Los Angeles herald., 1908-02-03
4 cLEAN-cUT STANDARD

RESIDENT ROOSEVELT mas
been accused of attacking cor
portations because they were
corporations. His friends have in
sisted that this was an absurd mis-
construction of his motives, and that
he merely wished to eliminate from
corporations the possibility of practices
which caused financial confusion and
social distress. This position Is clearly
defined in the presidents message,
which will silence forever the detrac-
tors who would fain convince the COM
munity that the president is dan
'gerous'' person, and will be an equally
permanent rejoinder to those who on
the other hand have claimed that the
president has encouraged that ex-
tremely radical view of constructed So
ciety which in the long run is supposed
to lead to revolutionary or anarchistic
disturbances.
Nothing is clearer or more gratifying
in the message than the presidents
specific declarations that his attitude
to corporations is merely that of the
patriotic American who wishes to elm
mate from them, or to have them
eliminate from themselves. IL possible,
every feature which would tend, or has
tended, to degrade the United States;
and to substitute that high business
standard which will set corporations in
a place of absolute security and respec-
liability, above fear and above re-
proach; absolutely unassailable.
The president says that corporations
have come into our business world to-
remain for all time, and that for some
practical business purposes corporate
methods are the most satisfactory in
many cases. Business or enterprise
honestly incorporated should be pro-
tected, he says, and the public should
be made to feel confidence in its cor
porate organization. Capital invested
in corporations must be "as free from
wrongful attack as that invested by
individuals, and the state should do
everything possible to foster and pro-
tect invested corporate capital and en-
courage the public in giving to it sup
port and confidence In order that
confidence, support and encouragement
may be assured, President Roosevelt
proposes that the state should exercise
proper supervision and reasonable con-
troll over stock and bond issues, so that
over-capitalization will be prevented.
and the people may know when they
buy share of stock or bond that the
name of the state upon it stands as
guaranty that there is value behind it
and reasonable safety in it's purchase.
Provision must be made for 1.-THE
strict supervision" of great corpora
tions, and the limitation of their stock
and bond issues under some proper
power. This step, says the chief execu-
tive, will make for conservation and
will strengthen companies doing a
legitimate business and eliminate
those which are merely speculative in
character and organized simply to
catch the unsuspecting or credulous in
weston.
Capital does not go into state
where reprisals are taken or vested in
terests are injured" he adds 1T
comes only where wise, conservative
treatment is assured. and it should be
our policy to encourage and secure cor
porate rights and the best interests Of
stock and bondholders committed to
our legal care" Therefore, under no
circumstances would President Roose-
welt countenance attacks upon LAW
ABIDING property, or do aught but
condemn those who hold up rich men
as being evil men because of their
riches.
ION the contrary" says the pres
ident, "our whole effort is to insist
upon CONDUCT. and neither wealth
nor property nor any other
class distinction as being the
the actions of men. For the honest
man of great wealth we have hearty
regard just as we have a hearty re-
gard for the honest politician and the
honest newspaper. But part of the
movement to uphold honesty must be
q movement. to frown on dishonesty"
President Roosevelt says, in effect,
that Honesty is the best policy" and
that manners maketh we man." The
presidents message adds another to
the numerous competent standards by
which national and individual behavior
may be determined and measured. The
only excuse for unfaithful citizenship
of this republic is Ignorance, and he
who excuses himself by pleading ig-
norance accuses himself.