The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-29
THE PRESIDENTS PLEA AT WA
TESLOO.


spooky sound and q bad reputation.
His subject was the Relation of Gov
eminent to the Business of the coun-
try" and he pleaded with much argu-
nent and evident sincerity for a calmer
view Of all great questions affecting
the welfare OF the country; for team
work in the community" The rail-
roads having been regulated SO that
they can't make their own rates with
out permission OF the Interstate Com
merce Commission and the power of
: that body having been sufficiently en-
iarged to remedy generally the in
justices to shippers, the President
would hold up any further legislation
against them. except that he would
limit their power to issue bonds and
stocks; and would not treat them I'M
Justly simply because they are rail
roads.
The President believes that the re-
cent decisions of the SUPREME Court
have fixed the status OF the trusts have
drawn their fangs, have made it neces-
( sary for them to break UP. and that
the law as interpreted by the Court
is ample for the control of these COM
binations in restraint OF trade.
The President sticks to It that the
business of the country having been es
tablished on protective tariff basis. 1t
must be maintained on that basis, with
such notifications as the tariff board
shall recommend after studying the
subject thoroughly from purely
scientific point OF view. He is in favor
of reducing the tariff, thinks that pro-
lection in the past has been too high
but holds that "a tariff for revenue
only is necessarily hostile to existing
business, and must lead to business
depression and at least temporary
business disaster"
The President believes that I'VE have
very lame banking and currency sys-
tenn with which opinion there Will be
general agreement. The Monetary
Commission will recommend to Con-
gress "a combination OF all the banks
OF the country. reserving to the smaller
banks a power OF selection greater
than the ratio between their capital
and the capital of the larger banks,
In which board or agency the Govern
ment shall have representative. not
SO that it may control. but so that 1,
may have voice in the management."
The details are not given; but from
this description it would look as If
the more capital q bank actually has
the less in proportion will be its par
tcipat'on In the blessings OF the new
scheme upo- which the banking bust
ness OF tie country is to be managed.
We join the President most heartily
IN mis- plea for more conservative
policy in dealing with the great bus
aness interests OF the country. 1t looks
MS II the passions of the hour must
have nearly spent their force. and II
cannot be said that the President him
self has not been progressive" enough
TO suit the most rabid OF the REFORM
ers except in the matter of tariff re-
vision. The New York Sun, which Is
or course, tool of ''the interests" but
fast friend of the President. printed
she other day tabulated comparison o.
the market prices of twenty stocks
heretofore in good and regular standing
on the exchanges, ten railroad and ten
Industrial stocks, showing that The
shrinkage in these securities alone
aimee the Presidents message twenty
months ago has been about sSS6 900 o00
That ought to be enough to satisfy
even the most eXacting OF the Pro
gressives," and the worst. ii wo,i,d
seem is yet to come Business is
Hating now" said the President YES
terday. There is doubt and distrust
among investors. due 10 fear OF
blind enmity toward successful enter
prise What is the remedy? Ii is the
restoration OF confidence between the
classes of persons who have been Oh
posing each other In times past who
now, after the reforms are initiated
and aTe in process Of being effected
ought TO come together In ami,v ana
O.
sources we have in this country for the
promotion Of general prosperity and
the securing ana encouragement OF in
dividual happiness"
Just So Old Dobbin having disap-
peared from the stable. we would lock
The door;-or having in our anserous
folly and through years Of Republican
misrule disposed Of the goose. we
should turn about now and ind some
other way OF producing golden eggs.
1t should NOT be forgotten in the dis.
eussion Of our manifold distresses that
we have had the Protective basis of
business in the United states FOR ff,y
years. with only two. little breathing
spells and that the conditions which
The President ,goiiid nov o6aapoae are