Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-12-06

at which these guarantees were demand
ed until December 81, 1870 relying upon
us for protection In the meantime. as the
money which they furnish to move our
country. For the protection OF our own
people and the preservation of our credit
in foreign trade, / urge upon Congress
the immediate enactment OF law under
which one who, In good faith, advances
money or credit upon a bill Of lading
issued by common carrier upon an An
terstate or foreign shipment can hold the
carrier liable for the value OF the goods
described In the bill at the valuation
specified In the bill. at least to the ex-
tent OF the advances made in reliance
upon 1t. Such liability exists under the
laws OF many of the states. / see no OBJ
lection to permitting two classes Of bills
OF 1ading to be issued: a. Those under
which carrier shall be absolutely Ma-
bic, as above suggested. and (2) those
with respect to which the carrier shall
assume no liability except for the goods
actually delivered to the agent issuing
the bill. The carrier might be permitted
to make small separate specific charge
In addition to the rate OF TRANSPORTATION
for such guaranteed bill. as. an insurance
premium against loss from the added
risk, thus removing the principal objec-
ton which I understand is made by the
railroad companies to the imposition Of
the liability suggested. viz. that the ordi-
nary transportation rate would not conn
pensate them for the liability assumed
by the absolute guaranty Of the accuracy
Of the bills Of lading.
Punishment Recommended.
further recommend that punishment
Of fine and imprisonment be imposed
upon railroad agents and shippers for
fraud or Misrepresentation in connection
with the issue Of bills OF lading issued
upon interstate and foreign shipments.
Except as above, I do not recommend
any amendment to the Interstate COM
merce law as It stands. 1 do not now
recommend any amendment to the anti
trust law. In other words, it seems to
me that the existing legislation with ref
erence to the regulation Of corporations
and the restraint Of their business has
reached q point where we can stop for q
while and witness the effect Of the vigor-
GUS execution OF the laws on the statute
books in restraining the abuses which
certainly did exist and which reused the
public to demand reform. II this test
develops q need for further legislation.
well and good. but until then let us exc
cute what we have. Due to the reform
movements OF the present decade. there
ment in business methods and standards
The great body OF business men of this
country, those who are responsible for its
commercial development. now have IN
square their conduct Of business to its
requirements and limitations. These will
doubtless be made clearer by the de-
cisions Of the Supreme Court in cases
pending before 1t.
I believe 1t to be in the interest Of oil
the people of the country that for the
time being the activities Of government.
in addition to enforcing the existing law.
be directed toward the economy Of ad-
ministration and the enlargement Of OPP
portunities for foreign trade. the con-
servation and improvement Of our agr1-
cultural lands. the building up Of home
industries. and the Strengthening Of con-
fidence Of capital in domestic investment.
The White House, December 6, 1910.