The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1908-12-08
ROOSEVELT CALLS
FOR EARLY STATEHOOD

; interstate commerce, and believe thai
! the National Government alone can
exercise this right with wisdom and
effectiveness so as both to secure jus.
tice from, and to do justice to, great
corporations which are the most i'm
portant factors in modern business.
l believe that it is worse than folly
| to attempt to prohibit all combina-
| thrust law, because such a law can
be enforced only imperfectly and un-
equally, and its enforcement works
almost as much hardship as good.
strongly advocate that instead of an
unwise effort to prohibit all com bina-
tions, there snail be substituted law
which shall expressly permit com bina-
| tions which are in the interest of the
public, but snail at the same time
give to some agency of the National
supervision over them. One of the
chief features of this control should
be securing entire publicity in all mat
ters which the public has a right to
know, and furthermore, the power, not
by judicial but by executive action,
to prevent or put stop to every form
of improper favoritism or other wrong
doing.
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 Commiss-
ion should be made thoroughgoing, so
that it could exercise complete super
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 leg
islation. Power to make combinations
and traffic agreements should be ex-
plicitly conferred upon the railroads,
the permission of the commission be-
ing first gained and the combination
or agreement being published in all
its details. In the interest of the pub
tic the representatives of the public
Should have complete power to see
that the railroads do their duty by
the public, and as a matter of course
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, and that there should be
no improper issuance Of securities.
The guiding inte1ligences necessary
for the successful building and sue
cessful management of railroads
but no man should be allowed to make
money in connection with railroads
out of fraudulent over-capitahZation
and kindred stock-gambl bling perform
ances; there must be no defrauding
of investors, oppression of the farm
ers and business men who ship freight
or callous disregard of the rights and
needs of the employees. In addition
to this the interests of the sharenold-
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 as low as is compatible with
giving proper returns to all the en-
ployees of the railroad, from the high
est to the lowest, and proper returns
to the shareholders; but they must
not, for instance, be reduced in such
a fashion as to necessitate cut in
the wages of the employees or the alb
olition of the proper and legitimate
profits of honest shareholders.
| Telegraph and telephone companies
engaged in Interstate business should
be put under the jurisdiction of the
Interstate Commerce Commission.
(Here the message goes on to issue
a warning against improper and dem
agogic attacks on law-abiding and hon
lest corporations and men of grea
wealthy
The danger to American democracy
lies not in the least in the concentra
ton of administrative power in re
sponsible and accountable hands. 4
lies in having the power insuficfentl.
concentrated, so that no one can b.
held responsible to the people for it
J Iuse. Concentrated power is palpable
visible. responsible. easily reached
quickly held to account. Power scat