Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1908-12-11
Presidents Message
Advocates Amendment to the Sherman Act.Urges Laws
for Laborer---Many Declarations of Public Interest

4 some taxes have been taken OH. Ihere
/ has been Il reduction Of taxation.
Corporations.
As regards the great corporations en-
gagged in interstate business, and espe-
cially the railroads, I can only repeat
what I 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 90 control all agencies Of inter-
state commerce, and | believe that tie
national government alone can eXer-
else this right with wisdom and ef
tectiveaeSs 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. l
believe that it 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. I strongly
advocate that instead of an unwise
effort to prohibit all combinations
there shall be substituted 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 govern
ment full power of control and super
vision over them. One of the chief
features Of this control should be Sc
curing entire publicity in all matters
which the public has Il 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 interstate
commerce commission and removed
from the domain of the antitrust law
The power of the commission should
be made thoroughgoing. so that it
could exercise complete supervision
and control over the issue of securities
ing of rates. AS regards rates. at least
this power should be summary. The
power TO investigate the financial op-
erations and accounts of the railways
has been one of the most valuable fea-
lures in recent legislation. Power to
make combinations and traffic agree
ments should be explicitly conferred /
upon the railroads. the permission of !
the commission being first gained and
the combination or agreement being I
published in all its details. In the in !
terest of the public 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 this power should also be exer
cised so as TO see that no injustice Is
done to the railroads. The share
holders. the employees and the ship
pers all have interests that must be
guarded 1t is TO the interest of all of
hem that no swindling stock specula-
ton should be allowed and that there
should be no improper issuance of Sc
,urities. The guiding intelligences nee
,ssary for the successful building and
management of railroads
should receive ample remuneration.
put no man should be allowed TO make
money in connection with railroads
,ut of fraudulent overcapitalization
IND kindred stock gambling perform
lnces. There must be no defrauding
# investors, oppression Of the farmers
md business men who ship freight or
allous disregard of the rights and
reeds of the employees. In addition
o this. the interests of the sharehold
rs. OF the employees and of the ship
ers should all be guarded as against
ne another To give any one Of them !
indue and improper consideration is
o do injustice 70 the others. Rates 5
must be made as low as is compatible
With giving proper returns to all the
mployees of the railroad, from the
ighest to the lowest. and proper re-
nrns to the shareholders. but they
lust not. for instance. be reduced 10
uch fashion as 60 neeessitate cut )
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