The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1908-12-08

into two per cent consOls Of 1880 Of
$780, 400 bonds oearlng higher
rates of interest. A decrease OF $s,6s7.
956 in the annual iterest charge result
ed form htese operations.
In short, during the seven years and
and three months ther has been net
surplus OF nearly one hundred millions
of receipts over expenditures, reduc.
ton Of the interest.bearlng debt by
ninety millions. in spite Of the extra
ordinary expense OF the Panama Ca
nal, and saving OF nearly nine mil.
foins on the annual interest cnalgv.
This is an exceedingly satisfactory
showing, especially in view OF the fact
that during this periuu the Nation mar
never hesitated to undertake any ex
penditure that 1t regarded as necessa
ry. There have been no new taxes
and no increase Of taxes; on the con,
trary some taxes havs peen tnkn on;
there has been a reduction of taxation
Corporations,
AS regards the great corporations
engaged in interstate business, and es
pecially the railroads, can only re
peat what have already again and
again said in my messages to the Con
gress. believe that under the inter
state clause OF the Constitution the
United States has complete and para
mount right to control all agencies OF
interstate commerce, and believe that
the National Government alone cal
exercise this right with wisdom and
effectiveness so as both to secure jus
tfce from and DO justice to the gree
factors in ecuref .yeno,s no,sshrdlnmmmn
corporations which are the most i'm
portant factors In modern business.
believe that it is worse than folly t.
attempt to prohibit all combinations
as is done by the Sherman anti-trus
law, because such a law can be en-
forced only imperfectly and unequally,
and its enforcement works almost as
much hardship as good. strongly
advocate that instead of an unwlse
effort to prohibit all combinations
there shall be substituted law which
shall expressly permit combinations
which are in+tiIe interest OF the pub
lie, but shall at the same time give to
some agency of the National Gov
ernment full power Of control anG
supervision over them. One of tn,
chief features of this control SHOULD
be securing entire publicity in all mat,
tiers which THE public has a right tt
know, and Furthermore, the power
not by judicial but by executive ac
tion, to prevent or put a stop to ever.
form of improper fayoritism or other
wrongdoing.
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 securi
ties as well as over the raising and
lowering of rates. Az regards rates,
at least, this power should be snmma.
ry. The power to Investigate the flnan.
ciar operations and accounts OF the
railways has been one OF the most
valuable features in recent Legislation.
Power to make combinations and traf.
tic agreements should be explicitly
conferred upon the railroads, the per.
mission of the commission being first
gained and the combination or agree.
men being published in all It's details.
Labor.
There are many matters affecting Ia
Dor and the status Of the wage.worker
to which l would like TO draw your at
tentton, but an exhaustive discussion
of the problem in all It's aspects is not
now necessary. This administration
is nearing It's end; and, moreover. un.
der our form OF government tae solu
tion of the problem depends upon the
action of the States as much as upon
the action of the Nation. Neverthe.
less, there are certain considerations
which wish to set before you, be.