Show INJURIOUS TRUSTS MUST ABY A- A i iBE 1 BE CURBED BY CONGRESS I IN INTERESTS OF PEOPLE Keynote of Presidents President's Message Message Mes Mes- I sage Is the Regulation of of I Monopolies Which Cripple Crip pie Competition I 0 SALIENT FEATURES OF THE MESSAGE 0 o 0 0 1 0 O 0 PROSPERITY PROSPERITY Industrial Industrial development must not be checked e l o 0 TRUSTS TRUSTS Congress Congress has power to control and should curb and regulate 0 0 combinations of or capital which are or mn may become Injurious to the public 0 o 0 Congress should pro l provide e means for enforcing existing trust anti t laws Tans l o 0 TARIFF Regulation TARIFF Regulation of oC trusts stands stans apart from tariff revl revision lon Reel Red 0 G the true road to tariff adjustment Commission should be created 0 o 0 to report changes Tariff on anthracite coal should be removed 0 o 0 FINANCE FINANCE Elastic Elastic currency based on gold standard the need of como com com- 0 i. o 0 merce 0 0 LABOR LABOR Fair Fair treatment alike for labor and capital This Is an era 0 o 0 of federation and combination 0 0 CUBA Hopes CUBA Hopes soon to submit r reciprocity treaty 0 0 PHILIPPINES WIsdom PHILIPPINES Wisdom of or American policy Sully fully demonstrated 0 0 o 0 IRRIGATION A A good beginning has been made Reclaimed lands Or 0 should be held rigidly for or the home builder 0 o 0 MINOR on DETAILS See DETAILS See reports report of or executive departments 0 nnA c IC nn WASHINGTON Dec 2 The 3 The Presidents President's Presidents President's dents dent's me message gage read In both houses of or Con Congress tOrla today Is as follows To the Senate and House of or Representatives Representatives ta thes We Ye still till continue In a period of oC unbounded unbounded unbounded un un- bounded prosperity This prosperity Is not the creature of law but undoubtedly undoubted undoubted- I ly the laws under uner which we work ha have been Instrumental In n creating the conditions conditions conditions con con- which made It possible and b by unwise legislation leg It would be cas easy enough h to destroy it It There will undoubtedly un un- undoubtedly be periods o of depression The wave will recede but the tide will advance advance ad ad- vance This Nation atlon Is seated on a continent flanked b by two great oceans It Is composed of or men t the c descendants of or pioneers or in a sense t-ense pioneers the cf men winnowed owe out from 3 l r i o n iZ i r J ty j the energy boldness rind pa A t ad adventure venture nt rc found In their own o eager eai eager hearts heartS' Such a nation so placed will surely wrest rest success from fortune As a people we have played a large larse part partin In the th i world and we ne e are bent pon i upon ron making our future even even lar larger cr than th the past In particular the events of or thelast the thelast thelast last four years Mrs have hac definitely decided that for n woe oe or for or weal steal our place must he be great reut among amons the nations We e emay may either fall greatly ly or succeed greatly but we eve cannot avoid the endeavor endeavor en en- deavor from which either great V y or grea great t success must come cohle Even If we iVe w would we wc cannot play a small part I If It we Wl should tr try all that would follow rolloW would be hee that we ire should play playa a large part I Ignobly nobl and shamefully Gospel of Hope But Bul our people the sons ons of or the men of th the Civil II war the sons ons of the men who had Iron in their blood rejoice inthe in inthe the he present and face the future hl high h hof of heart henrt and resolute of or will Ours DurN Is 18 not the creed of the weakling and the coward ours is th the gospel ospel of or hope and ando o of triumphant endeavor We Ne do not shrink from th the struggle le before us There are ninny many problems for us to face at nt the outset of the Twentieth century grave rave problems abroad and still graver at nt home but we wco know that w we can solve soh th them m fin and solve sol them well provided only that we bring to the theL L solution the qualities of head and heart which were shown 11 h by the men who Inthe in inthe inthe the days das of of Washington ton founded this Government Go t and In the days of or Lincoln Lincoln Lincoln Lin Lin- coln preserved It Causes of Prosperity No country has ever occupied a 3 higher high high- er plane of or material well being than ours OUIS at the tine present moment This well well- being Is due duc to no sudden or accidental causes causes auses but to the pla play of or the economic forges forces for Cs In t this ls country for tor over a a. century century cen cen- tur tury to o our r laws law our sustained and continuous policies above aboe all to the hl high h Individual average e of our citizen citizen- phlp hip Great Grent fortunes have hn been won uon bys by 11 tho those who have taken laken the lead In this s phenomenal industrial l development a and amid d most mot of these fortunes have been t won not by doing evil but a as an nn Incident Incident Inci Inel- dent clent to action which has benefited th the e community as a whole Ne Never Ne er before has material well being been bee n so widely diffused among amons our OUI people Great fortunes fortunes for for- or- or tunes have been accumulated and ye yeIn yet et etIn t In the aggregate these fortunes ar are arc e small Ir Indeed decd when compared to th the e wealth of the people as lS q a whole The Th e plain people are better off orr than the they ha have hae e ever been before The Insurance companies which are practically mutual mutual mutual mu mu- benefit societies societies especially especially helpful to men of moderate means mean represent t accumulations of or capital which ar are e among the largest In the countr country There are more deposits In the savings banks more owners of or farms more well-paid well workers wage In this countr country no now than ever before In our history Evil Mixed With Good Of course when the conditions have favored ta the growth of so o much that tha t was wag good thc they have ha al also o favored 50 somewhat somewhat some some- me- me what tho the growth of or what was evil I Id ItIs It ItIs t Is eminently eminent nece necessary sary that we should d endeavor or to cut out this evil but let us usk k keep ep a n. due rue sense e of or proportion let Jet u us s not In thing fixing our gaze upon the lesser lesse e evil 11 forget the greater good Tho The evils I nt ore are real and some of or them are menacing ing but they urn tIt the lie outgrowth notor not of or misery or 01 decadence but bul of or prosperity prosper prosper- ity Ity or of the the- pro progress n s of oC ours our gigantic In- In development This l hl-l industrial development must not be checked chocked but side Hide by hy side with it Il should hould co go o such Rueh J progressive roST regulation lIon ris es as will diminish the evils Wo We Q should fall In our duty If JC we wc did not tI try to remedy the evils but we shall Hhall succeed only If Ir we proceed proceed proceed pro pro- patiently with practical common commonsense sense a l lwell well as 1 c separating I the good food from the bad and holding on I to the former while endeavoring to set get rid of or the latter REGULATION NEEDED TO HOLD IN CHECK HARMFUL TRUSTS TRUSTS' In m my message to the present Congress Con gross gress re at Its first session Hession I dl discussed at nt the question of or the regulation of or tho those e big corporations commonly doln doing an Interstate business often otten wl with h some sonic tendency to monopoly which are popularly popular known a as trusts trust The ex- ex of or the past nast year has emt ha sized In r my my- opinion the thc desirability oC Or th the steps I 1 then hen proposed A funda fu fundamental da- da mental requisite of social efficiency I iq a high oC of individual energy EmerlY and no n bt wl Wf ii s. s Clit futi t Wt c y j 1 u um q f ch eatn violl be be achieved by the Individual ai acting alone A fundamental base OOlie of civilization civili nation Is s the Inviolability In of lr property properly but hut this Is 15 in no wl wise p inconsistent with the right of society to regulate th the ex exercise exercise exercise ex- ex of the artificial powers which It confers upon the owners of property under the name of oC corporate franchises franchise franchis franchis- e es in such a way nay 3 as to prevent the Ilse misuse misuse mis mis- use we of or the these e powers Corporations and ami especially combinations of f corporations should be managed under public regu- regu lation lalion Government Supervision I Experience has shown that under our j system stem of government the n nece necessary necessary- ce ary sup supervision cannot annot be obtained b by State action It must trust therefore be achieved b by national action Our aim Is not not todo todo to todo do a away way with corpora corporations on the contrary con con- con contrary on- on the these e hl big aggregations are an inevitable development de of or modern In Industrialism Industrialism In- In and the effort to destroy them would be he futile utile unless ss accomplished accomplished accomplished in ways that would work the tho utmost mischief to the entire berd body poll- poll tic We e can cnn do nothing of or good inthe the n wa way of rc regulating and supervising these corporations until we fix clearly In our minds that we arc are not attacking the corporations but endeavoring to todo todo todo do Il away a with an any evil in them We Yc Weare Weare are not nol hostile to them thern we are merely determined that the they shall be bo so M handled handled han han- as to e the lie public good We e draw the line against t misconduct not 3 against wealth The capitalist who alone or In conjunction With his follows fellows ello performs some borne great Industrial feat cat b by which he wins mone money stoney is s a a. not a wrongdoer provided only he ho- works In proper and legitimate te lines We c wish Irish to favor such a man when he docs does well We 0 wish to supervise super and control his actions ns only to pr prevent prent ent him him- from doing ill III Pu Publicity can do no harm to the honest corporation and we need not be o about aboul sparIng sparIng spar- spar Ing hog the dishonest corporation Safeguards of ot Protection In curbing and regulating the combinations com corn of capital which are or may become injurious to the public we must be careful not to stop the great ent enterprises enter enter- ent enterprises r which witch have Ic legitimately reduced the cost of at production not to abandon the place which our OUI countr country has won In the leadership of or the international industrial world not tb strike down wealth wet with the result of closing factories fac fac- tories tonics and mines o of or turning turning- the wage- wage worker Idle in iii the str streets and md leaving the farmer armer without a market for what h he grows gnosis In Insistency Insistence l tenca upon the he Impossible ble means delay elay In achieving the possible ble hIe exactly as on the other hand the stubborn defense alike of or what Is good and what Is bad in th the existing system tem tern the re resolute effort to obstruct any attempt at ut betterment betrays blindness blindness blind blind- ness to the hl historic truth that wise evolution evolution evo evo- lution triton Is the sure safeguard against revolution re Congress Has Power No 0 more Important subject can come before the Congress than this of oC the regulation of Interstate business 8 This country countr cannot afford to sit supine on the plea Ilea that under our pe peculiar ullar system of or government o we are helpless s In the pre presence ence of or the new conditions and unable to grapple with wit them or to cut cutout cutout cutout out whatever of or evil has arisen In connection con con- with them The power of ot the tho Congress ss to regulate Interstate tate commerce commerce com corn merce Is la an absolute und and unqualified d grant brant and without ii limitations other b the Con Constitution than those prescribed by tion THE CONGRESS HAS CONSTITUTIONAL CONSTITUTIONAL AUTHORITY TO MAKE I ALL I LAWS NECESSARY AND PROPER FOR l EXECUTING THIS POWER and I am fim satisfied that this power has not been exhausted by allY any legislation now on un the statute books J It Is s evident therefore that evils re- re of commercial freedom and en entailing en en- entailing tailing restraint upon national commerce commerce commerce com com- merce fall taU within the regulative power Continued on 1 Page Z 2 I Wisdom of the American Policy in Philippines Fully Demonstrated by bythe bythe the Course of Events J 1 Continued Page Pago 1 1 o of fio lC a wise and reasonable hl la law would be a necessary and proper l' l exercise X or b or Congressional authority to the end that such uch evils should be le eradicated 1 I 1 believe belle th that t monopolies unjust discriminations dis dis- criminations n ns which pr prevent ent or 01 cripple competition om fraudulent overcapitalization o tion and other evils in trust organizations organizations tong and ir practices which injuriously affect nf t interstate trade cnn can be he b prevented under tinder the power of o at the Congress to regulate commerce with wih foreign nations na na- na- na lions an and 1 among among- the several States States' through h find operating directly upon such uth commerce the Instrumentalities thereof and ane those thos engaged nga ed therein ln I earnestly recommend n 1 this subject ct to the consi consideration erton of the tho Gon Congress ress with witha wih a n view to the passage of a law reasonable reasonable reasonable reason reason- able In its Is provisions and df effective e ct Inis in inUs Us Its is operations upon which the questions questions ques ques- can he be finally adjudicated that HuH now now raise doubts as to the necessity of constitutional aln amendment nt If It I It prove impossible to accomplish the purposes above c n set st t forth by h such a law then as assuredly a sUrle sUrl we ve e should not shrink from amending amending- the Constitution so as to secure secure se sc- se- se cure ure beyond peradventure the power sought Enforcement of Laws The Congress has no not heretofore made nn any any appropriation ton for r the better beter enforcement of ot the trust anti trust ant law as asIt asIt It flO now stan stands Yer Very much has been done b by th the Department of oC Justice In securing securing- the enforcement of oC this law but much more could be done if IC Congress Congress Congress Con Con- gress would make a special tion for tion-for Cor this purpose to be expended under the direction of or the Attorney Attorney- General Tariff r Reduction Ineffectual One proposition advocated ad has ha been the reduction of or the tariff as a means of or reaching the tha evils evis of the trusts fall Cal within the category I have described Not merel merely would this be he wholly ineffective c but the diversion dl of or our efforts in Mich a direction would mean the abandonment or of all al Intelligent intelligent Intel Intel- intelli Intelli- gent attempt to do away with the these e evils evis Many of or the thE largest corporations man many of those which should certainly be included In iii an any proper scheme of oC regulation would not be affected In the degree by a chan change c In the tariff save sa as such change Interfered with wih the general generl prosperity ty of or the countr coun coun- tr try The only relation of the tariff to big corporations as a whole Is that the tariff makes manufactures profitable and the tariff remedy 1 propos d would b be In effect simply to make manufactures manufactures tures turcs unprofitable To-re To no e the tarl tariff as a punitive measure directed against trusts would inevitably result resul In ruin to the weaker competitors who |