Newspaper Page Text
the JEFFERSONIAN
Vol. 111. No. 13. »
NE W TH RE A T OP SPECIAL SESSION
(By Associated
Washington, March 21. —2•‘Resident Roose
velt has determined on a legislative program,
the enactment of which xyrif be urged upon
congress in a special message, which he said
today will go in next week.
Each of the measures to be proposed in
volves perplexing difficulties and each will
have far-reaching effect on the business and
economic conditions of the country. .
The program is the product of important
conferences through which the president has
been put in possession of the views of all in
terests concerned. Likewise the attitude of
the leaders in both branches of congress has
been made known. Its success depends upon
the combined effort which he believes can be
brought to bear in behalf of the whole plan
by those affected especially by some of its
features.
What is Proposed.
The program includes:
A declaration in favor of a revision of the
tariff in a special session to be held after
March 4, 1909.
An amendment to the Sherman anti-trust
law so as to make important concessions to
combinations of both labor and capital.
Limiting the powers of certain courts in the
use of the injunction in labor disputes.
Passage of an employers’ liability bill.
Passage of the Aldrich financial bill.
The support of the business and financial
interests of the middle west was pledged to
the president on this program following an
extended conference held at the white house
last night.
Satisfactory Conference.
A most satisfactory conference w r as held
at the president’s offices today with leaders of
the two houses of congress. The details of
last night’s conference were purposely with
held pending the morning conference. At the
conclusion of the latter, the following state
ment was made public by Secretary Loeb:
“At a conference with the president held
at the white house last evening were the fol
lowing representatives of commercial bodies of
the middle west:
“Richard C. Hall, chairman, president Chi
cago Association of Commerce; J. Farwell,
Jr., member of the Chicago Association of
Commeice; Charles H. Wacker, member of
Chicago Association of Commerce; James E.
Smith, president St. Louis Business Men’s
League; Festus J. Wade, of executive commit
tee, St. Louis Business Men’s League; H. B.
Topping, president of the Kansas City Com
mercial Club; C. B. Parker, ex-president Kan
sas City Commercial Club.
Address to Roosevelt.
‘ 4 The following addres was presented to the
president and there was a full expression of
A Weekly Paper Edited by THOS. E. WATSON and J. D. WATSON.
Atlanta, Ga., Thursday, March 26, 1908.
views both on the part of the presi
of the committee: Xy
“Mr. President: The organizations we * <
resent have a membership of about 4,500 bus
iness men, corporations, firms and individuals,
engaged in the department of the agricultural
resources and the manufacturing, commercial
and financial interests of the middle west.
In the pursuit of our various lines of business
we come in contact with almost every portion
of the country, but especially of the Missis
sippi valley. We were never in a more pros
perous condition than prior to the panic of
last fall. Our labor was all employed, dur
capital profitably invested.
“In a short period these conditions have
changed. Certain lines of business are almost
stagnant, brought about by the fear of the
people as to the stability of some of our in
stitutions. Money has been hoarded instead
of flowing into the ordinary channels of invest
ment, securities and the various commercial
interests.
Two Primary Causes.
“Two primary causes are responsible for
this condition.
“First, the gross violation of law 7 by some
corporations and grafting by some public offi
cials, and. secondly, a deficient currency sys
tem wholly incapable of responding to the
needs of commerce when fears and uncertainty
are engendered into the minds of the masses.
“The starting of this period of unrest and
distrust w 7 as the exposure brought about by
the insurance investigation in New York,
where it was shown that the trustees of cor
porations acting for millions of our people and
representing in assets more than a thousand
million of dollars, had in some instances used
the assets of the corporations ’in direct viola
tion of the law.
“Following this came the great calamity at
San Francisco, almost destroying the sixth
great city of the nation, entailing a loss of
several hundred million dollars, impoverishing
the citizens as w 7 ell as the insurance com
panies.
The Trail of Fraud.
“Then, upon the heels of this disaster, we
find the public officials of that city charged
with the violation of almost every trust while
the people were battling for existence.
“We also had the grafting and bribery that
was unearthed in at least three other import
ant cities and finally came the exposure of high
finance, manipulations of the assets of great
railroads, followed by the conviction of their
officials and also those of large industrial cor
porations, for utter disregard of the laws of
the nation and the state. When these things
are considered no one can express surprise
that the confidence of the people would be
shaken. To you, Mr. President, we accord
"the credit due for compelling a respect for the
bv the great and the small alike.
,
$ Milestone of Progress.
c *V.ieve that your work toward business
nn.. will be remembered as a milestone,
not in the development of this country’s
business morals but as a milestone in the prog
ress of the world.
“We believe the business integrity of the
average merchant in this country is of a high
er standard than in any other; we therefore
appreciate and commend all the more your
fearless activity which has resulted in raising
the standard, and we realize that no greater
service has ever been rendered our country.
“No great good has ever been accomplished
in any times without some suffering in conse
quence, but we now urge you to consider with
extreme patience the unusual conditions that
prevail, and while abandoning no expressed
principle, to adjust your executive actions to
the requirements of this period of business
timidity.
Urgd to Take Action.
“We ask you, Mr. President, to indicate to
(he congress the corrective measures you deem
it necessary to take. We believe that the
first step toward resumption of normal busi
ness conditions can be taken by the congress
in response to explicit recommendations by
the executive.”
A sub-committee consisting of Messrs. Hall,
Wacker, Smith and Topping called on the
president at the executive office this morning
and were informed by the president that he
would probably communicate to congress next
week explicit recommendations concerning the
legislation needed.
The president, Senator Aldrich and Repre
sentative Payne, of New York; Dalzell, of
Pennsylvania, and Hepburn, of lowa, partici
pated in the conference today. The chief sub
ject considered was tariff revision, but there
will be other conferences at which other ques
tions will be taken up in detail.
A Special Session.
An agreement was reached between
the president and the leaders of the house
and senate in favor of a declaration for
a revision of the tariff at a special session
to be held ofter March 4, 1909. It was de
cided that the best manner in which to prepare
for the legislation is to have investigations
conducted by the ways and means committee
of the house and the finance committee of the
senate.
These investigations will not be in tho
form of hearings, but experts will be called
in to assist the committee in preparing data.
The plan is opposed to the appointment of
a tariff commission such as is proposed in the
Beveridge and La Follette bills.
(Continued on Page Sixteen.)
Price Five Cents.