The Miller press. [volume] (Miller, S.D.) 190?-current, 1908-12-10
ROOSEVELT TO
THE LAWMAKERS
President Says Financial Stand
ing of Nation Is Excellent
Taxes Reduced.
Repeats Recommendations Re-
garding Corporations Doing
Interstate Business.
The following is a synopsis Of the

| The nnancldl STANDING VI TIC loN''s
at the present time is excellent, ana
the financial management of the ma
tons interests by the government dur
| ing the last seven years has shown
most satisfactory results. But our cur
/ rency system is imperfect, n II IS
earnestly to be hoped that the cur
rency commission will be able to pro-
pose a thoroughly good system when
| will do away with the existing defects.
During the period from July l, l9Ol'
to Sept. 80, 1908, the balance between
the net ordinary receipts and the net
| ordinary of the government
showed a surplus of nearly 800, OOO,O0O
of receipts over expenditures, a reduc-
! ton of the interest bearing debt by
I SOC, 000, 900, in spite of the extraordl-
nary expense of the Panama canal, and
q saving of nearly nine millions on the
annual interest charge. There 0haVe
been no new 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 es-
pecially the railroads, / can only re-
peat what | have al
Corporations ready again and
again said in my
messages to congress. / believe that
under the interstate clause of the con-
| stitution the United States has com
| plete and paramount right to control
all agencies of interstate
| md | believe that the national govern
ment alone can exercise this right with
wisdom and effectiveness, so as both
to secure justice from, and to do JUS
tice to, the great corporations which
are the most important factors in mod
ern business. l believe that it is worse
than folly to attempt to prohibit all
combinations as is done by the Sher-
man antitrust law, because such a
law can be enforced only imperfectly
and ~unequally, and it's enforcement
| works almost as much hardship as
good. | strongly advocate that instead
Of an unwise effort to prohibit all com
b%inations, there shall be substituted a
law which shall expressly permit COM
binations which are in the interest or
the public, but shall at the same time
give to some rel of the national
government full power Of control ana
supervision over them. Ono of the
chief features of this control should be
securing entire publicity in all matters
which the public has a right to know,
n Furthermore, the power, not by
judicial, but by executive action, to
prevent or put G stop to every form OF
improper favoritism or other wrong
doing.
The railroads 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 1T could
exercise complete supervision and con-
troll over the issue of securities as well
as over the raising and lowering OF
rates. AS regards 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 COM
mission being first gained n the com
bination or agreement being published
in all it's details. In the interest of
the public the representatives OF the
public should nave complete 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 hat no injustice is done the
railroads. The shareholders, the en-
ployes and the shippers all have inter-
ests that must be guarded. 1t is to
the interest of all of them that no
swindling stock speculation should be
allowed, and that there should be no
improper ISSUANCE of securities. There
4 ~ NC nv ~ iouAAAo VI ~ =
oppression of farmers and business
men who ship freight, or callous dis
regard OF the rights and needs of en-
ployes. Rates must be made as low as
Is compatible with giving proper re-
turns to the shareholders; but they
must not, for instance, be reduced In
such a fashion as to necessitate a cut
In the wages of employees or the aboli-
ton of the proper and legitimate
| prO6ts of honest shareholders
Telegraph and telephone companies
engaged in Interstate business should
be put under the jurisdiction of the in
terstate commission.
The fight against adequate govern
ment control and supervision of indi-
vidual, and especially of corporate
wealth engaged in interstate business
is chiefly done under cover: n espe-
/ cially under cover of an appeal to
states rights. Forty or fifty separate
state governments cannot exercise con-
troll over corporations doing business
in most or all of them. Such divided
authority cannot regulate
with wisdom and effect. The central
government is the only power which
without oppression, can thoroughly and
adequately control and supervise the
large corporations. There is legisla-
tion which the federal government
alone can enact and which is absolute
iy vital In OTueT TO secure the attain
ment of our purpose. Many laws are
needed. There should be regulation
by the national government of the
treat interstate corporations. including
La simple method of account keeping
publicity, supervision of the issue OF
securities. abolition of rebates and OF
special privileges. There should bs
short time franchises for all corpora
tons engaged in public business. in.
,lucing the corporations which ge'
,ower from water rights. There should
re national as well as state guardian
hip of mines and forests. The labol
e~gislation hereinafter referred L
should concurre..ly be enacted int,
Jaw.
To accomplish this. means. OF course
4 certain increase in the use of-no
The creation of-power, by the centra
government. The power already ex
sta: il does not have to be created
the only question is whether II shall
be used or left idle-and meanwhile
he corporations over which the powe
ought to be exercised will not remain
die
Many matters affecting labor and tn
status Of the wage-worker are calle'
to the attention o
Labor. congress by the presi
dent. A steady effor
should be made. he says. to bring abou
condition of affairs under which tn
men who work with hand or with brai
shall own q far greater share than a
present of the wealth they produces