The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-01-31
REPLIES TO THE ATTACKS MADE UPON HIM CHARGING
THAT HE WAS DIRECTLY RESPONSIBLE FOR THE
RECENT FINANCIAL DISTURBANCES WHICH SWEPT
THE ENTIRE COUNTRY.

should be ncdfnIy recOSnlLeds but
there is no question in my mind that
it has sometimes been used heedlessly
and unjustly,, and that some of the
injunctions issued inflict grave and
occasionally irreparable wrong upon
those enjoined
Not only should there be action on
certain laws affecting wage earners;
there should also be such action on
laws better TO secure control over the
great business concerns engaged in
interstate commerce, and especially
over the great common carriers. The
Interstate Commerce commission
should be empowered to pass upon
any rate or practice on it's own initia-
tive. Moreover, it should be provided
that whenever the commission has
reason to believe that a proposed ad-
vance in rate ought not to be made
without investigation, it should have
authority to issue an order prohibit
by the commission.
The Interstate Commerce commits
sion should be provided with the
means to make Il physical valuation
of any road as to which it deems this
valuation necessary. In some form
the federal government should eXer'
else supervision over the financial op
eratiCnS of our interstate railroads.
Il think that the federal govern
ment must also assume a certain
measure of control over the physical
operation Of railways in the handling
of interstate traffic.
In this connection | desire to re
peat my recommendation that rail
ways be permitted to form traffic as
sociations for the purpose of confer
ring about and agreeing upon rates
regulations, and practices affecting in.
terstate business in which the mem
bers of the association are mutually
interested.
In reference to the Sherman anti.
trust law, / repeat the recommends.
tions made in my message at the OPP
ening of the present congress, as well
as in my message to the previous con
gresS. The attempt i'll this law to pro
vide in sweeping terms against al
combinations of whatever character
If technically i'll restraint of trade as
such restraint has been defined by
the courts. must necessarily be either
futile or miSChieyOuS, and sometimes
both. The present law makes some
combinations illegal. although the.
may be useful to the country. On the
other hand, as to some huge cOmbina
tiOnS which are both noXiouS and He
gal. even if the action undertaken
against them under the law by the
government is successful. the reSul
may be to work but a minimum bene
fit to the public. Even though thu
, com bination be broken up and a small
measure OF reform thereby produced
the real good aimed at can not be oh
tanned for such real good can com,
only by a thorough and continuin:
supervision over the acts of the com
binatiOn in all it's parts, so as to pre-
vent stock Watering, improper form
Of competition. and, in short. wrong
doing generally. The law should cor
rect that portion OF the Sherman Ac
which prohibits all combinations o
the character above described, wheth
or they be reasonable or unreason
able; but this effective and thorough
going supervision by the National gov
ernment of all the operations of tn
! big interstate business concerns.
"Superficially it may seem that tn
! laws, the passage of which | herei
again advoCate-fOr | have repeatedl
advocated them bcforc-arc not cor
nected. But in reality they are cor
nected. Each and every one of thes
laws. if enacted, would represent par
OF the campaign against privilege, par
OF the campaign to make the class Q
great property holders realize tha
property has its duties no less than it
rights. When the courts guarantee t
the employer, as they should. tn
rights OF the employer. and to propel
~ the rights of property. they shoul
no less cmphatically make it eviden
that they Will exact from propert
and from the employer the dutie
which should necessarily accOmDan
these rights; and hitherto our law
have failed in precisely this point c
enforcing the performance of duty b
the man of property toward the ma
who works for him, by the man c
great wealth, especially if he uses tina
wealth in corporate form, toward tn
investor. the Wage-worker, and tn
general public. The permanent fai
ure of the man of property to fulfil
! his obligations would ultimately a.
sure the wrestling from him Of the Or
vileges which he is entitled to enio
only If he recognizes the obligation
accompanying them. Those who a:
sumo or share the responsibility fc
this failure are rendering but a poe
service 70 the cause which thny b.
Heve they champion
! | do not know whether il is possihl,
hut if possible. il Is certainly desi
able, that in connection with measure
to restrain stock watering and owe
capitalization there should be mea
ures taken TO prevent at least the gro
ser forms Of gambling in securitit
and commodities, such as maxim
large salCs of What men do not 20