The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-02-01
PRESIDENT ROOSEVELT


money. Inc only way W countoi"o'
the movement in which these men
are engaged is 10 make clear to the
public just what they have done IN
the past and just what they are
seeking to accomplish in the present.
"The Administration and those who
support its views are not only not
engaged in an assault on property,
but are strenuous upholders OF the
rights OF property. The wise attitude
to take Is admirably stated by Gov
ernor Fort, OF New Jersey. In his re-
cent inaugural address; the princi-
pies which he upholds as regards the
State being of course identical with
those which should obtain as regards
the Nation.
"Just and fair regulation can only
be objected to by those misconceiving
the rights OF the State. The state
grants all corporate powers to its
railways and other public utility cor
porations, and may not only modify
hut repeal all charters and charter
privileges Il confers. 1t may, there
fore impose conditions upon their
operation at its pleasure. VI course
in the doing of these things 1t should
act wisely and with conservatism,
protecting all vested rights oil prop
erty and the interests OF the lnnocen'
holders of the securities OF existing
quasi -puibiic Corporations. Reguia-
ton, therefore, upon wise oasis'
of the operation OF these public utii-
tiles companies, including the liking
rates and public charges, upon COM
plant and subject to court review
should be intrusted to proper board
as we'll as the right to regulate the
output of stock and the bonded Is
sues of such corporations. IL tnls
were done, 1t would inure to the
benefit of the people and the compan-
les. for it would fixe the value OF
such securities. and act as guaranty
against their depreciation. Under
such a. law. the holders of existing
securities would find them protected,
and new securities offered would
have the confidence of the people, be-
cause of the guaranty OF the state
that they were only issued for ex-
tensions or betterments and upon
some basis of the. cost OF such extern
sions or betterments. 1t Is difficult
to suggest any legislation that would
give greater confidence to the pubic
and investors than wise public util-
tiles bill ;and the mere suggestioh
of it's enactment should cause this
class of security holders to feel that
their holdings were strengthened, ana
that the state was about to aid the
managers of its public utility cor
norations to conserve their corporate
property for the public beneht ana
-For the protection of invested capital
on" The time has come for the strict
'Gupervision of these great corpora
,tfons and the limitation OF thelr
sefock and bond issues under some
o1roper public official. 1t will make
Tor conservatism, and strengthen the
doing legitimate business
band eliminate, let us hope, those
(which are merely speculative in char
acter and organized simply to eaten
the unsuspecting or credulous invest
or, Corporations have come In our
business world to remain for all
time. Corporate methods are the most
for business purposes in
many cases. Every business or en-
.1erprise honestly incorporated should
be protected and the public made to
,feel confidence in its corporate organ
ization. Capital invested in corpora
ATOMS must be as free from wrongful
attack as that invested by individ-
uals, and the State should do every
Ahing to foster and protect invested
corporate capital and encourage the
'public in giving to 1t support and
Sfsonfidence. Nothing will do $50
much to achieve this desirable result
as proper supervision and reasonable
fcontrol over stock and bond issues,
so that overcapitalization will be pre-
wented and the people may know
when they buy share of stock or
bond that the name of the
Estate upon 1t stands as a guaranty
lthat there Is value behind 1t and
fSdoOhapiV III llS
The act must make 1t clear that the
intent Of the supervision by the Com
missioner Is not for the purpose OF
striking at corporate organizations
or invested in corporate capital, but
rather TO recognize and protect exist
ing conditions and insure greater safe
guards for the future.
.Capital does not go into State
where reprisals are taken or vested
Interests are injured; it comes only
swhere wise, conservative. safe treat
ment Is assured, and 1t should be our
policy TO encourage and secure cor
porate rights and the best interests
0f stock and bond holders committed
TO our legal care"
SE"Under no circumstances would we
countenance attacks upon law-abiding
Broperty, or do aught but condemn
those who hold up rich men as being
evil men because Of their riches.
On the contrary, our whole effort is
10 insist upon conduct, and neither
wealth nor property nor any other