Devils Lake inter-ocean and Devils Lake free press. (Devils Lake, Ramsey County, N.D.) 1905-1909, 1908-12-11
PRESIDENTS ...
MESSAGE.
lakes Annual Recommerl-
dations to Congress.
ATTACKS ANTITRUST LAW

Sherman Act Should Be Amended to
Permit Combinations Which Are In
she Interest of the Public, Says the
President - Urges Legislation TO
Safeguard the Waseworkers-Dwe
on Need of Protection For Forests.
Views on tho Army and the Navy.
Do congress, read to the two houses,
6Ae president said:
The financial standing Of the nation
at the present time is excellent, and
the financial management Of the ma
ions interests by the government dur
ang the last seven years has shown the
most satisfactory results. But our
currency system is imperfect, and 1t
ls earnestly to be hoped that the cur
Tency 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,
30 Sept so. 1908, there has been a net
surplus Of nearly one hundred millions
Of receipts over expenditures, a reduc-
lion of the interest bearing debt by
ninety millions, In spite Of the extraor-
binary expense Of the Panama canal
and saving Of nearly nine millions
on the annual interest charge. This Is
an exceedingly satisfactory showing.
There has been reduction of taxa
tion.
Corporations
Az regards the great corpora lions en-
gagged In interstate business, and espe-
c2ally the railroads, can only repeat
what I have already again and again
eaid In my messages to the congress.
I believe that under the Interstate
clause OF the constitution the United
States has complete and paramount
right to control all agencies Of inter
Sente commerce. and l believe that the
national government alone can exer-
else this right with wisdom and ee-
9ectiveness 50 as both to secure justice
from and to do justice to the great
corporations which are the most I'M
portnnt 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 law can be en-
forced only imperfectly and unequal
ly. and Its enforcement works almost
as much hardship as good. strongly
advocate that instead Of an unwise
effort to prohibit all combinations there
ahall be substituted a law which shall
expressly permit combinations whic'
are In the Interest Of the public. b
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 right to know and, further
more. the power. not by judicial, b .
by executive, action to prevent or put
a stop TO every form OF improper IA
voritism or other wronSdoiny
The railways of the country should
be put completely under the interstate
commerce commission and removed
from the domain If he anti trust law
The power rf the commission should
be made thrr"ughyoin~. Sly that it
could exercise complete supervision
and control over the issue Of securities
as well as over the raising and lower.
Ing of rates. AS regards rates. at least
this power should he summary. Pow,
er to make combinations and traffic
agreements should be explicitly con
ferred upon the railroads. the permits
sion of the commission being first
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 against
one another. To give any one Of them
undue and improper consideration is
to do injustice to the others. Rates
must be made as low as Is compatible
with giving proper returns to all the
employees OF the railroad. from the
highest to the lowest, and proper re
turns to the shareholders. but they
must not, for instance, be reduced IN
goca Tasns0n as to necessitate q cut
In the wages Of the employees or the
abolition Of the proper and legitimate
profits OF honest shareholders.
Telegraph ana telephone compa nies
engaged In interstate business should
be put under the jurisdiction Of the In
ssrsfate commerce commission,
tAnspss Rewards Fer Intelligence.
1t 10 to the interest OF all of US that
Shsee should be premium put upon
9nazaesaual initiative and individual ca
pacaty and an ample reward for the
great directing inteiligences alona com
pstsnt to manage the great business
operations Of today 1t is well to keep
In mind that exactly as the anarchist
tn the worst enemy Of liberty and the
Feaetionary the worst enemy Of order
90 the men who defend the rights Of
property have most to fear from the
wrongdoers Of great wealth. ana the
men who are championing popular
rights have most to fear from the
demagogues who In the name Of popu-
lar rights would do wrong to and op.