Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1908-12-09
PRESIDENTS
MESSAGE.
Makes Annual Recommen-
dations to Congress.
ATTACKS ANTITRUST LAW


on Need Of Protection For Forests.
Views on the Army and the Navy.
washington, Dec. SIN his message
to congress, read to the two houses,
the president said:
I. 6sThe. financial standing of the nation
at the present time is excellent, and
the financial management of the M
,tion's interests by the government dur
ing the Inst seven years has shown the
most satisfactory results. But our
currency system Is imperfect, and 1t
is earnestly to be hoped that the cur
reicy commission will be able to pro-
pose a thoroughly good system which
will do away with the existing defects.
During the period from July |, 1901,
to Sept. 80. 1908, there has been net
surplus of nearly one hundred millions
OF receipts over expenditures, Il 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
IAN exceedingly satisfactory showing.
There has been reduction of taxa
tion.
Corporations.
As regards the great corporations en-
!. gagged III Interstate business, and espe-
cially the railroads, 1 can only repeat
what l have already again and again
said in my messages to the congress.
Il believe that under the interstate
clause of the constitution the United
States has complete and paramount
right. to control nil agencies Of inter
state commerce, and l believe that the
. national government alone can cxer-
ciseP this right with wisdom and eff
fectfveness 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,
t7as Is done by the Sherman anti-trust
law, .rbecausc such u law can be ell
forced only imperfectly and unequal
~, and its enforcement works almost
! as r&pch hardship as good. l strongly
sadxdeate that instead of an unwisc
effort. to prohibit all combinations there
shallsbe substituted law which shall
expressly permit combinations which
!, are In the interest OF the public, but
shalk ut 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 n right to know and, further
more the power, not by judicial, but
I by executive, action to prevent or put
a 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, so that 1t
could exercise complete supervision
: and control over the issue of securities
~ well as over the raising and lower
ing Of rates. AS regards rates, at least
this power should be summary. Pow
er t0r make combinations and traffic
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
4 pers should all be guarded MS against
onesApother. To give any one Of then
undue and improper consideration II
to do injustice to the others. Ratet
must he made as low as Is compatible
with giving proper returns to all thu
employees Of the railroad, from thu
highest to the lowest, and proper re
turns ito the shareholders, but the.
must not, for instance, be reduced II
such fashion MS to necessitate a Gu
in the. wages Of the employees or tn
abolition Of the proper and Legitimate
profits Of honest shareholders.
. Telegraph and telephone companic
engaged in Interstate business shout,
be put under the Jurisdiction Of the in
terstate commerce commission.
Ample Rewards For intelligence.
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the wroncdoer nominally upholds.
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