The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1908-12-11

2uCEFtAH FNGA 0uNAiA - FNH~fNNN -
Permit Combinations Which Are In
the Interest of the Public, Says the
President = Urges Legislation to
Safeguard the Wageworkers-owelis
on Need OF Protection FOR Forests.
Views on the Army and the Navy.
Washington, Dec. Sin his message
% congress, read TO the two houses.
the president said:
The financial standing Of the nation
ut the present time is excellent, and
ehe financial management of the ma
G1on's interests by the government dur
ing the last seven years has shown the
most satisfactory results. But our
currency system is imperfect, and il
s earnestly to be hoped that the cur
Rency commission will be able TO pro
pose a thoroughly good system which
will do away with the existing defects.
During the period from July 1. 1901.
% Sept. 80, 1905 there mas been a net
surplus of nearly one hundred millions
Of receipts over expenditures, reduc-
kiOn 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
m exceedingly satisfactory showing.
There has been a reduction of taxa
don.
Corporations.
AS regards the great corporations en-
gagged in Interstate business, and espe-
eially the railroads, | can only repeat
what l have already again and again
paid in my messages to the congress.
j believe that under the interstate
slause of the constitution the United
states has complete and paramount
right to control all agencies of inter
state commerce, and l believe that the
Aational government alone can exer-
eiSe this right with wisdom and eff
kectiveness so as both to secure justice
from and to do justice TO the great |
corporations which are the most i'm
Dortant factors in modern business. |
believe that it is worse than folly to |
attempt to prohibit all combinations,
rs is done by the Sherman antitrust
hw, because such law can be en- t
Forced only imperfectly and unequal
~, and its enforcement works almost
rs much hardship as good. l strongly
advocate that instead of an unwise
effort to prohibit all combinations there
shall be substituted a 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
chem. One of the chief features of
this control should be securing entire
publicity in all matters which the pub
Tic 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 .
Vor1tism or other wrongdoing. +,
The railways of the country should .
be put completely under the interstate 3
commerce commission and removed :.
rom the domain of the antitrust law. :
The power Of the commission should
)e made thor Jughgoing, so that it :,
ould exercise complete supervision =
I'd control over the issue of securities :,
g well a55'over the raising and lower =
ne Of rates AS regards rates, at least :,
his power should be summary. Pow. :,
r to make combinations and traffic a
greements should be explicitly con.
erred upon the railroads, the permits a
ion Of the commission being first !.
aimed 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 tn
ne another To give any one Of them os
ndue and improper consideration is pi
D do Injustice to the others. Rates "
aust be made as low as Is compatible m
nth giving proper returns to all the
Employees of the railroad, from the
ighest to the lowest, and proper re M
lrns to the shareholders, but they IN
,ust not. for instance, be reduced In IN
ueh fashion as to necessitate cut bt
] The wages Of the employees or the VI
BOLTON of the proper and legitimate No
rofits Of honest shareholders. IN
Telegraph and telephone companies mr.
1gaged In interstate business should IN
e put under the Jurisdiction of the in
,rstate commerce commission. 40
Ample Rewards For Intelligence. In
:. is 10 the interest of all of us that nc
lore should be a premium put upon ju
ldiyidual initiative and individual ca la
acity and an ample reward for the M
reat directing intelligences alone COM ma
otent to manage the great business isl
nerations OF today. II is well to keep
mind that exactly as the anarchist of
the worst enemy of liberty and the sv
dictionary the worst enemy Of order di,
the men who defend the rights Of co
roperty have most to fear from the th
rongdoers Of great wealth, and the mi
en who are championlng popular M
ghts have most to fear from the ou
emagogues who In the name OF popu- co