The Edmond Sun (Edmond, Okla.), Vol. 19, No. 21, Ed. 1 Thursday, December 5, 1907 Page: 2 of 8
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THE PRESIDENT'S
IL
CAUSES OF THE PRESENT FINAN
CIAL CONDITIONS IS MADE
THE CHIEF TOPIC.
SUGGESTS REMEDIES FOR ILLS
vlded to enable th<- commission, when-
ever In Its Judgment It is necessary, to
make a physical valuation of any rail-
road. As I stated in my mosriije to the
congress a year ago, railroads should
be given power t«> enter Into agree-
ments. subject to these agreements be-
ing made public in minute detail and to
CONTROL OF CORPORATIONS AND
RAILROADS TO PREVENT
OVERCAPITALIZATION.
fore, while there must be Just and rea-
sonable regulation of rates,, we should be
the first to protest agilnst any arbitrary
and unthinking movement to cut them
down without the fullest and most care-
ful consideration of all interests con-
cerned and of the actual needs of the
situation. Only a special body of men
"The n' «'d for some provision for such
investigation was forcibly illustrated
during the past summer. A strike of
telegraph opt rators seriously Interfered
with telegraphic communication, caus-
ing great damage to business interests
and serious inconvenience to the gen-
eral public. Appeals were made to me
Believes This Would Solve the Prob-
lem Together with Provision for
More Elastic Currency—Recom-
mends Postal Banks and Asks for
Legislation Along Many Lines.
Washington, Dec. 3. — President
Roosevelt'B annual message to congress
Is a voluminous document of nearly
30,000 words, by far the longest mes-
sage ho has ever submitted to congress.
Tbe opening subject of the message la
the financial condition of the country,
and for which the president lays much
of the blame upon unscrupulous stock
speculators, and says:
"In any large body of men. however,
there are certain to be som«' who are
dishonest, and if the conditions are
such that these men prosper or com-
mit their misdeeds with Impunity, their
example is a very evil thing for the
community. Where thesp men are busi-
ness men of great sagacity and of tem-
perament both unscrupulous and reck-
less. and where the conditions are such
that they act without supervision or
control and at llrst without effective
check from public opinion, they delude
many innocent people Into making in-
vestments or embarking In kinds of
business that are really unsound.
When the misdeeds of these successful-
ly dishonest men are discovered, suf-
fering comes not only upon them, but
upon the Innocent men whom they
have misled It Is a painful awakening,
whoever it occurs; and, naturallyt
when It does occur thofco who suffer
are apt to forget that the longer it was
deferred tue more painful It would be.
In the efTort to punish the guilty it Is
both wise and proper to endeavor bo
far as possible to minimise the dis-
tress of those who have been misled by
the guilty. Yet it is not possible to
refrain because of such distress from
striving to put an end to the misdeeds
that are the ultimate causes of the Buf-
fering, and. as a means to this end.
where possible to punish those re-
sponsible for them. There may be hon-
est differences of opinion as to many
governmental policies; but surely there
can be no such differences aw to the
need of unflinching perseverance In the j
war against bu ^sBful dishonesty."
He quotes at length from his mes-
sage of la? * year in which he advo-
cated federal control of corporations
doing interstate business, and believes
that in such control would be found the
remedy for overcapitalization and
stock speculation which he believes
have brbught about the present finan-
cial conditions. He says:
"Our steady aim should be by legis-
lation, cautiously and carefully under
taken, but resolutely perse
assert the sovereignty of the national
government by affirmative actipn.
"This is only In form an innovation.
In substance it is merely a restoration;
for from the earliest time such regula-
tion of Industrial activities has been
recognized in the action of the law-
making bodies; and all that 1 propose
Is to meet the changed conditions in
such'manner as will prevent the com-
monwealth abdicating the power it has
always possessed, not only in this coun-
try. but also in England before and
sirtce this country became a separate
nation.
Federal Control of
Itullroada In Favored.
v "No small part of the trouble that wa
have comes from carrying to an ex-
treme the national virtue of self-re-
liance. of independence in initiative j foreign
and action. It is wise to cons, rve this i„. , n;l,
virtue and to provide for its fullest ex-
ercise, compatible with seeing that lib-
erty does not become a liberty to
wrong others. Unfortunately, this Is
the kind of liberty that the lack of all
effective regulation Inevitably breeds.
The founders of the constitution pro-
vided that the national government
should have complete and sole control
of interstate commerce. There was
then practically no interstate business
save such as was conducted by water,
and this the national government at
once proceeded to regulate In thorough-
going and effective fashion. Condi-
tions have now ao wholly changed that
the interstate commerce by water Is In-
significant compared with the amount
that goes by land, and almost all big
business concerns are now engaged in
Interstate commerce. As a result, it
can be but partially and Imperfectly
controlled or regulated by the action of
any one of the several states; such ac-
tion Inevitably tending to be either too
drastic or else too lax. and In either
case Ineffective for purposes of Justice.
Only the national government can In
thoroughgoing fashion exercise the
needed control. This does not mean
that there should be any extension of
federal authority, for such authority
already exists under the constitution In
amplest and most far-reaching form;
but it does mean that there should be
an extension of federal activity. This
la not advocating centralisation. It Is
merely looking facts In the face, and
realising that centralization In business
has already come and can not be avoid-
ed or undone, and that the public at
large can only protect Itself fr^m cer-
tain evil effects of ihls business cen-
tralization by providing better methods
for the exercise of control through the
authority already centralised In the
national government by the constitu-
tion itself. There must bo no halt in
the healthy constructive course of ac-
tion which this nation has elected to
pursue, and has steadily pursued, dur-
ing the last six years, as shown both in
the legislation of the congress and the
administration of the l^w by the de-
partment of Justice. The most vital
need is in connection with the railroads.
As to these, in my Judgment there
should now be either a national Incor-
poration act or a law licensing railway
companies to engage In interstate com-
merce upon certain conditions. The law
should be so framed as to give to the
Interstate commerce commission power
to pass upon the future Issue of securi-
ties, while ample means should be pro
the consent of the Interstate commerce
commission being first obtained. Until
the national government assumes
proper control of interstate commerce,
in the exercise of the authority it al-
ready possesses. It will be impossible
either to give to or to get from the
railroads full Justice. The railroads
and all other great corporations will
do well to recognise that this control
must come; the only question is as to
what governmental body can most
wisely exercise It. The courts will de-
termine the limits within which the
federal authority can exercise it. and
there will still remain ample work
within each state for the railway com-
mission of that state; and the national
Interstate commerce commission will
work in harmony with the several state
commissions, each within its own prov-
ince, to achieve the desired end.
Coutrol of InterMtnte
IIunIucmm Concern* Urged.
"Moreover, in my Judgment there should
be additional legislation looking to the
proper control of the great business con-
cerns engaged In Interstate business, tills
control to be exercised for their own
benefit and prosperity no less than for
the protection of Investors and of the
general public. As I have repeatedly
said in messages to congress and else-
where, experience has definitely shown
not merely the unwisdom but the futility
of endeavoring to put a stop to all busi-
ness combinations. Modern Industrial
conditions are such that combination is
not only necessary but inevitable. It is
so in the world of business Just as it is
so in the world of labor, und it is as idle
to de lre to put an end to all corpora-
tions, to all big combinations of capital,
as to desire to put an end to combina-
tions of labor. Corporation and labor
union alike have come to stay. Each if
properly managed is a source of good
and not evil. Whenever In either there
is evil, It should be promptly held to ac-
count; but it should receive hearty en-
couragement so long as It is properly
managed. It Is profoundly Immoral to
put or keep on the statute books a law,
nominally in the interest of public moral-
ity, that really puts a premium upon
public Immorality, by undertaking to
forbid honest men from doing what must
be done under modern business condi-
tions, bo that the law Itself provides that
Its own Infraction must bo the condition
precedent upon business success. To aim
at the accomplishment of too much usu-
ally means the accomplishment of too lit-
tle, and often the doing of positive dam-
age.
"The antitrust law should not be re
pealed: but It should be made both more
efficient and more In harmony with act-
ual conditions. It should be so amended
as to forbid only the kind of combination
which does harm to the general public,
such amendment to be accompanied by,
or to be an Incident of, a grant of su-
pervisory power to tho government over
these big corporations engaged In Inter
state business. This should be accom-
panied by provision for the compulsory
publication of accounts and the subji
Hon of books and papers to the lnsp«
tlon of the government officials. A I
ginning lias already been made for such
supervision by the establishment of the
bureau of corporations.
"Tbe antitrust law should not prohibit
combinations that do no Injustice to the
public, still less those the existence of
* which Is on the whole of benefit to the
) public. But even If tills feature of the
I law were abolished, there would remain
| as an equally objectionable feature the
I difficulty and delay now Incident to its
enforcement. The government must now
i submit to irksome and repeated delays
i before obtaining a final decision of the
in to ! courts upon proceedings Instituted, anil
even a favorable decree may mean an
empty victory. Moreover, to attempt to
control theso corporations by lawsuits
means to impose upon both the depart-
ment of Justice and the courts an im-
possible burden; it is not feasible to carry
on more than a limited number ot such
suits. Such a law to be really effective
must of course be administered by an
executive body, and not merely by means
of lawsuits. The design should be to
prevent the nbuses incident to the crea-
tion of unhealthy and Improper combina-
tions. instead of waiting until they are
in existence and then attempting to de-
stroy them by civil or criminal proceed-
ings.
Investing Public Should
lie Amply Safeguarded.
"The congress has the power to charter
corporations to engage in int- rstate and
mmerce, and a general law can
1 under the provisions of which
existing corporations could take out fed-
eral charters and new federal corpora-
tions could be created. An essential pro-
vision of such a law should be a method
of predetermining by some federal board
or commission whether the applicant for
a federal charter was an association or
combination within the restrictions of the
federal law. Provision should also be
made for complete publicity In all matters
affecting the public und complete protec-
tion to the investing public and the share-
holders in the matter of issuing corporate
securities. If an incorporation law is not
deemed advisable, a license act for big
Interstate corporations might be enacted;
or a combination of the two might be
tried. The supervision established might
be analogous to that now exercised over
national banks. At least, the antitrust
act should be supplemented by specific
prohibitions of the methods which ex-
perience has shown have been of most
service in enabling monopolistic combina-
tions to crush out competition. The real
owners of a corporation should be com-
pelled to do business in their own name.
The right to hold stock In other corpora-
tions should heareafter be dented to inter-
state corporations, unless on approval by
the proper government officials, and a
prerequisite to such approval should be
the listing with the government of all
owners and stockholders, both by ti*?
corporation owning such stock and by
the corporations In which such stock Is
owned.
'To confer upon the national govern-
ment, In connection with tho amendment
1 advocate In the antitrust law. power of
supervision over big business concerns
engaged In interstate commerce, would
benefit them as It has benefited the na-
tional banks. In the recent business
crisis it is noteworthy that the institu-
tions which failed were institutions
which were not under the supervision and
control of the national government.
Those which were under national con-
trol stood the test.
"National control of «b.. kind nhov* ad-
vocated vNwu'.d be to .the benefit of every
well-managed railway. From the st;usd-
point ot the public there is need for
acting for the national government tin- from many parts of the country, from
authority conferred upon It by the
congress Is competent to pass Judgment
on Buch a matter.
Greater I'luwt IHty In
Currency Im Irged.
The president quotes extensively fron
Ida last message In dcuiing with the d.
rect subject of currency legislation, and
says:
"I again urge on the congress the need
of immediate attention to this matter.
We need a greater elasticity in our cur-
rency; provided, of course, that we recog-
nize the even greater need of a safe and
secure currency. There must always be
the most rigid examination by the na-
tional authorities. Provision should be
made for an emergency currency. The
emergency is3Uo should, of course, be
made with an effective guaranty, and up-
on conditions carefully prescribed by the
government. Such emergency Issue must
be based on adequate securities approved
by the government, and must be issued
under a heavy tax. This would permit
currency being issued when the demand
for It was urgent, while securing its re-
tirement as the demand fell off. It is
ity councils, from boards of trade,
from chambers of commerce, and from
labor organizations, urging that steps
be taken to terminate the strike.
Everything that could with any pro-
priety be done by a representative of
the government was done without avail,
and for weeks the public stood by and
suffered without recourse of any kind.
Had the machinery existed and had
there been authority for compulsory
investigation of the dispute, the public
would have been placed in possession
of the merits of the controversy, and
public opinion would probably hav<
brought about prompt adjustment.
"It is idle to hold that without good
laws evils such «s child labor, as the
over-working of women, as the fail-
ure to protect employes from loss of
life or limb, can be effectively leached,
any more than the evils of rebates and
stock-watering can be reached without
good laws. To fail to stop these prac-
tices by legislation means to force
honest men into them, because other-
wise the dishonest who surely will
take advantage of them will have
everything their own way. If the states
ASK ANY
W O A A N
and she will tell you she cannot
have too much china for her table
AS A CHRISTMAS QIFT4 DINNER SET
worth Investigating to determine whether wm correct these evils, well and good;
officers and directors of national banks
should ever be allowed to loan to them- j
selves. Trust companies should be sub-
ject to the same supervision as banks;
legislation to this effect should be en-
acted for tho District of Columbia and
the territories.
"Yet we must also remember that even
the wisest legislation on the subject can
only accomplish a certain amount. No
legislation can by any possibility guar-
antee the business community against the
results of speculative folly any more than
It can guarantee an Individual against the
results of his extravagance. When an In-
dividual mortgages his house to buy an
automobile he invites disaster; and when
wealthy men, or men who pose as such,
or are unscrupulously or foolishly eager
to become such. Indulge In reckless spec-
ulation—especially if it is accompanied by
dishonesty—they Jeopardize not only their
own future but the future of all their In-
nocent fellow-cltlzens, for they expose
the whole business community to panic
and distress."
He advises against any general tariff
legislation this session of congress, and
says:
"In a country of such phenomenal
growth as ours It Is probably well that
every dozen years or so the tariff laws
should be carefully scrutinized so as to
see that no excessive or improper bene-
fits are conferred thereby, that proper
revenue Is provided, and that our
foreign trade is encouraged. There
must always be as a minimum
a tariff which will not only al-
low for the collection of an ample rev-
enue but which will at least make
good the difference In cost of production
here and abroad; that Is, the difference in
the labor cost here and abroad, for the
well-being of the wage-worker must ever
be a cardinal point of American policy.
The question should be approached pure-
ly from a business standpoint; both the
time and the manner of the change being
such as to arouse the minimum of agi-
tation and disturbance in the business
world, and to give the least play for
selfish and factional motives. The sole
consideration shoull be to see that th"
sum total of changes represent the pub-
lic good. This means that the subject
cannot with wisdom be dealt with In thr
year preceding a presidential election, be-
cause as a matter of fact experience has
conclusively shown that at such a time
it is impossible to get men to treat it from
the standpoint of the public good. In my j
judgment the wise time to deal with the j
matter is Immediately after such elec-
tion." ! ,
He asks for tho repeal of the tariff on
paper and wood pulp.
He reviews and enlarges upon his pre-
vious recommendations for the enact- i
ment of federal inheritance and Income
tax laws.
Attention Is called to the prosecution of
wealthy offenders against the national
laws, and in this connection he asks that
the laws under which these prosecutions i 1
are brought be strengthened and made i .
more definite.
! "
The I'ae and the
Abuse of Injunctions.
"Instances of abuse in the granting ot
Injunctions In labor disputes continue to
occur, and the resentment in the minds ;
of those who feel that their rights are j
being invaded and their liberty of action i
and of speech unwarrantably restrained !
continues to grow. Much of the attack
on the use of the process of Injunction is
wholly without warrant; but I am con-
strained to express the belief that for
some of it there is warrant. This ques-
tion is becoming more and more of prime
Importance, and unless the courts will
themselves deal with it in effective man-
ner. it is certain ultimately to demand
some form of legislative action. It would
he most unfortunate for our social wel-
fare If we should permit many honest
and law-abiding citizens to feel that
they had just cause for regarding our
courts with hostility. I earnestly com-
mend to the attention of the congress
this matter, so that some way may be ;
devised which will limit the abuse of in-
junctions and protect those rights which j
from time to time It unwarrantably In-
vades. Moreover, discontent Is often ex- ;
pressed with the use of the process of
Injunction by the courts, not only In la- j
bor disputes, but where state laws are j
concerned. I refrain from discussion of
this question as I am informed that It
will soon receive the consideration of the '
supreme court."
Of other legislation In the Interest of
labor he favors'federal Inspection of rail-
roads: providing limited but definite com- ;
pensatlon for accidents to all workmen
employed In any way by the government, j
and says:
"The constitutionality of the employers* .
liability act passed by the preceding con- j
gross has been carried before the courts. !
In two Jurisdictions the law has been de-
clared unconstitutional, and In three Juris-
dictions its constitutionality has been af-
firmed. The question has been carried to
tt.e supreme court, the case has been i
heard by that tribunal and a decision is
expected at an early date. In the event
that the court should affirm the consti-
tutionality of the act. I urge further leg- | ,
islation along the lines advocated In my
message to the preceding congress. The
practice of putting the entire burden of
loss of life or limb upon the victim or
tne victim's family is a form of social in- j
justice In which the United States stands '
In unenviable prominence. In both our
fed*?fi> «*nd n,,r state legislation we have,
with few exemptions, scarcely Ton*
farther than the repeal of the fellow- !
servant principle of the old law of llabll-
but the nation must stand ready to aid
them.
Inland Waterway Systems
Should lie Deevloped.
"The conservation of our national re-
sources and their proper use constitute
the fundamental problem which under-
lies almost every other problem of our
national life. We must maintain for
our civilization the adequate material
basts without which that civilization
cannot ' '"t. We must show foresight,
we must look ahead. As a nation we
not only enjoy a wonderful measure of
present prosperity but If this prosper-
ity ia used aright it Is an earnest of
future success such as no other nation
will have. The reward of foresight foi
this nation is great and easiiy foretold.
But there must be the look ahead,
there must be a realisation of ti. N fact
that to waste, to destroy, our natural
resources, to skin and exhaust the land
Instead of using It so as to increase its
usefulness, will result in undermining
In the days of our children the very
prosperity which we ought by right to
hand down to them amplified and devel-
oped. For the last few years, through
several agencies, the government has
been endeavoring to get our people to
look ahead and to substitute a planned
and orderly development of our re-
sources in place of a haphazard striv-
ing for immediate profit. Our great
river systems should be developed as
national water highways; the Missis-
sippi, with its tributaries, standing first
in importance, and the Columbia sec- i
(Continued on i age 7)
is sure to please and why not benefit the entirs family with
such a sensible present. You will find our stock, "a gen-
eral line" complete in every detail. Not all cheap, not all
expensive but the best quality for the money and an as-
sortment larger than all others combined embracing
Plain and Fancy Queensware,
Glassware, Lamps, Imported French,
German and Austrian China, Havi=
land China at Lowest Prices.
Silverware guaranteed for 25 years.
Visit this store for the best values in Plates,
Cups and Saucers, Oat Meal Sets, Berry Sets,
Chocolet Sets, Water Sets, Sugar & Creams,
Salads, vases, Japanese China, Hand Pain-
ted China and Cut Glass.
Make this store your headquarters when in the city,
are always welcome.
Visitors
Myser China and Glass Co.
110 Main Street, OKLAHOMA CITY.
f|1
jl-
■j V- t -V tMWBMSMSIIII |l ll|&g*Ta
/■ . *;' c/'-ij UQP
; t iMJ'l
U
w
.•«. - - 0 t
On Home Furnishing. Everything you need can be procured here all
under one roof. No running around, and we guarantee to save you
money on your bill. No matter what price you get elsewhere we will
make it to your advantage to buy from us. Everything must be satis-
factory or your money will be refunded.
We
Pay the Freight on
Easv Chairs
Out of Town Orders
Parlor Furniture
Our stock of Parlor -Furniture and fancy
You can get one of these Easy Chairs that 0dd chairs is the best in the New State.
will make your life more pleasant,
them in all grades but a good
one runs from
We have
$5.00
UP
Don't fail to visit our fourth floor and see
this line. A nice three piece suit^
for only
$25.00
Carpets and Rugs
This is where you get values.
No better goods can be secured at
any price. Look at some of the of-
ferings:
9x12 Brussels
liutfs
!• x 12 Special
Velvet
0x12 Axminster
only
!>xl2 Ingrain
Art Squares
Extra
Union Injfrnins
Extra Super C. ('.
Ingrains
Extra Super
All Wool «...
$12.50
$16.50
$19.85
$5.50
50c
60c
65c
25 Per Cent Discount on
Comforts and Blankets
We are overstocked on this line
of goods and must reduce at once.
This means a one dollar comfort for
75c
a two dollar comfort for
$1.45
and on down the line. Big line of
California blankets at same dis-
count.
dltlonal tracks, adltlonal terminals, and j ity, and in some of our states even this
improvement® In the actual handling of slight modification of a complete out-
the railroads. and all this as rapidly as \ grown principle has not yet been se-
posslble. Ample, safe, and speedy trans- j cured."
port at Ion facilities are even more neccs- j j|fl favors tho extension or the eight*
sary than cheap transportation. There- j hour law to all departments of the gov-
fore. there is need for the Investment of
money which will provide for all these
things while at the same time scouring as
fas as is possible hotter wages and
shorter hours for their employes. There
e fitment, and to all work carried on by
the government. He urges legislation j
for the compulsory investigation of In-
dustrial disputes, and says:
&. HARBOUR
THE PEOPLES STORE
OKLAHOMA CITY
OKLAHOMA
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Dailey, A. D. The Edmond Sun (Edmond, Okla.), Vol. 19, No. 21, Ed. 1 Thursday, December 5, 1907, newspaper, December 5, 1907; Edmond, Oklahoma. (https://gateway.okhistory.org/ark:/67531/metadc150125/m1/2/: accessed April 24, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.