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The Washington times. [volume] (Washington [D.C.]) 1902-1939, December 03, 1907, Last Edition, Image 9

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Immediate Attention to Cur Currency Cutrency CurrencyTariff
rency rencyTariff Tariff Reform ReformAfter ReformAfter ReformAfter
After Presidential PresidentialT PresidentialElection
V T Electionf ElectionWants ElectionWants Election ElectionWants f
f I >
Wants Absolute Power to toSuspend toSuspend toSuspend
Suspend Licenses of Cor Corporations Corporations Corporations ¬
porations to Avoid AvoidDelay A AvoidDelay void voidDelay
Delay DelayThe <
The Presidents message read to o Congress today toda was as follows followsTo followsTo
To the Senate Sen enato te and House of Representatives RepresentativesNo
No nation has greater resources than ours and T I think it can cantruthfully be betruthfully b btruthfully
truthfully said that the citizens of no nation possess greater energy energyand energy energyand energyand
and industrial ability abilit In no nation are the thefundamontal fundamental business con conditions conditions conditions ¬
ditions sounder than in ours at this very moment and it is foolish foolishwhen joolislwhen oollsJ oollsJwhen
when such is the case for people to hoard money instead of keeping it itin itin itIn
in sound banks for it is such hoarding that is the immediate occasion occasionof occasion occasionof occasionof
of money stringency Moreover as a 0 rule the business of our people peopleis peoplis pcoplis
is conducted with ith honesty and probity and this applies alike to farms farmsand farmsand farmsand
and factories to railroads and banks to all our legitimate commercial commercialenterprises commercalenterprises I
enterprises enterprisesIn
In any large body of men en however there are certain to be some somewho somewho someWiO
who are dishonest and if the conditions are suoh that these men pros prosper prosper prosper ¬
per or commit their misdeeds witm impunity their example is a very veryevil vorylvil veryevil
evil thing for the community Where these men are business men of ofgreat ofgreat ofgreat
great sagacity and of temperament both unscrupulous and reckless recklessand recklessand recklessand
and where the conditions are such that they act without supervision or orcontrol orcontrol orcontrol
control and at first without effective check from public opinion they theydelude theJelude theydelude
delude elude many innocent people into making investments or embarking embarkingin
in kinds of business that are really rcaIlyunsound rcaIlyunsoundVhon unsound unsoundWhan unsoundWhen
When the misdeeds of these thes successfully dishonest men are discov discovered dilco dilcored dicoveyed ¬
eyed red suffering comes not only upon them but upon the innocent men menwhom menwhom menwhom
whom they have misled It is a painful awakening whenever it oc occurs occurs occurs ¬
curs and naturally when it does occur those who suffer are apt to toforget toforgetthat toforget
forget forgetthat that the longer it was deferred the more painful it would be beIn beIn bein
In the effort to the it is both
punish guilty wise and proper to en endeavor ende endeavor ¬
deavor de vor so s far as possible to minimize the distress of those whQ have havebeen liavebeen Jaebeen
been misled by the guilty guiltyYet guilt guiltYet guiltyYet
Yet it is not possible to refrain because of such distress from fromstriving fromstriving frothstriving
striving to put an end to the misdeeds that are the ultimate causes of ofthe ofthe ofthe
the suffering and as a means me n to this th end o where herc possible p < > ssible to jjiniish nmiishthose jjiniishthose ju ish ishthose
those responsible for fot thorn l m There Theremay unay be honest differences difforoncesofopin difforoncesofopinion of ofopin ofopinion opin opinion ¬
ion as to many Governmental policies but surely 5urelythere there can be no such suchdifferences 5uchdifferences suchdifferences
differences as to the need of
unflinching perseverance in the war waragainst waragainst
against successful dishonesty dishonestyIJfNOCENT dislloncatrINNOCENT dishonestyI
In my message to the Congress on Do December Docember Dob ¬
b cember 6 L 1905 19 I said saidIf saldIt saidlf
If the th folly foU of man mars the general generalwellbeing gon generalwellbeing ral ralWenbelnS
wellbeing then those who aro innocent innocentof lanocentof
of the folly foll will in have to pay part of ofthe orthe ofthe
the penalty Incurred by those who are areguilty areGIUty areguilty
guilty of the folly A panic brought broughton
on by b the speculative folly toU of part of ofthe orthe ofthe
the business community communlt would hurt tho thowhole thowhole
whole business buslno s community communlt I but such suchstoppage sucbstoppage suchstoppage
stoppage of welfare though It might mightbe mightbl mightbe
be bl severe would not be lasting In the thelong theloag thelong
long run the one vital factor in Urn Urnpermanent thpJwrmanent thepcrinnent
permanent prosperity of the country k kthe Is Isthe 1 1the >
the high individual character of the theaverage thfSaV theavOrage
average aV rage American worker the average averageAmerican averagemorlcan averagetmorlcan
American morlcan citizen no matter whether his hiswork hiswork hiswork
work be mental or manual whether ho hebe hobe hobe
be farmer or wageworker business businessman businessman businessrna
man rna or professional man manIn manIn manIn
In our Industrial and social system systemthe srstemthe systemthe
the interests of all men are so closely closelyIntertwined closelYIntcrtw closelyIntertwined
Intertwined Intcrtw ned that in the Immense ma majority majtrltyo maj ¬
jority jtrltyo j rity of cases a 8 straightdealing man manwho manlho manwho
who by his efficiency emclenc by his ingenuity ingenuityand Insenultyand ingenuityand
and Industry benefits himself must mustalso mutltnlo mustalo
also benefit others Normally the man manof manof manof
of great productive capacity who be becomes becomes becomes ¬ I
comes rich by guiding tao labor of many manyother manyother manyother
other men does eo by enabling them themto thornto themto
to produce more than they could pro produce prp prpduce pirnpduco ¬
duce without his guidance and both he heand h hand heand
and they share in the bonefit which whichcomes whichcomes WhiChcomes I
comes comes also to the public at large largeTho largeThe largeThe
The superficial fact that the shar sharing sharIng sharIng ¬
ing may be unequal must never blind blindus blindUS blindlie
us to the underlying fact that th t there thereIs thereis thereIs
Is this sharing and that the benefit benefitcomes banentcomes benefitconies
comes In some degree to o each man con concerned concorne concorned ¬
corned corne Normally tho wagowrrker the theman theman theman I
man of small means and the average averageconsumer aorageconsumer aerageconsumer
consumer as well as the average pro producer producer ¬ I Iiucer
ducer are all alke helped by b making makingconditions makingconditions makingconditions
conditions such uch that tho man of ex exceptional oxcoptional ¬ i
ceptional business ability ablllt receives an cx exceptional cxcptlon cxeptIonaI ¬
ceptional cptlon 1 reward for his ability Some Something Something Something ¬
thing can be done doneby by legislation lo lsltUon to help helptho helpthe I
the general prosperity but no such suchhelp suchhelp suchhelp
help of a permanently beneficial char charncter chnrnctlr I
ncter can be given 1rtI n to the less able and andless andlSS f flCss I i 1
less fortunate save as the results o a apolicy apolicy a apolicy
policy which shall Inure to the advant advantage advantage advantage ¬
age of all industrious and efficient peo peoplo people peopie
plo who act decently and this is only onlyanother onlyanother onlyanother
another way of saying that any benefit benefitwhich benofitwhich benefitwhich
which comas to the less able and less lessfortunate
r rfortunate rfortunate
fortunate must of necessity como even evenmore cenmoro ovenmore
more to the more able and more for fortunate fortunato fortunato ¬
tunato tunateIf tunatohIf tunatoIf
hIf If therefore the less fortunate man manIs manIs manis
Is moved by envy of his more fortunate fortunatebrother fortunatebrother fortunatebrother
brother to strike at the conditions under underwhich underwhich underwhich
which they have both though un unequally uncqunlb unequally ¬
equally prospered prosJCre the result will as assuredly assurodly assurodly ¬
surodly he that while damage may come cometo cometo cometo
to the one struck at it will visit Islt with withan withan withan
an even heavier load the one who strikes strikesthe strlkStho strikesthe
the blow Taken as a whole we must mustall mustall mustall
all go up or go down together togetherControl togothorControl togetherControl
Control of Wealth Needed NeededYet NeededYet I IYet
Yet while not merely admitting but batinsisting butinsisting butinsisting
insisting upon this it is also true that th that thatb t twhere i iwhere
b where there is no governmental gove mental re restraint re5traint restraint ¬
straint or supervision some of the ex exceptional exceptional cxceptional ¬
ceptional men use their energies not notm nothl notin
m hl ways that are for the common good
I but in ways which teil te tell I against a ainst this thiscommon thi I 1 I
common good The fortunes amassed amassedthrough amassedthrough amasse L
I through I Iso
corporate organization are now nowso no r
so large arge and nd vest such power in those thosethat thosethat I Ithat
that wield them as to make it a matter matterof matterof r
of necessity to give to the sovereign sovereignthat sov reign reignthat
that t hat is to the Government which repre represents represents represents ¬
sents the people as a whole wholesome some ef effective effective effective ¬
fective power of supervision over their theircorporate theircorporate thei r
corporate use useIn useIn
In order to insure a healthy health social socialand socialand
and Industrial Jndu trlal
life every big cor corporation corporatlon corporation ¬
poration should be held responsible by b
and be accountable to some 80 sovereign sovereignstrong soerelgnI
I strong enough to control Its conduct conductI
I am In no sense hostile to
I corpora corporalions corporations corporations
tions This Is an age of combination combinationand combinationand combinationand
and sriy nny riy effort to prevent all combina combination combination combination ¬
tion will be not only useless but in inthe Inthe Jr I
the end vicious because of the con contempt contempt ¬
tempt for law which the failure to en enforce enCoree enforce
force law inevitably produces producesWe uroducesTe produceaVe
We Ve Te should moreover recognize in incordial In Incor Ir IrCrdial 1
cordial cor ial and ample fashion the immense Immensegood Immonsgood
good effected by corporate agencies In Ina Ina ir I Ia
a a country such as ours and the wealth wealthof wealthOf wealttof t
of intellect energy and fidelity de devoted deoted devoted ¬
voted oted to their service and therefore thereforenormally thereforenormally
normally to the service of the public publicby publicby
by their officers and directors The Thecorporation Tllocorporation I i
corporation has come to stay just as asthe asthe a athe i
the trade union has come to stay
Each can do and has done great guod guodBach JUodEltCh guodEach
Bach should be favored so long 03 It Itdoes Itdoos Ii Iidoes
does rood But each eac should be sharply sharplychecked sharplychecked r rchocked
checked where here It acts against law ana anajustlce ant I Ijustice i
Justice justiceS
S S The makers Of our National NationalConstitution NationalConstitution 1 1Constitution I
Constitution provided especially that the theregulation theregulation tluregulation
regulation of interstate commerce commarceshould a ashould
should come within the sphere of the theGeneral theGeneral tl I IGeneral 1
General Government The arguments In Infavor Intayor Ii 1 1favor 1
favor of their taking this stand were wereeven wereoon C Ceven 5
even then overwhelming overwhelmlr But they are arefar nretar an anfar
far stronger today toda in view of the cnor enormous cnormous cnormous ¬
mous development oil otS18at o great business businessagencies C CagencIes 1
agencies usually corporate In form formExperIence formExperience
Experience has shown stfW conclusively that thatIt thatIt tha t tIt t
It Is useless uselc s to try to get any adequate adequateregulation adequateregulation adequatiregulation 1
regulation and supervision of these thesegreat thesegreat thee B Bgreat 5
great corporations by by State State action
Such regulation and supervision can canonly canonl cai I Ionly j
only onl be b effectively exercised by a sover sovereign soveroln soveralga ¬
alga whose wbo e jurisdiction is coextensive coextenslvowith a J
with tile field of work of the corpora ¬
tions tionsthat that is by the National Govern Government Government j
ment I believe that this regulation and andsupervision and8upenIsion ani i isupervision
supervision can be beobtaJned obtained by the en enactment enactment ¬
actment of law by b the Congress CongressOur CongressOur CongressOur ena a
Our steady aim should be by b legislation legislationcautiously legislationcautiously legislationcautiously
cautiously and carefully undertaken
but resolutely rc olutely persevered in to assert 3SJ asser rt I
the sovereignty of o tho National COy Government GO GOrnment COyCrnment ¬
ernment by affirmative action actionA acUonA actionA
A Restoration in Substance SubstanceThis SubStanceThis SubitanceThis
This is only in form an Innovation InnovationIn I IIn
In substance it is merely merela a restoration restorationfor ratorationfor storatlon storatlonfor
for from the earliest time such s lch regula regulation regulaton regulation ¬
tion of industrial activities has been beenrecognized beenrecosnlZed hoe n nrecognized 1
recognized In the action of the law lawmaking lawmnllng la lamaking
making bodies and all that I propose proposeis n nis e
I is to meet the changed conditions In Insuch insuch I n nsuch i
such manner as ac will prevent the Com Commonwealth Commonwealth I Iinonwealth ¬
monwealth abdicating the power it has hasalways hoc hocalwnys ho hoalways 5
always possessed not only In this coun country countrJ coustry ¬
try but also in England Ensl nd before and since slncothis sinc sincthis 0
this country became a separate nation nationIt nationIt nationhas
It has been a misfortune m Cortune that fcha fchanational thoAtlonal 11 10 10natlonal Q
national laws on this subject have hith hitherto hlthorto blUorto ¬
orto been of a negative or prohibitive prohIbitI Pc e
rather than an affirmative kind and andstill andsUll andstill
still more that they have in part sought soughtto soughtto
to prohibit what could not be nffocUvcly nffocUvclyprohibited tffocUvclyprohlblted tfoctIvcliprohibited
prohibited and have In part In their theirprohibitions theirprohibitions thel thelprohihitionsconfounded
prohibitions prohihitionsconfounded confounded what should bo boallowed boallowed beallowed
allowed and what should not be al allowed allowed allowed ¬
lowed it is generally g DeraU useless to try to toprohibit toprohibit toprohibit
prohibit all restraint on competition competitionwhether competitionwhether competitionwhether
whether this re4tralnt be reasonable rea onable or orunreasonable orunreasonable orunreasonable
unreasonable and where It is not use useless US8lese useless ¬
less it is generally genr ly hurtful The Thesuccessful Thesuccesstul Thesuccessful
successful prosecution of ono device td tdevade t tovade toevade
evade tho law Immedl Immediately tolY develops an another Another another ¬
other device to accomplish the same samepurpose 6 samepUrpse me mepurpse
purpse purposeWhat purpseVhat pUrpseWhat
What is needed is not weeping pro prohibition prohIbition prohibitlon ¬
hibition of every arrangement good or orbad orbad orbad
bad which hlch may tend to restrict restrict comp comptltlon com comtlUon cometition
tltlon but such adequate supervision supervisionand supervisionand
and regulation as will prevent tany any re restriction restrIction restrlction ¬
striction of competition from being to toth tothA to1km
th thA detriment of the public as well as assuch a asu assuch
such su h supervision and regulation as will willprevent willrQvent willpruvent
prevent other abuses in no way con connected connected Connocted ¬
nected with restriction of competition competitionI
I have called your attention In these thesequotations thesoquotations thesequotations
quotations to what I have already alroBd said saidbocMiAe saidblcrUM saidbecfue
bocMiAe I am satisfied that it is the duty dutyof dut dutor dutyof
of the National Na 1Inal Government to embody embodyIn
In action tho principles thus expressed expressedNo expreseedNo expressedNo
No light to Wrong Others OthersNo OthersNo
No small part of the trouble that we wehave wehave wehave
have comes from carrying to an ex extreme extreme cxtrerne ¬
treme the national virtue of solfro solfroliancc 8oltrellance selfreilance
liancc ot independence in Initiative Inltlat Ive and andaction andIt andaction
action It is wise wlHto to conserve conser tMs vir virtue vlrluE virtue ¬
tue and to provide for its fullest exer exercise 6X8Ido exoreho ¬
cise compatible comp l1ble with seeing solngthat that liberty libertydoes UbertydoGS libertydoes
does not become a liberty Jlbort to wrong wrongothers wrongothers wrongothers
others Unfortunately this Is the kind kindof kindor kindof
of liberty that the lack of all effective effectiveregulation etccUveregulation effectIveregulation
regulation inevitably breeds The bun founders toundor bundorp ¬
ders dor dorp of the Constitution provided that thatthe thBtthe thatthe
the National Government should have havecomplete havocomplete havecomplete
complete and sole control of interstate interstatecommerce IntenJttecommerce Interstatecommerce
commerce There was then practically practicallyno pracUcaUno
no no interstate business save such as was wasconducted wa waconducted wasconducted I
conducted by water and this the Na National NaI National ¬
I tional Government at once proceeded to toregulate toI toregulate
regulate in thoroughgoing and effective etreotlvefashion effectivefashion
I fashion Conditions Cond tlon8 have now so o whol wholly wbolI wholly ¬
ly changed that the interstate commerce commerceby commerceby commerceby
by waer fI er is insignificant compared with withthe wIththe withthe
the amount that goes by land and al almost almost almost ¬
most all big business buslne concirns conCl rn are now nowengrged nowengrged nowengtged
engrged in interstate commerce commerceAx commerceAs commerccAx
Ax a result it can tie but partially partiallyard p partiallyad rtlalI rtlalIa
ard a d imperfectly htt rectly controlled or regulated regulatedby regulatedI regulatCdby
by I the action of any one of the several severalStnas severalStJI coversIStsaa
Stnas StJI t Sf > such action inevitably tending tendingto tndn tndnto tandinto
to be either too drastic or else tuo lax laxand l laxand x xand
and in either case ca ineffective Inetr < < > cUve for pur purposes purP08eIJ perposes ¬
poses of justice Only the National NationalGovernment NationalGovt NationalGovernment
Government Govt < rnment can in thoroughgoing thorou bgolng lash fashion fShio lashbc ¬
ion io 1 exeriiee exar H the needed need control This Thisdoes Thisd Thisdoes
does d s not mean n that there tb re should be any anyextension aD aDextltWoU anyexteneon
extension of Federal authoritv for or such suchauthority suehautboclty suchauthority
authority already exists under the Con Constitution CcmsUtuUoo Cuitstitution ¬
stitution n t amplest and most far farreaching ftPr farreaching
reaching r hlnS form but it does mean that thatthere tItI thaithere
there should be an extension exten ion of Federal Federalactivity Federali Federalaeti
activity activityThis uUIt uUItThl aeti Ity ItyThis
This Thl la nt advocating centralization centralizationIt
It Is merely looking facts in n the face faceand tacea faceand
and a realizing thAt centralization ntntJiZ4t1on in busi business butOlIHJII8 busine ¬
ness ne has ha already come and cannot be beavoided beavoided beavoided
avoided or undone and that the pubHc pubHcat pubHcat publicat
at large can only protect Itself from fromcertain frunicrtaln rlAIl rlAIlI
I certain evil effects of thin tht business bu ln8811 cen centralization CeftI centrdizatlon ¬
I tralization by providing tetter methods methodsfcr m methodsfor tbu48 tbu48ter
for the 1t > exercise of controi through the theauthority th thauthority theauthority
authority iready ready centralized in the Na National SaHOnAl Nattonai ¬
tional Govtmment GOV ment by he Constitution Constitutionlitielf ContltutkHtItHt Constitutiueiitne1f
litielf ItHt = lt There must be ix J io > halt in the thehbalthy thehttdlth thehalthy
hbalthy httdlth constructive course of action actionwhich actionwhich actiosiwhich
which this nation has elected to pur pursue purpue perzue ¬
sue and hrii steadily pursued during duringthe durin durinthe durIhthe
the last six Ix years an shown both in the thelegislation thelec1tJaUon thelegIsiatOn
legislation of the Congress and the ad administration IIdmlnllratlon edminIstration ¬
ministration of the law la by the Dapit Dapitniez l lmal tmczt
niez mal > t of Justice JusticeNational JuU JusticeNational e eNational
National Railway Incorporation IncorporationThe IncorporationThe
The most vital need is in connection connectionwith connectionwith connectiorwith
with the railroads As to these in my myjudgment m
judgment j there should now be either eitherationai a anational anational L
national n incorporation ac aror acnr tra r a law lawi lawlicensing la laicensing
licensing l railway companies companiesin companies companiesin i
in interstate commerce upon upononditions c cconditions ce ceconditions
conditions c The law should be so f fram framed framd ram ramed
ed e d as to give to the Interstate Com Commerce Commerce Commerce ¬
merce Commission power to pass upon uponthe uponthe uporthe
the future issue gsue of securities while whileample whileaLple whiliLlple
ample a Llple means should be provided to en enable enable enble ¬
able a ble the commission whenever in its itsjudgment itsjudgment it itudgment
judgment judgment j it is necessary to make a aphysical aphysical i
physical p hysical valuation of any railroad As AsI A Astated I
I stated in my message to the Congress Congressa
a year ago railroads should be given givenpower givenpower give givepower 1
power to enter into agreements subject subjectto subjecto
to t o these agreements agree ents being made public publicin publicin publiLn
in i n minute detail and to the consent of ofthe ofthe ofthe
the Interstate Commerce Commission Commissionbeing Commissionbeing
being first obtained obtainedUntil obIDnedUntIl obtainedUntil
Until the National atlonal Government Gov rnment as assumes assUmes
sun sumes es proper control of interstate interstatecommerce Inter3tntecommerce interstatecommerce
commerce in the exercise of tho author authority authorIt authorty ¬
ity It i ty it already lread possesses J > OS 088e it will be impos impossible Impasslblo Impossiblo ¬
sible either to give to or to get from rromho fromhe
tho t ho railroads full Justice The railroads raIJro railroadsand ds dsand
and all other threat reat corporations will do dowell dowoll dowell
well to recognize that this control must mustcctsie mustC mustcCie
cctsie C l the only question QU ltlVn is as to what whatgovernmental whatgovernmental whatgovernmental
governmental body can most wisely wiselyexercise wIsel wIselcxerclse wIselyexercise
exercise It The courts will determine dotermlnethe determinethe
the limitp within which the Federal au authority authority authority ¬
thority can exercise it and there th ro will willstili willstill
stilt remain ample work within each eachState oachState eachState
State for the railway commission of ofthat orthat ofthat
that State and the National Interstate InterstateCommorce InterstateCommerce
Commerce Commission will work ork in har harmony barmony
mony with the several State coramls commlsshms commissions
slons each within its own province to toachieve toachieve toachieve
achieve the desired end endMoreover endMoreover endMoreover
Moreover in my judgment there there8hold thereshold
should be additional legislation looking lookingto i
to tze t le proper control of the groat busl business buslness I
ness concerns engaged in interstate Interstatebusiness interstatebusiness
business this control to be exercised for tortheir fortheir
their own benefit and prosperity no loss lossthan lessthan
than for the protection prot cUon of investors and andof andof andof
of the general public As I have repeat repeatedly repeatedly
edly said in messages IpeS ges to the Congress Congressand Congressand Congressand
and elsewhere experience has definitely definitelyshown dofinltolyshown definitelyshown
shown not merely the unwisdom but butthe buttho butthe
the futility ot < r endeavoring to put a stop stopto stopto stopto
to all business combinations combinationsModern combinationsModern combinationsModern
Modern industrial conditions are such suchthat suchthat
that combination is not only necessary necessarybut necessarybut necessarybut
but inevitable It is so in the world worldot worldotbuslncss of ofbusiness ofbusiness
business just as it is so in the world worldof worldof orld orldof
of labor and it Is as idle to ilaslro to toput toput toput
put an end to all corporations to all allbig allbig anbig
big combinations of capital as to desire desireto desireto desireto
to put an end to combinations of labor laborCorporation JaborCorpornUonand laborCorporation
Corporation CorpornUonand and labor union alike have havecome havecome
come to stay tay Each if properly man managed managed ¬
aged 1 od is a n source of good and not evIL evlLWhenever evILVhenever evilWhenever
Whenever in either lther there is evil 11 it Itshould itshould
should be promptly held to account accoU1tbut accoU1tbutit but butit
it should receive hearty encouragement encouragementso
so long as It is 1 properly managed manaJedWanh managedWants
Wants Enforceable Laws LawsIt LawsIt
It Is profoundly Immoral to put putor putorkeep or orkeep orkeep
keep < on the statute books a law nom nomlnaUy nominally
inally in the interest of public publlcmorallty publlcmoralltythnt morality moralitythat moralitythat
that really reaUyputs puts a A premium upon public pUblicImmorality publicimmorality
Immorality by Q undertaking to forbid tot > Id
The Presidents recommendations in his message messageare mess messageare e eare
Federal supervision and license for corporations corporationsFederal corporationsFederal corporationsFederal
Federal supervision of the th issuing of railway secu securities securities securities ¬
rities and the legalizing of pooling po ling agreements agreementsAmendments agreementsAmendments agreementsAmendments
Amendments to the antitrust laws to prohibit com combinations cornbinations ¬
binations that do harm harmExecutive harmExecutive harmExecutive
Executive power to suspend licenses of corporations corporationsengaged corporationsengaged corporationsengaged
engaged in interstate business in order to avoid the de delays delays delays ¬
lays of legal proceedings proceedingsPublicity proceedingsPublicity proceedingsPublicity
Publicity in all corporation matters affecting the thepublic theublic thepublic
public publicImmediate ublic
a aImmediate I IImmediaoo
Immediate attention to the currency question questionRevision questionRevision questionRevision
Revision of the tariff after Presidential election electionTax electionTax electionTax
Tax on incomes and inheritances inheritancesLimit inheritancesLimit inheritancesLimit
Limit to the abuse of injunctions injunctionsSteps injunctionsSteps injunctionsSteps
Steps to stop loss of life on o railways railwaysCompensation railwaysCompensation railwaysCompensation
Compensation to workmen injured while working
in Federal yards and factories factoriesExtension factoriesExtension factoriesExtension
Extension of eighthour law to work done under undercontract undercontract undercontract
contract contractI contractMeans
1 Means for forinvestigating investigating labor disputes in hope of ofavoiding ofvoiding ofavoiding
avoiding strikes strikesLaws strikesLaws strikesLaws
Laws to reguate the employment of women and andchildren andchildren andchildren
children childrenFederal childrenFederal childrenFederal
Federal inspection and grading gradingof of grain grainDeep grainDeep I
Deep waterway from Great Lakes to the Gulf with withfeeders withfeeders I
feeders East and West WestLaws WestLaws WestLaws
Laws to give the public lands to the homeseeker homeseekerand ho homeseekerand eseeker eseekerand
and keep them from falling into into the hands of land landgrabbers landgrabbers landgrabbers
grabbers grabbersProtection grabbersProtection grabbersProtection
Protection of forests and admission of forest prod products pr products d ducts ¬
ucts especially wood pulp > uIp free of duty dutyLocks dutyLocks dutyLocks
Locks 120 feet wide in the Panama Pan JJ1a Canal CanalEstablishment CanalEstablishment CanalEstablisiment
Establishment of postal pos al savings banks bank and exten extension exten extension xten xtension ¬
sion of parcels post postSome postSome postSome
Some form of selfgovernment for Alaska AlaskaEstablishment AlaskaEstablishment AlaskaEstablishment
Establishment of a bureau of mines under the Sec Secretary Secretary Secretary ¬
retary of the Interior InteriorAppropriation InteriorAppropriation InteriorAppropriation
Appropriation of funds to keep up Andrew Jack Jacksons Jacksons Jacksons ¬
sons home the Hermitage HermitageIncreasing HermitageIncreasing
Increasing interest in the work for the public health healthCampaign healthCampaign
Campaign contribution from National treasury treasuryA treasuryA
i A national gallery of art in Washington Washingtonti i
ti oJ 7 Larger appropriations for the Biological Survey SurveyExtension SurveyExtension
Extension of ocean mail act of 1891 1891More 1891More 1891More
More pay for officers and men in army and navy
with increased incre sed pay in each service serviceProvision serviceProvision serviceProvision
Provision for f r the building of of four battleships this thisyear thisyear thisyear
year a aAcceptance
Acceptance of Japanese invitation to join the inter international international international ¬
national exhibition
honest onest men from dons what must be bedone bedone bedone
done under modern business conditions conditionsso coAdltJorao
so that the law itself provides that Us Usown Usown itsOwn
own infraction must be the condition conditionprecedent condltlnprecedent conditionprecedent
precedent upon business success sucee e To aim aimat 81mat mmat
at the accomplishment of too much muchusually muchusuntly muchusually
usually means me ns the accomplishment acoompll hment of oftoo ortoo oftoo
too little and often the doing of positive positivedamage poeItlved positivedamage
damage d ma go In my message Jne Mge to the Con Congress Congress Congross ¬
gress a year ear ago in speaking of the theantitrust tkeantitrust theant1trust
antitrust Jaws I said saidThe aidThe sakiThe
The actual working of our laws 1 s has hasshown h hasshown a6 a6shown
shown that th t the effort to prohibit all allcombination allcombination allcombination
combination good or bad is noxious noxiouswhere noxiouswhero noxiouswhere
where it is not ineffective Combina Combination Co Combination mbln mblntlon ¬
tion of capital like combination of la labor labor laher ¬
bor is a necessary nec S 1 element el ment in our pres present petSent present ¬
ent Industrial system It is not pos possible J peesible > < t5 t5sible ¬
sible completely to prevent it and if it itwere Itwere itwere
were possible such complete prevention preventionwould preventionwould preventionwould
would do damage to the body politic polittelIat politicl
W l hat we need is not vainly valnl to try to toprevent toprevent toprevent
prevent all combination but to secure securesuch 8Ci1re 8Ci1resuch seczresuch
such rigorous and adequate control and andsvpcrvision andstpervlslon andsrpervision
svpcrvision of the comblantions as to topreent toprevent
prevent their injuring the public or ex exIsting oxisting
Isting in such forms as Inevitably Ineof abl to tothreaten tothreaten tothreaten
threaten injury injuryIt InjuryIt a aIt
It is unfortunate that our present presentlaws presentlaws prescntlaws
laws should forbid all combinations in instead Instead instead ¬
stead of sharply discriminating between betweenthese betwcenthese betweenthese
these combinations which do good and andthose andthoso andthose
those combinations which do good and andOften andOUon andS
S S Often railroads would ould like to com combine combine cornbiu ¬
bine biu for the purpose of preventing a abig 8 8big abig
big shipper from maintaining improper improperadvantages Improperadvnntages Improperadvantages
advantages at the expense of small smallshippers smallshippers smallshippers
shippers and of the general public Such Sucha
a combination Instead of being forbidden forbiddenby forbiddenby forbiddenby
by law should sh uld be favored favoredIt favoredIt a a a aIt
It 13 Isa a public evil to havo on the thestatute thestatute thestatute
statute books a law incapable of full fullenforcement fullenforcement fullenforcement
enforcement because both judges and andjuries andjuries andjuries
juries realize that its full enforcement enforcementwould enforcementwould enforcementwould
would destroy desteo the business of the coun country country country ¬
try for the result is to make decent decentmen deccnlmen decentmen
men violators vlolatorso of the law against agalu t their theirwill theirwUl theirwill
will and to put a premium on the be behavior behavIor bebaylor ¬
havior of the willful wrongdoers Such Sucha
a result In turn tends to throw the thedecent thedtcent thedecent
decent man and the tl1 willful 1I1tul wrongdoer wrongdoerInto wrongdoerInto wrongdoerinto
Into close association and in the end to todrag todra todrag
drag dra down the former f rmer to the latters tatterslevel latterslevel latterslevel
level for fo the man who becomes a a law lawbreaker lawbreaker lawbreaker ¬
breaker in one way unhappily tends to tolose tolose tolose
lose all respect for law la and to be willing willingto willingto
to break it In many ways waysNo waysNo WaS WaSNo
No more scathing condemnation could couldbe couldbe couldbe
be visited upon a 8 law than is contained containedin L Lin
in the words of the Interstate Com Commerce Commcrc Cornmerci
merci mcrc Commission when in commenting commentingupon coqtmonUngupon commentingupon
upon the fact ct that the numerous Joint
traffic associations a do technically tee nkall vie 10 ¬
late tb the law they say sayThe H HTh saa
a The Th decision of the United States
Supreme Court in the t e TransMissouri TransMissouricese
cese ce nn snM the Joint Traffic Association Associationcase A860clatloncase Associationcase
case has h hasaproduce produced produe no practical effect effectupon effectupon effectupon
upon the hLllwa railway oper Ions of orthe the coun country country ¬
try Such associations in fact exist existnow existnow existnow
now as they the did before be m these decisions
and with the same general effect In
justice to all parties we ought prob ¬
ably to add that it is difficult to see
how ho our interstate railways r lwas could be
operated with due regain regad to the inter ¬
est of the shipper and the railway
without concerted action of the kind L
afforded through these associations associationsMust associations1Jfust assoCiationsbrust
Must Break This Law LawThis LawThis LawThis
This means me ns that the law as a con construed construed construed ¬
strued by b the Supreme Court Is such suchthat suchthat suchthat
that the business of the country counlI can connot cannot cannot
i not he conducted without breaking it itAs itAs
As I have elsewhere said saidAll MidAll
All this is substantially what I have havesaid hav havsal4 havvsai4 I
said over and over again Surely Sural it itought Itought ii iiought
ought not to be necesary to say that thatit thatIt thaiIt
it in no shape or way represents any an anhostility
hostility hostUlt to corporations as such On Onthe Onthe Oiithe
the contrary it itmoans means a frank recogni recognition recognlth recognitien ¬
tion th of tae fact that
n combinations of ofcapital Crcapital o ocapital
capital like combinations comblm tlons of labor arc arca arcIl arca
a a natural result re ult of modern conditions conditionsand conditionsaoo I Iand
and of our national development As Asfar Asfar A I Ifar
far as in my m ability ablllt hoe my mo endeavor is isand isand h I Iand
and will be to prevent abuso of power powerby powerby powexby
by either and to favor both so long longas longas lontas
as they do well wellThe weUThe wellThe
The aim of the National Government GovernmentIs
Is quite as much txj t favor and pro protect prottct protect ¬
tect honest corporations honest business businessmen businessmen I Imen
men of wealth as tt t < > bring to justice justicethose justicethose justicethose
those individuals IndlvIdu Js and Z0a corporations corporations rep representing representing representing ¬
resenting dishonest methods Most cer certalnly certainly certainly
tainly there will be TO relaxation by bythe bythe b3 b3the
the Government authorities in the effort effortto etrortto I Ito
to get at any great railroad wrecker wreckerany wrockerany wreckerany
any man who by clever swindling de devices deylc dcvices ¬
vices ylc s robs investors oppresses wage wageworkers wageworkers age ageWorkers
workers und does oes Injustice to the gen general gencral genoral ¬
oral publieT publt publtd But Bu any such movo as s this thisIs tltlsIs thI 3 3is
Is in the interest inter st of honest railway op operators operAtors oporators ¬
erators ot honest corporations and of ofthose orI o C Cthose
those thos who when wl1e they Invest their small smallsavings smtlJEavlngs sinaI sinaIsavings
savings in stocks and an bonds wish tel bo boassured buassured b bassured
I assured that there will represent money mone monehon06tly monchonestly
honestly expended for legitimate bust business bustnOS8 bustfloss ¬
ness purposes purposesTo purpoi purpobesTo > es esTo >
To confer upon the th National Gov GO GOt GOt ¬
ernment the power for which I ask askwould 8J5kwould askwould
would be a a check upon over capitali capitalization capitalization capitallZstlOn ¬
zation and Upon the clever gamblers gamblerswho gamblerwho gamblerswho
who benefit by overcapitalization But Butit Butit ButIt
it alone would ould mean me n an Increase in inthe Inthe inthe
the value an increase Incro8J in the safety saf ty or orthe orth otthe
the th stocks nd > 1d bonds of lawabldtugv lawabldtugvhonestly lawabldt lawabidinghonestly S Shonestly
honestly managed railroads = and would wouldrender wCluldrcnder wouldrender
render it far easier to market their se securities securities cccurlties ¬
curities I believe in proper prop < r publicity publicityThere publicityThare
There ban h ha been complaint of some oi oithe o othe oetue
the investigations recently carried c rrled on onbut onbut onbut
but those Mho die ho complain should put the theblame theblame
blame where it belongs belongsupon upon the t e mis misSeeds mlseeds mL mLieeds
Seeds eeds which are done la darkness d rkne and androt andrIot andnot
rot upon the investigations Inv 5Uptl018 which
brought thorn to light lightMerely lightMer lightMeraly
Merely Mer ly Turned on Light LightT Li ht htT
T 10 e Administration is responsible for forturning torturnIng forturning
turning on the light but it is not notresponsible notresponlbl notresponsible
responsible for what the light showed showedI
I ask tor full power to be given the theFederal theFedoral theFederal
Federal Government because no single singUState slngl slnglState singleState
State can by legislation effectually cope copewith copetth copewith
with tth these powerful corporations en engaged engaged engaged ¬
gaged in interstate commerce and andwhile andwhlle andwblie
while doing them full justice exact from fromthem frolnth1m fromthorn
them in return full justice jU8tk to others othersThe ot1terThe othesThe
The conditions of railroad activity the Uiecondition UlecondlUonro thecendittone
condition of our ImVteos Im en interstate interstatecommerce Interstatecommerc iMerstatecommerce
commerce are such as a to make the theCentral theCentral theCentral
Central Government alone 1009 competent competentto
to exercise exercse full supervision and control controlThe eontrolThe controlThe
The grave abuses in individual oases oasesof GH GHot easesof
of railroad management in the past rep represent repres rapresent ¬
resent res nt wrongs not merely to the general generalpublic generalpublic generalpublic
public bvt above all wrongs to fair fairdealing talrdaallng fairdealing
dealing aid honest corporations and andmen aodmen andmen
men of crMtUn mlth because be < ause they excite a apopular apopular apopular
popular anger and distrust which from fromthe rromthe fromthe
the very VOl nature of 0 the case tends to toinclude toInclude toinclude
include in the sweep of its resentment resentmentgood resentmentgood
good and bad alike From the standpoint standpointof I
of the public I can not too earnestly earnestlysty e rnesUy rnesUyJy
sty Jy that as soon as the natural7 natural7and natural and andproper andproper andproper
proper resentment arou arousd d by these theseabuses theseabuses theseabuses
abuses becomes indiscriminate and un unthinking unttIDklng enthinking ¬
thinking It also becomes not merely un unwise un1ise enwise ¬
wise and unfair but calculated to de defeat deteat defeat ¬
feat the very ends which those feeling
it have In view viewThere ViewThere viewThere
There bas been plenty of dishonest dishonestwork dishon dishonestwork t
work by corporations in the past There Therewill Therewill Therewill j I
will not be the he slightest letup in the thee1fort theeffort i ieffort i
effort to hunt down and punish every everydishonest everydishonest j
dishonest man But the bulk of ouri ouribusiness our ourbusiness
business is honestly done In the nat natural natural I I
I ural indignation the people feel over overthe overthe overthe j
the dishonesty shonesty it is all essential sen al that thatthey thatthey
they should net lose their heads and get getdrawn getdrawn I
drawn into an indiscriminate raid
upon uponall Upclall upcnall
all corporations all people of wealth wealthwhether wealthwhether
whether they do well or ill Out of ofany ofany ofany I
any such wild movement movement geed will not notcome netcome
come cannot come and never has hascome I Icome
come I
On the contrary the sorest way to toinvite tolavJte
I invite reaction is to follow the lead of oretther
either demagogue or visionary v donary in a
sweeping assault upon property propert values alues
and upon public ublle confidence eon denee which whiehwould would
fZk 1 k incalculable damage in the best OOslodd
ea8 z4 world odd and would ouId produce such MlC dl dlskm clu
tru trust l Q of the agUatpra that In the renal
Mon the distrust would extend to hon boacot ¬
est men who bo in sincere and sane Rite fash ash ¬
ion are trying to remedy the evils evilsForbid 8V1l5Forbi evilsForbid
Forbid Forbi Only Bad Trusts TrustsTh TrustsTh Trustsml
Th antitrust law Ja w should not be re repealed repealEHI repealed ¬
pealed but it should be made both bothmore bothmoMa
more efficient and more In harmony harmonywith harJnORYwith
with actual conditions It should be so soamended soam
am amee amended 6d as to forbid only tbe kind of ofcombination ofC ofcombination
C combination lDbtatJon which hIch does 4o s harm to tbe tbegeneral tbegenerl thegener1
general public 1Ml1 Uc such amendment to be beaccompanied beaccompanied beaccompanied
accompanied by or 0 to be an incident incidentof incl Incidentof < < lent lentot
of a grant of supervisory power to the t11 t11ovenunent
Government ovenunent over ver these th biff concern en engaged 00gagM ¬
gaged in interstate business This should
be b accompanied 3cc mpanled by provision for the thecompulsory th thcompulso thaicompulsory
compulso compulsory publication of accounts and
the subjection of books and papers to
the inspection of the Government offi ¬
cials A beginning has already alread been
made for such supervision by the estab
Itehment of o the Bureau of Corporations CorporationExecutive Corporationsxecutive CorporationsIxecutive
Executive Needs More Power PowerThe PowerThe PowerTue
The antitrust law should not prohibit prohibitcombinations prohibitoombhatlO prohibItcombliatiun
combinations that do no injustice to
the sbe public sun ili lass those the existence existenceof existenceof
of wjlch lch is on thewhokt the WMM of benefit to
the t e public ubUc But even eV n if this feature d f
the law we i abolished there would wouldremain wouldresnah WOUldremaLl
remain as en n equally objectionable o jtctJona 1o
feature the daflculty d culq and Dd delay
now in incident n ncidont 1 1cdent ¬
cident to its enforcement The The Govern Government Government Government ¬
ment must now submit to irksome and andrepeated andrePNLtM andrepeated
repeated delay before obtaining oba nlng a a final ftnadclston
decision of the lb courts upon proceed J proceedings > lOCeed lOCeedIns ¬
ings instituted and ever ee a favorable
decree may ma mean an empty empt victory Ictory
Moreover tc attempt to control these thesecorporations th05ecorporations thesecorporations
corporations by D oy lawsuits means to im impose Impose impose ¬
pose upon both the Department of Jus Justice JusUce Justics ¬
tics and the courts an impossible bur ¬
den d n it Is not feasible to carry on more morethan morethan
than a limited number numb r of such suits suitsSuch 3ultsSueh suitsSuch
Such a a law 1tLw to be really Nan effective must mustof mustcf mustof
of course be administered admln ttld by an execu executive exccutle executive ¬
tive body and not merely merel by b means oC oravsulls ofIawsutls
lawsuits The design deslG should be to pre prevent prevent pccvent ¬
vent the abuses incident to the crea creation creatt creation ¬
tion tt n of unhealthy and improper combi combinations combinations ooinbtnations ¬
nations instead nsto d of wa1Un waiting until they
are in exstence and then attempting
to destroy d 8tro them by civil or criminal
proceedings proceedingsA
A A combination should not be tolerated
If It abuse the power I pow r acquired by b com ¬
bination to the public detriment No Nocorporation Nocorporation Nocorporation
corporation or association of any kind kindshould kIndshould kindshould
should be permitted to engage in for foreign forcign ¬
eign or interstate commerce that I liII l
formed for the purpose of or whose
operations create a monopoly or gen general general genoral ¬
eral control of the production sale or or
distribution of any anyone one or more of the theprbne theprimo theprime
prime necessities 1teccs ltI of life or articles of ofgeneral otgenornl ofgeneral
general use and necessity necesslt Such com CO 1 ¬
binations are against public policy
they violate the common law the doors doorsof doorsof doorsof
of the he courts are closed to those who whoarc whoar whoare
arc ar parties to them and I believe the
Congress can close the channels of
interstate commerce against them
The law should make mak its prohibitions prohibItionsand
and permissions as clear and definite definiteas definltoas
as possible leaving the least possible possibleroom pOfitbloroom possibleroom
room for arbitrary action or allegation allegationof
of such action on the part Brt allegationI of the I
Executive or of divergent interpreta IntupretatlOJ13 ¬
tions by b the th > courts Among the points pointsto pointsto pointsto
to be aimed ct should be the prohibi prohibition ¬
tion of unhealthy competition such as asby as asby
by rendering ronderln service at in actual loss lossfor 1081for lossfor
for the purpose of crushing out com competition comJetlUon corngetitton ¬
petition the prevention of inflation of ofcapital orcapital ofcapital
capital and the prohibition of a cor corporations corporatlons corporations ¬
porations making exclusive trade with withItself withItse withItself
Itself Itse a condition of having any trade tradewith I
with Itself Reasonable agreements be 00te between J 1
tween te n cr combinations of corporations corporationsshould corporatIonsshoult1 corporationsS1iIUId
should be permitted provided they are arefint ar arfint areflrrt
fint submitted to and approved by bysome bYsome bysome
some appropriate Government body bodyThe b6d b6dTh bbdyThe
The Th Congress Con s has the power to char charter charter charter ¬
ter corporations to engage in interstate interstateand interstateand interstateand
and foreign commerce and a general generallaw generallaw genera I Ilaw
law law can tan be enacted under the pro
I i 4 4Let II IILet
Let Government Pay Payi PayCampaIgn I
i Campaign Expenses ExpensesThere I IThere
There is a very radical measure measurewhich measurewhich measurewhich
which would I I believe work a asubstantial asubstantial asubstantial
substantial improvement in our oursystem oursystem oursystem
system of conducting a cam campaign campaign campaign ¬
paign although I am well aware awarethat awarethat awarethat
that it will take some time for forpeople forpeople or orpeople
people so to familiarize familia ze them themselves themselves themselves ¬
selves with such a proposal as to tobe tobe tobe
be willing to consider its adoption adoptionThe adoptionThe adoptionThe
The need for collecting large largecampaign largecampaign largecampaign
campaign funds would vanish if ifCongress ifCongress ifCongress
Congress provided an appropria appropriation approp appropriation a ation ¬
tion ample enough to meet the thenecessity thenecessity I Inecessity
necessity for thorough organiza organization organization organization ¬
tion and machinery which re requires requires requires ¬
quires a large expenditure of ofmoney ofmoney
money moneyThfcn moneyTln I I IT
Thfcn T n the stipulation should shouldbe shouldbe shouldbe
be made that no party receiving receivingcampaign receivingcampaign receivingcampaign
campaign funds from froIt the Treas Treasury Treasury Treasury ¬
ury should accent more than a afixed afixed afixed
fixed amount from any individual individualsubsc individualsubscriber I Isubscriber
subscriber subsc ber or donor and the thenecessary thenecessary thenecessary
necessary putyfcity pu icity for receipts receiptsand r receiptsand Ceipts Ceiptsand
and expenditures vcoukl cUkf without withoutdifficulty with withOutdiifxulty ut utdifikulty
difficulty be provided providedvisions providedvisions
visions of which existing corporations corporationscould corporationscould corporationscould
could take out Federal charters and new newFederal newFederal
Federal corporations coeld be created ereatedAn createdAn
An essential provision ef f such a law lawshould lawshould
should be a method of predetermining predeterminingby
by some Federal Fe eral board or commission commissionwhether commissionwhether
whether the applicant for a Federal Federalcharter Federalcharter
charter was an association or combina combination combination combination ¬
tion within the restrictions of the Fed Federal Federal Federal ¬
eral law Provision should also be bemade beJIlade bejuade
made for complete publicity in all aIl1IUt aIl1IUters mat matters matters ¬
ters ers affecting the public and complete completeprotection compJeteprotection completeprotection
protection to the investing public and andthe andthe andth
the th shareholders in the matter of is issuing issuing issuing ¬
suing corporate securities secu ties
If an incorporation law is not deemed deemeIadvisable deem deemadvtSflbl
advisable a a lfeen ieeftM e act for
MR bit Inter Interstate Irtertate rteI rteIttate ¬
state s tate corporations might be enacted enacte or ora I Icomblnntlon orcombination
a combination of the two m might ght b btried bo3J bo3Jtrled batried
tried The supervision establl he h he1 he1might < l lmight lmight
might be analogous to that now exer exercised exercised ¬
cised c fsed over er national banks At least the theantitrust tlleantitrust theantitrust
antitrust a aet ae t should be besupplemmtell besupplemmtellby supplemented supplementedby
by specific spee1 lo prohibitions lbUions of the methods methodswhich methodshlh methodswhich
which hlh experience has shown ibo J1 have jeeti jeetiof icetiof ee11 ee11I
of I most service in enabling monopolists monopolistscombinations monopoUsthcombtnaUOns monopolicticombinations
combinations to crush out competition
The real owners of a corporation should shouldbe shnl1dbe shculdbe
be compelled co ned to do business bustne s in in tiieir tiieirown tieirown tLeirwn
own o wn name The right to hold stock in inother Inother inther
other O ther corporations should hereafter hereterdenl b bdenied bdenied <
denied denl d to interstate corporations un Uness ¬
less l ess on approval by b the proper Govern Government GoIernment Got em emMont ¬
ment officials and a prerequisite to such suchapproval suchapproyal suchapproval
approval should be the listing with the theGovernment thaGovernmeat theGovernment
Government of all owners arid stock stockholders stockhoWers stockholders ¬
holders both by the corporation own owning ownIng ownag ¬
ing l ag such stock and by b the corporation corporationin
in I n which hld1 such stock is 1 owned ownedTo ownodTo ownedTo
To confer upon the National Govern Government Go Governmeat eonl eonlment ¬
ment In connection with the timment am a nd ndmcnt nlment
ment I advocate In the antitrust law lawpower lawpower lawpower
power of supervision over ove We bt big business businessconcerns buslnesconcerns businessconcerns
concerns engaged in interstate tl oem oemmerce < om ommerce > m mmerce
j merce would benefit bene them as as it has bene benefited benefited fnt fntfited > ¬
fited the national banks In the recent recentbusiness rpcentbusiness recentbusiness
business crisis crl ls it is noteworthy that thatthe tha thatthe t tthe
the Institutions which failed were In Ineltutions InsltuUons inaitutions
eltutions which were not under the su supervision 5Upen1slon supcrvlsion ¬
pervision and control of the National NationalGovernment NaUonalGovernment NationalGovernment
Government Those which were w re under undernational un undernatlenal r rnaUenal
national control stood the test testNational tel5tNational testNational
National control of the kind above aboveadvocated aooveadocated aboveadvocated
advocated would be to the benefit of ofevery o oeer ofevery
every eer wellmanaged railway From the thastandpoint thelltandpolnt thestandpoint
standpoint of the public there is n nror need needfor red redfor
for additional tracks additional termi terminals ternnals tern termasIs ¬
nals and improvements in the actual actualhandling actuall1andllng actualhandling
handling of the Ut railroads and all thfs thfsas ttt tttI tbcas
I as rapidly r1lpkll as possible Ample safe sae and andspeedy andspeedy tDtlspeedy
speedy transportation facilities are even evenmore eenmore areamore
more necessary than cheap transporta transportation transportaUaD transportation ¬
tion UaDI
I tionTherefore Therefore there th ro Is need for the in investment inestment in investment ¬
vestment of money which will provide providafor ptOld1tor providefor
for all these things while at the sam samtime samCme same sametime
time securing as far as is possible bet betemployes betIter bettee
tee wages and shorter hours for their theiremployes theiremployes
employes Therefore The ore while there must mustbe mustJust mustbe
be just and reasonable regulation of ofrates otrtes ofrates
rates we should be the first fl t to protest protestagainst protestagainst protestagainst
against any arbitrary and nd unthinking unthinkingicovcment unthinkingreoycment unthinkingmovement
movement to cut them down without withoutthe withoutthe withoutthe
the fullest tlne t and most careful consldera consideration conslderatJon conslderaton ¬
ton of all interests concerned and of ofthe orthe ofthe
the actual needs of the situation Only Onlya On1 On1a
a special lal body of men acting for the theNational theNational theNational
National Government under authority authorityconferred authorlt authorltconCerred authorityconferred
conferred upon It by the Congress Con s is iscompetent isc iscompetent
competent c < mpetent to pass Judgment on sucu sucua SUC sueia l la
a matter matterWhere matterere matterWhere
Where ere Supervision Worked Well WellThose WellThcse WellThose
Those who fear from any reason the theextension theeoxtenslon theextension
extension of Federal activity will do dowell d dwell dowell
well to study stud the history not only or orthe of ofthe 1 1the
the national natlo l banking act but of the thepurefood th thpurefood thopurefood
purefood law and notably the meat meatInspection meatInspection meatinspection
Inspection law recently recentl enacted n cted Tho Thopurefood Thopuref Thepurefood
purefood puref law was 3J opposed so violently violentlythat violentlythat lolentlythat
that its passage was delayed fo a adecade adecade a adecade
decade yet et it has worked unmixed uvj tuImmediate < l lImmedIate
Immediate good goodThe goodTho goodThe
The meat inspection In ctIon law was oven 6V6nmore 6V6nmoreIolentl more moreviolently moreviolently
violently Iolentl assailed and the same men menwho menwho menwho
who now denounce the attitude of th thNational thNational the theNational
National Government in necking to t over oversee ove ovesee oversee ¬
see and control the workings work1n of inter interstate Interstate Interstate ¬
state common carriers carrIers and business businessconcerns businessconcerns businesscOnCerflS
concerns then asserted that we were werediscrediting wer werdiscrediting warediscrediting
discrediting and ruining a great Ameri American America Amencatt ¬
can ca Industry Two years have nt ntelapsed ntelapsed a aelapsed
elapsed and already it has become evi evident eident et etdent ¬
dent that tho great benefit the law lawconfers lwoners lawconfers
confers oners upon the public is accompanied accompaniedy
by y an equal benefit to the reputable reputablepacking reputablePl10klng reputablepacking
packing establishments The latter are arebetter arlb arebetter
better b ttcr off under the law than they the wer werwithout were werewithout WeIttvo1thout
without It The benefit to interstate com common common cornmon ¬
mon carriers and business concerns concernsfrom concernsrrom concernsfront
from the legislation I advocate would be beequally beQually beequally
equally marked markedIncidentally markedIncl markedIncidentally
Incidentally Incl ental1 in the passage of the thepurefood theIurefood thepurefood
purefood law the actlonoC actlon ctloniot Of the various ar1ouat

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