The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1914-01-23

Washington, Jan. 20.-Folowing the
custom revived by him, President Will
son read his message on Trusts in
the Senate Chamber before the as
sembled Senators and Representa-
tives. 1t is, in part, as follows:
Gentlemen OF the Congress:
In my report "on the state Of the
Union" which ] had the privilege of
reading to you on the 1st of Decem-
ber last, / ventured to reserve for dis
cussion at a later date the subject of
additional Legislation regarding the
very difficult and intricate matter of
trusts and monopolies. The time
now seems opportune to turn to that
great question not only because the
currency legislation which absorbed
your attention and the attention of the
country in December, is now disposed
of, but also because opinion seems to
be clearing about us with singular
rapidity in this other great field of
action. In the matter OF the curren-
cy 1t cleared suddenly and very hap
PLY after the much-debated act was
passed; in respect to the monopolies
which have multiplied about us and in
regard 10 the various means by which
they have been organized and main
tanned it seems to be coming to a
clear and all but universal agreement
In anticipation of our action, as If by
way of preparation, making the way
easier to see and easier to set out
upon with confidence and without
confusion OF counsel.
What we are purposing to do, there
fore, is happily, not to hamper or inter
fere with business as enlightened
business men prefer to do it, or in
any S nse to put it under the ban.
The antagonism between business and
government is over. We are now
about to give expression to the best
business judgment of America, to
what we know to be the business
conscience and honor of the land.
The Government and business men
are ready to meet each other half.
way in a common effort to square
business methods with both Public
Opinion and the Law
Fortunately no measures OF sweep
Ding CT novel change are necessary.
1t will be understood that our object
is not to unsettle business or any
where seriously to break it's establish
ed courses athwart. On the contrary,
we desire the laws we are now about
to pass to be the bulwarks and safe
guards of industry against the forces
that have disturbed it. What we have
to do can be done in new spirit, in
thoughtful moderation. without revolu-
tion of any untoward kind. We are
all agreed that private monopoly is
indefensible and intolerable. And our
programme is founded upon that con-
viction. 1t will be a comprehensive,
but not a radical or unacceptable pro-
gramme and these are its items, the
changes which opinion deliberately
sanctions and for which business
waits;
1t waits with acquiescence, in the
first place, for laws which will eff.
fectually prohibit and prevent such
interlockings of the personnel OF the
directorates OF great corporations
banks and railroads, industrial, com.
mercial, and public service bodies
as in effect result in making those
who borrow and those who lend prac-
tically one and the same, those who
sell and those who buy but the same
persons trading with one another un-
der different names and in different
-
10 compete in fact partners and mas
ters of some whole field OF business.
Sufficient time should be allowed, Of
course, In which to effect these chang
es of organization without inconven-
fence or confusion.
In the second place, business men
= as well as those who direct public af-
fairs now recognize, and recognize
with painful clearness, the great harm
and injustice which has been done
TO many, II not all Of the great rail-
road systems of the country by the
way in which they have been financed
and their own distinctive interests
subordinated to the interests of the
men who financed them and other
business enterprises which those men
wished to promote. The country is
ready, therefore, TO accept, and ac-
cept with relief as we'll as approval,
a law which will confer upon the in
terstate commerce commission the
power to superintend and regulate the
financial operations by which the rail.
roads are henceforth to be supplied
with the money they need for their
proper development TO meet the rap
idly growing requirements Of the coun.