Alma record. (Alma, Mich.) 1878-1928, 1908-12-10
PRESIDENTS
MESSAGE.
Makes Annual Recommen-
dations to Congress.
ATTACKS ANTITRUST LAW

Sherman Act Should BE Amended to
Permit Combinations Which Are In
the Interest Of the Public, Says the
President = Urges Legislation to
Safeguard the Waseworkers--DweIls
on Need of Protection For Forests.
Views on the Army and the Navy.
Washington. Dec. SIN his message
70 congress, read TO the two houses,
the president said:
The financial standing of the nation
Mt 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 II
Is earnestly TO be hoped that the cur
rency commission win be able to pro-
pose a thoroughly good system which
viii do away with the existing defects.
During the period from July 1. 1901
30 Sept 80. 1908, there has been net
surplus of nearly one hundred millions
Of receipts over expenditures, a 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
/ 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 l believe that the
national government alone can exer-
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 60
attempt to prohibit all combinations.
as is done by the Sherman antitrust
law, because such a 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 i'm the interest of the public. but
shall at the same time give TO some
agency OF the national government fun
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
n stop 10 every form of improper IA
voritlsm or other wrongdong.
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 II
could exercise complete supervision
and control over the issue OF securities
as well as over the raising and lower
ing of rates. As regards rates, at least
this power should be summary Pow
er to 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
pers should all be guarded as against
one another To give any one OF them
undue and improper consideration is
to do injustice 10 the others. Rates
must be made as low as Is compatible
with giving proper returns 10 all the
employees OF the railroad. from the
highest to the lowest and proper re
turns 70 the shareholders, but they
must not for instance. be reduced in
such fashion as to necessitate a cut
In the wages OF the employees or the
abolition Of the proper and Legitimate
profits of honest shareholders.
telegraph and telephone conpanics
engaged In interstate business should
be put under the jurisdiction OF the 80
terstate commerce commission
, Ample Rewards For intelligence.
1t is to the interest Of all OF us thar
there should be a premium put upon
individual initiative and individual ca
pacity and an ample reward for the
great directing ibtelligences alone COM
petent TO manage the great business
operations Of today. IL Is well to keen
In mind that exactly as the anarchist
Is the worst enemy Of liberty and the
reactlonary the worst enemy OF order
90 the men who defend the rights Of
property have most TO fear from the
wrougdocrs OF great wealth. and the
men who are championlng popular
rights have most to fear from the
dcmaeogucs who In the name 81 ropu-
lar rights would do wrong 10 and OBJ
press honest BUSINESS men. honest men
Of wealth, for the success OF either
type Of wronrdocr necessarily invites
a violent reaction against the cause
the wrongdoer nomiually upholds.
The opposition to government con
troll Of these great corporations makes