The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1908-12-10
PRESIDENTS
MESSAGE.
Makes Annual Recommen.
dations 10 Congress.
ATTACKS ANTITRUST LAW

0HaFmAr hcr oHchiu us SW~'~~s y
Permit Combinations Which Are u
shs irssrss, Of the Public, Says thu
President - urses Legislation 4
Safeguard the wass~orksrs--osssli'
on Need ef Proisetion For Forests
vis~s on the Army and the Navy.
Washington, pcc. SIN his message
10 congress. read 10 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
tlon's interests by the government dur
ing the last seven years has shown the
most satisfactory results. But our
currency system is imperfect, and II
Ia earnestly 10 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. 30, 1905, there has been a net
surplus Of nearly one hundred millions
OF receipts over expenditures, reduc-
tion 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
tion.
Corporations.
As regards the great corporations en-
gagged in interstate business, and espe-
cIally the railroads, ! can only repeat
what ! 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 believe that the
national government alone can cxer-
else this right with wisdom and ef-
fectlyeness 80 as both TO secure justice
from and to do justice TO the great
which are the most I'M
portant factors In modern business. |
believe that IL 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
~, and Its enforcement works almost
MS much hardship as good. strongly
advocate that Instead OF an unwise
effort to prohibit all combinations there
be substituted law which shall
expressly permit combinations which
are In the interests 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 right to know and. further /
more. the power not by judicial, but
by executive, action TO prevent or put
/ stop to every form Of improper ia
voritism or other wrongdolng.
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, 80 that It
,ould exercise complete supervision
md control over the issue Of securities
~ well as over the raising and lower.
ng Of rates As regards rates, at least
his power should be summary. Pow
n to make combinations and traffic
agreements should be explicitly con.
erred upon the railroads, the permis-
'ion Of the commission being first
,ained and the combination or agree.
nent being published In all Its de-
ails. The interests Of the sharehold-
.rs. OF the employees and Of the ship
,ers should all be guarded as against
me another To give. any one Of them
Undue and improper consideration is
o do injustice TO the others. Rates
must be made as low as IL compatible
With giving proper returns to all the
employees OF the railroad, from the
highest TO the lowest, and proper re- |
urns to the shareholders, but they |
must not. for instance, be reduced In |
uch fashion as to necessitate cut |
n the wages Of the employees or the
lbolitIon Of the proper and legitimate
,rufiis Of honest shareholders.
Telegraph and telephone companies
ngaged in Interstate business should
'e put under the Jurisdiction Of the In
erstate commerce commission.
Ample Rewards For intelligence.
IL Is TO the interest Of all of us that 1
here should be a premium put upon
Initiative and individual ca
'acity and an ample reward for the
.reat directing intelligences alone com
,etent 10 manage the great business
perations of today. II Is well to keep
b mind that exactly as the anarchist
$ the worst enemy Of liberty and the
eactionsry the worst enemy OF order
o the men who defend the rights OF
'roperty have most TO fear from the
~ great wealth, and the