Milford chronicle. [volume] (Milford, Del.) 1878-1974, 1908-12-11

Permit Combinations Which Are In
she Interest Of the Publie-curreney
A system Defective.
Washington, Dec. S.-More than or
einsry interest was svinced in the last
regular message Of President Roose-
Sslt to congress before his retirement
from ONCE next March, which was
read simultaneously in the senate and
house.
The document which was temperate
IN tone and about 10000 words in
length, reiterated the presidents poll
eies concerning corporations and other
subjects Of prime Importance. He made
no mention Of the tariff.
In dealing with corporations, Presi-
dent Roosevelt expressed the belief
that 1t was worse than folly to at
tempt to prohibit combinations. The
Sherman antitrust act, he said, work
ed almost as much hardship as good,
and he strongly advocated the substi-
tuition of a law that would expressly
permit combinations which were in
the interest Of the public, but would
permit the national government to ex-
srciFe full power Of control and super
vision over them.
Publicity, he declared. should be the
chief feature of government control
over corporations and he recommend
cd executive rather than judicial &C
ton in putting a stop to corporation
evils.
Commenting upon the railroads. the
president said they should be removed
entirely from the domain Of the anti
trust law and placed completely I'M
der the interstate commerce commits !
sion. He advocated increasing the pow
ers OF this commission so that it could |
exercise supervision and control over |
he issHs Of securities as well as over |
rates.
The president favored trafic agree
ments between railroad corporations |
and said power to make such agree
ments should be explicitly conferred |
upon the railroads. with permission
Of the interstate commerce commission
and providing the details of the agree
ments were published in full.
Summary of the Message.
A summary Of the message is as fol-
lows:
FlNANcE-"The financial standing
Of the nation at the present time is
excellent, and the financial manage
ment Of the nations interests during
The last seven years has shown the
most satisfactory results. But our cur
pncy system is imperfect. and it is
to be hoped that the cur
'ency commission will be able to pro-
Jose thoroughly good system which /
will do away with existing defects. 1
CORPORATIONS believe 1t is 1
worse than folly to attempt to pro-
libit all combinations, as is done by
he Sherman antitrust law, because {
UGH a law can be enforced only i'm
and unequally. and its en- 7
orcement works almost as much hard I
hip as good.
Il strongly advocate that instead Of I
n unwise effort to prohibit all com +
nations, there shall be substituted a b
~ which shall expressly permit c
limitations which are in the inter n
4 of the public, but shall at the same a
ne give to some agency Of the ma s.
Onal government full power of con- il
'ol and supervision over them.
zone Of the chief features OF this s.
1ntrol should be securing entire pub Ii
city in all matters which the public Al
as a right to know. and Furthermore, fc
le power. not by judicial but by ex-
.utive action, to prevent or put a pl
op to every form OF improper favor OF
Ism or other wrongdOing. in
1.-The railways Of the country should
. put completely under the inter
ate commerce commission, and re- In
owed from the domain OF the anti
ust law. Power to make combina-
ms and traf1ie agreements should be
plicitly conferred upon the railroads.
g permission OF the commission be-
& first gained and the combination "a
agreement published in all its de- M
rs.
The proposal to make the national
yernment supreme over
} railroads and other instruments OF
erstate commerce is merely a pro
sal to carry out to the letter one of Go
prime purposes. If not the prime of
pose, for which the constitution COZ
5 founded. lyn
The central government is the only for
yer which, without oppression. can 4
and adequately control and Mi
ervise the large corporations. be
We do not object to the concentra- cen
Of wealth and administration but wal
DO believe in the distribution Of the IN
lth in profits to the real ers, Coz
IN securing to the public the full pro
mt Of the concentrated administra-
We no more believe in that en- Eng
ism which demands absolutely I'M j.
aimed individualism than we do in CINE
sgSaifiaism which clamOrs for sass
prescrip }on1ixm which would de- engi
n M ee Eao so comelsl Initiative and his
The perfect com bi6a- with a com the
1s q, Is what proalces sp,strained indi- COM
ave