Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-12-08

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 /, 1901,
to Sept. 80, 1905 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 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 have already again and again
said in my messages to the congress.
l 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 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 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. | 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 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
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 1t
could exercise complete supervision
and control over the issue Of securities
as we'll as over the raising and lower
ing Of rates. AS regards rates. at least
this power should be summary. Pow
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
such fashion as to necessitate cut
in the wages Of the employees or the
ohoIit;on. nf tha nrnnar and legitimate