Middlebury register. (Middlebury, Vt.) 1886-1937, 1908-12-11
PRESIDENTS
MESSAGE,
Makes Annual Recoulme1=
datiOnS to Congress.
ATTACKS ANTITRUST 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 Wageworkers-DweIls
on Need of Protection For Forests.
Views on the Army and the Navy.
Washington, Dec. SIN his message
to congress, read to the two houses,
the president said:
The financial standing of the nation
at the present time is excellent and
the financial management of the ma
tons interests by the government dur
ing the last seven years has shown the
most satisfactory results. But our
currency system is imperfect, and 1t
Is earnestly to be hoped that the cur
rency commission will be able to pro-
pose thoroughly good system which
will do away 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, 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 reduction of taxa
ton.
Corporations.
AS regards the great corporations en-
gagged in interstate business, and espe-
cially the railroads, l can only repeat
what l have already again and again
said in my messages to the congress-
believe that under the interstate
clause Of the constitution the United
States has complete and paramount
right to control all agencies of inter-
state commerce, and l believe that the
national government alone can exer-
else this right with wisdom and eff
fectiveness SO as both to secure justice
from and to do justice to the great
corporations which are the most I'M
portant factors In modern business. |
believe that 1t Is worse than folly to
attempt to prohibit all combinations,
as is done by the Sherman antitrust
law, because such a law can be en-
forced only imperfectly and unequal
ly, 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 over
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, but
by executive, action to prevent or put
a stop to every form of improper ia
voritism 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
The power of the commission should
be made thoroughgoing. so that I
could exercise complete supervision
and control over the issue of securitie!
as we'll as over the raising and lower
Ing of rates. AS regards rates. at leas
this power should be summary. Pow
er to make combinations and trafi'
agreements should be explicitly con
ferred upon the railroads. the permits
sion Of the commission being frs
gained and the combination or agree
ment being published in all its de
tails The interests Of the sharehold
ers, of the employees and Of the ship
pers should all be guarded as agains
one another. To give any one Of then
undue and improper consideration
to do injustice to the others. Rate
must be made as low as is compatibl
with giving proper returns to all tn
employees of the railroad, from tn
highest to the lowest, and proper r.
turns to the shareholders, but the
must not. for instance, be reduced 1
such fashion as to necessitate a Gu
in the wages of the employees or tn
abolition of the proper and legitimat
profits of honest shareholders.
Telegraph and telephone compaDiC
engaged In interstate business shoul
be put under the jurisdiction of the il
terstate commerce commission.
Ample Rewards For Intelligence.
II is to the interest of all of us thi
there should be a premium put upo
individual initiative and individual Ct
pacity and an ample reward for II
great directing intelllgences alone cor
petent TO manage the great bushes
operations of today 1t is well to kee
in mind that exactly as the anarchi
is the worst enemy Of liberty and Il
reactionary the worst enemy of ord
so the men who defend the rights
property have most to fear from Il
Of xrau1th and