believe that II 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 unwlsc
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 az 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 III al matters which the pub
lie has right 10 know and, further
more, the power, not by judicial, but
10y executive action 10 prevent or put
a stop 20 every form Of Improper IA
vorltlsm or other wrongdolng
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 thoroughgolng. SO that II
could cxcr ise complete supervision
and control over the issue Of securities
as well as over the raising and lower
ing OF rates As regards rates. az least
-. -.
or 10 make combinations ana traffic
agreements should be explicitly con
ferred upon the railroads, the permls-
sion OF the commission being first
gained and the combination or agree
ment being published In all It's de
tails The Interests OF the sharchold.
crs. OF the employees and ~ the ship.
pers should all be guarded rs against
one another To give any one ~ them
undue and improper consideration IL
to do injustice 90 the others. Rates
must be made as low as Is compatible
with giving proper returns 10 all the
employees OF the railroad, from the
highest TO the lowest, and proper re.
turns TO the shareholders. but they
must H'As Ahl AAHAhDANf " AfhhhfA III
such fashion as TO necessltatc n cut
In the wages " the employees or the
abolition Of the proper and Legitimate
profits OF honest shareholders
Telegraph and telephone companies
engaged IN Interstate business should
he put under the jurisdiction OF the In
terstate commerce commission
Ample Rewards For Intsllisenee.
IL il 10 the interest OF all OF us thai
there should be premium put upor
individual initiative and individual ca
pacity and an ample reward for th,
great directing intelligences alone com
petent to manage the great business
operations ~ today. II Is we'll To keel
IN mind thar exactly as the anarchls
Il the worst enemy or liberty and thu