The daily sentinel., 1908-01-31


I binations Of tnterstate railways mus;
Iobtain government sanction; when II
is no longer possible for an inter
state railway to issue stock or bonds
save in the manner approved by the
federal government; when that gov
ernment makes sure that the pro-
ceeds of every stock and bond issue
go into the improvement of the prop
erty and not the enrichment OF some
Individual or syndicate; when, when
ever It becomes material for guidance
In the regulative action of the gov
eminent. the physical value of one OF
these properties Is determined and
made known-there will be eliminat-
ed from railroad securities that ele-
| ment of uncertainty which lends to
them their speculative quality and
which has contributed much to the
financial stress of the recent past
II think that the federal govern
ment must also assume q certain
measure of control over the physical
operation OF railways in the hand
ling OF interstate traffic. The commits
sion now has authority to establish
through routes and joint rates In
order to make this provision effective
and in order to promote In times of
| necessity the proper movement of
traffic, think 1t must also have au-
thority to determine the conditions
upon which cars shall be inter-
changed between different Interstate
railways"
In dealing with stock gambling,
Mr.. Roosevelt says in part:
II do not know whether Il Is Dos
sible, but II possible. it Is certainly
desirable that, in connection with
measures to restrain stock watering
and over-cnpitnlization, there should
be measures taken to prevent at least
the grosser forms Of gambling in
securities and commodities, such as
making large sales Of what men do
not possess and cornering the mar
ket. Legitimate purchases of COM
modities and of stocks and securities
for Investment have no connection
whatever with purchases of stocks
or other securities or commodities on
a margin for speculative and gamb-
ling purposes. There Is no moral DIFF
ference between gambling at cards
or in lotteries or on the race tracks
and gambling in the stock market
One method is just as pernicious to
the body polite as the other in kind
and in degree the evil worked is far
greater. But it Is a far more diff
cult subject with which to deal'
In the remainder of his message
President Roosevelt discusses vari-
Gus phases of the railroad, financial,
labor and other questions.
He repeats his recommendations
that railways be permitted to form
traffic associations for the purpose of
comforting about and agreeing upon
rates. etc. They should not be given
the right to pool their earnings. The
government should regulate the traf-
fic associations purposes.
President Roosevelt repeats his
former recommendations regarding
the Sherman antitrust law.
The president quotes a statement
made by the chief of the bureau of
corporations regarding cases against
certain corporations. He takes a
jab at the Standard Oil Company and
the Santa Fe Railway Company re-
garding the charges on which they
have been convicted. He gives a let
ter from Francis ]. Heney regarding
the Santa Fe case; also one from Ed
ward Chambers. He states that the
attacks the great corporations have
made on the government have been
given wide publicity throughout the
country. He urges the just and fair
regulation of the rights of corpora
tions. He gives his views on certain
regulations at length.
The president has much to say re
garding capital and Its Investments
In various states. He declares that
1t Is the law-defying wealth that the
government seeks most to control.
He declares that I'VE act In no vim
dictive spirit and are no respecters
of persons. II labor union does
wrong, we oppose 1t as firmly as we
oppose corporation which does
wrong; and we stand stoutly for the
rights Of the men OF wealth and for
the rights of the wage worker"
He deplores the fact that some
men believe there Is one law for the
rich and another for the poor. He
has much to say about the attacks on
his policies. He reviews some of the
convictions of the men in high fnan-
cial life for violations of the law. He
says the business which is hurt by
the movement for honesty Is the kind
of business which, In the long run.
1t pays the country to have hurt"
That the president has some other
recommendations regarding labor he
indicates by this statement:
ut Is my purpose. as soon as may
be convenient to submit some fur
our laws regulating labor conditions
within the sphere OF federal author
ity. A very recent decision of the
supreme court of the United States.
rendered since this message was writ
ten, in the case of Adair VS.. the Unit
ed States, seemingly OF far-rencf ing
import and OF very serious probable
consequences, has modified the pre-
viously entertained view to make me-
cessary careful consideration Of the
opinions therein filed, before II Is
possible definitely to decide in what
way to call to your attention."
The president declares that "it is
meet and Mt that the apologists for
corrupt wealth should oppose every
EFFORT to relieve weak and helpless
people from crushing misfortune
brought upon them by injury in the
business from which they gain a bare
livelihood. The burden should be
distributed. IT IS HYPOTHETICAL
BASENESS TO SPEAK OF A GIRL
WHO WORKS IN A FACTORY
WHERE THE DANGEROUS MA
CHINERY is UNPROTECTED AS
HAVING THE FRIGHT" FREELY
TO CONTRACT TO EXPOSE HER