The midland journal. (Rising Sun, Md.) 1885-1947, 1908-12-11
||H|'|||E||| MESSAGE

la1 snnsoaia ,eiqn1s- -Tui nAod sys@Is
Is Egashinst0n .sB. Ga BheoR ehtis
E s I'LL 5A Ha,,a ssIq PsI|o RStAst ffs
UHeH7nE OF Cong ress. It ois;1 IN part,
10 che Senate and House OF Repre-
sentatfves:
The financial standing of the Ma
NIeR at the present time is excellent,
uMd the financial management of the
Nations interests by the Government
daring the last seven years has shown
the most satisfactory results. But
O1r currency system is imperfect. and
&c b earnestly to be hoped, that the
Currency Commission will be able to
propose a thoroughly good system
which will do away with the existing
The Presidents Message then
states that during the past seven years
ANA three months there has been a
met surplus of nearly one hundred
'mSIgians of receipts over expenditures,
reduction of the interest bearing
erss by ninety millions, in spite of
the extraordinary expense of the Pan
ANA Canal, and saving OF nearly
nine millions on the annual interest
charge. This is an exceedingly salts
Tavtrry showing, especially in view OF
the fact that during this period the
Notion has never hesitated to UNDER
fsks any expenditure that 1t regarded
NV necessary. Thera have been no.
uew taxes and no increases of taxes;
On the s0utrary some taxes have been
taken of; there has been reduction
Ofstaxatlon
A.s wSc fho nnrn~~o
pngsxeas In Interstate business, and
especially the railroads, / can only
rcyrat what have already again and
HEafn said in my messages to the Con-
Eress,sT believe that under the inter
'sfzse sGla1Be OF the Constitution the
United States has complete and para
1nHaut right to control all agencies of
Interstate commerce. and ! believe
What the National Government alone
Ezu exUrCfse this right with wisdom
und Effectiveness SO as both to secure
Justice from. and to do justice to, the
greet corporations which are the most
Kszsrt4nt factors In modern business.
q believe that It is worse than folly
~ attempt to prohibit all combina-
@xnNs Re Is done by the Sherman anti
fruSt LAW, because such a law can be i
emEBreed only imperfectly and une-
WUafsy, and its enforcement works al
Enpak as much hardship as good
Wrongly advocate that instead of an
unwzse EFFORT to prohibitSall combina-
Elmns. There shall be substituted law
which shall expressly permit combin-
aRKfsns which are in the interest of the
aEIEEze. nut shall at the same time
sgfve 10 some agency Of the National
'S0sernment full power of control and
zszperEision over them. One of the
.elHlef features of this control should
De seeuflng entire publicity in all
MATTERS which. the public has right
% know. aud furthermore, the power,
INST by judicial but by executive ac-
'kium. 10 urevent or put stop to every
'Enrm Of improper fayoritism or other |
Hrungdoing. ssa
,N.he railways OF the country should |
be pnt completely under the Inter- |
'zfzfe Commerce Commission and re-
uzuven from the domain of the anti
'lruzt law. The power of the Com
mission Should be made thorough |
going. SO that It could exercise COM |
p1ete supervision and control over the |
kssne or securities as we'll as over the
lga1sing and towering OF r9 ties. AS re-
yards rates, at least, this power |
uhwn1d be summary. The power to |
Investigate the financial operations |
and accounts or the railways has been |
one OF the most valuable features in |
resent legislation. Power to make |
eumbinatIons and trafiic agreements |
sBhrnld he explicitly conferred upon
me railroads. the permission OF the
sCUtaralssion being first gained and |
lEhe combination or agreement being |
ipnhaished In all its details. In the
Enkerest OF the public the representa-
EB9ez Of the public should have COM
WHexe power to see that the railroads
o. shear duty by the public. and as
1S1zker OF course this mower should
Alse be exercised SO as to see that no
va5umtice Is done to the railroads. The
/ &SNxehnlder6. the employees and the
v7kFnDers an shavs interests that must
- Euarded. Tt Is to the interest of
n az them that no swindling stock
siENxxsati0n should. be allowed. ard
eat there should be no improner
'1ssHance of securities. The guiding
NnEeal1geuces necessary for the sue
%zEma building and successful man
uTzznen9 OF railroads should receive
9rN1e remuneration. but no man
0nGAld be allowed to make money in
@nmmer9loM with railroads ont OF frau
sEuT<mt oyer-capitalization and kin
-&EeA STOCK gambling performances:
Enere must be no defrauding of in
WxsRnra. oppression of the farmers
ana business men VINO shii, freight,
ar caliOus disregard OF the rights and
seeds OF the employees In addition
- tAIs the Interests OF the sharehold-
ems. Sf the employes, andtof the ship
W1rB should all be guarded as against
enc another. To give any one OF them