University of South Carolina Libraries
PRESIDENT'SMESSflGE TIlO president III hlH IllOSSIIgO to congress says: No mi(Ion Ims greater resources thai) ours, and I think It win be truthfully hiiId 111itl tlu? citizens of no nation possess greater energy and Industrial nhll- | lt.v. In no nation arc (tic fundamental business conditions sounder than In { ours at this very moment, and It Is | foolish when such Is (ho oaso for poo- I pie to hoard money Instead of keeping i It In sound banks, for It Is suci^iosird- | ing that Is tlx* Immediate occasion of J money stringency. Moreover, as a rule, (ho business of our people Is condueled with honesty and probity, and ! tills applies alike to farms and fac- j lories, (o railroads and banks, to ail our legitimate commercial enterprises. ! In any largo body of men, however, j there are certain to be vomo who are dishonest, and If the conditions are i such tint those men prosper or commit ] their misdeeds with impunity their 1 example is a < er> evil tiling for the ! community. Where those men are j business uen of givn' sagacity umbo'" | temperament bo'h unscrupulous and j reckless, "in 1 >v here Mi<* conditions are kiicIi that I hey act without supervision I or control and at tlrst without effective ''heck fl'olil public opinion. lliey delude many Innocent people Into making in vestments or embarking in kinds of business that are really unsound. When the misdeeds of these successfully (lis honest men are discovered, suffering comes not on l.v upon them, but upon Die innocent whom they have misled. II is a painful a w akeniir/, w henever It occurs, and ii.-i ' urn 1l.v when it does oc I cur those who suffer are apt to forget that the longer il was deferred the more painful il would be. In the effort to punish I lie guilty II Is both w ise and proper to endeavor so far as possible I to minimize the distress of those who have misled by the guilty. Vol II Is not possible in refrain because of such distress from striving to pi11 an end to the misdeeds that are Ihe ulli mate causes, of the sulfeiing and. as a moans this end. where possible to | punish I ho e re p.nisible for them j There lna,\ lie lloiiesl differences of I opinion as to many governmental poli j cles, but surely there can be no such differences as lo the need of unllinch big perseverance in the war against successful di honesty. Intur.nlato Commerce. No small part of the trouble that we have come:* from carrying lo an ox Ironic the national virtue of self roil ii lice, of independence In Initiative and action. II Is wise lo conserve tills virtue and to provide for Its fullest exercise compatible with seeing Unit liberty does not become a liberty to wrong others. I'nl'ortunately this Is the kind of liberty that the luck of all effective regulation Inevitably breeds. The founders of the constitution provided that the national government should have complete and solo control of Interstate commerce. There was then practically no Interstate business save such as was conducted by water, and this the national govcrnmoni at once proceeded to regulate In thoroughgoing and effective fashion. Conditions have now so wholly changed that Ihe Interstate commerce by water Is Insigill Ilea ii I compared with the amount that goes by laud, and almost all big business concerns are now engaged in interstate commerce. As a result It can he but partially and Imperfectly con (lolled or regulated by the action of nny one of the several states, such action Inevitably lending to ho ell her too drastic or else too lav and In either case li'.elVociIve for purposes of Justice. Only tin' national government can In thoroughgoing fashion exercise Ihe 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, bill It does mean that thole should be j an extension of federal activity. This j Is not advocating centralization. It Is | merely looking facts In Ihe face and realizing thai centralization in business ! has already come and cannot be avoid oil or undone and that the public at large ran only protect itself from cert In evil effects of this business centralization by providing better methods for the cxoriMse of control through the authority already centralized In the national government by the conslltu- j (Ion Itself. There must be no halt in (he healthy constructive course of action which this nation has elected to pursue ami has steadily pursued dur- j lug Ihe last sl\ years, as shown both In the legislation of the congress and ihe administration of the law by the depart incut of Justice. National Liconso For Railroads. The most \ltal need is in connection with the railroads. As to these. In my 1 Judgment, there should now ho either a national incorporation act or a law ! licensing railway companies to engage In Interstate commerce 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 securities, while ample means should be provided to enable the commission whenever In its Judgment It Is necessary to make a physical valuation of any railroad. As 1 slated In my message to the congress ii year ago. railroads should be given power to enter into agreements subject to these agreements being made public In minute detail and to the consent of the Interstate commerce commission being tlrst obtained. I'litii ^ (ho national government assumes pro] or control of interstate commerce i the exercise of the authority It a 1 read I possesses It Will he Impossible elthc to give to or to get from the railroad full Justice. The lull roads and all ot! or great corporations will do well i recognize that this control must com The onl.v question Is us to what go ornmontal body can most wisely oxe else It. The courts will determine tl limits within which the federal autho Ity fun exercise It, and there will stl remain ample work within each stal for the railway commission of tin state, and the national Interstate con mereo commission will work In hn mony with the several state cotnmli fdons, each within Its own province, t achieve the desired end. Tho Antitrust Law. Moreover, In my Judgment, ther should he additional legislation lookln to the proper control of the great Ims ness concerns engaged In luterstat business, this control to lie exercise for their own benefit and prosperlt no less than for the protection of li voslors and of the general public. A I I id vu repeatedly said in messages t congress and elsewhere, experience ha definitely shown not merely the unwb loin, but the futility, of endeavoring I put a slop to all business combination* Modern Industrial conditions are sue that, combination Is not only necessarj but Inevitable. It Is so In the world o business Just ns It Is so In the worl< of labor, and it is as Idle to desire to pu nn end to all corporations, to all hi combinations of capital, as to desire t put nn end to combinations of laboi Corporation and labor union alike hav come to stay. Much If properly man aged Is a source of good and not evil Whenever in either there Is evil I should be promptly held to account but it should receive hearty encourage meiil so long as i! Is properly managed II is profoundly immoral put o keep on the statute books a law nonil nully In the Interest of public rnoralll; that really puis a premium upon puli lie Immorality by undertaking to for bid honest men from doing what inns Iie done under modern business condi (Ions so that the law itself provide that ils own Infraction must lie th condition precedent upon business sue cess. To aim nl the accompllshuicn of loo 111111 11 tisuall.v means the accom pIi hincnl >>l' too lilllc and often the do ing of posil i v<> ihiinago. Not Repeal, but Amendment. The antitrust law should not be ri pealed, but 11 should be made botl iiioiv etlii'leiil mini more in harinon; v\ilh Mi'lnul conilillous. It' should b mi amended as lo forbid only the klm of comblnalioii which does harm to th general public, such a mend incut to b a mpauied by or to be an Incident o a grant, of supervisory power to th government over these big concern engaged In Interstate business. Till should be accompanied by provlsloi for the compulsory publication of iu counts and the subjection of books urn papers to the Inspection of the gov eminent officials. A beginning has al ready Ikmmi made for such supervlsloi by the establishment of the bureau o corpora t Ions. The antitrust law should not prohibl combinations that do no Injustice t< the public, still less those the existence of which Is on the whole of belief) to the public. Rut even if tills featur of the law were abolished there wonli remain as an equally objectionable foil ture Hie dllllcully and delay now Inel dent to Its enforcement. The govern niont must now submit to Irksome am repeated delay before obtaining a llna decision of the courts upon proceeding Instituted, and even a favorable do cree may mean an empty victory Moreover, to attempt to control thesi corporations by lawsuits means to Im pose upon both the department o Justice and the courts an Imposslhl burden. It Is not feasible to carry oi more than a limited number of sue I suits. Such a law to be really oft'oc live must of course be udmlulstcrei by an executive body and not morel; by means of lawsuits. The deslgi should be to prevent the abuses Inel den! to (lie creation of unhealthy ant Improper combinations Instead of wait lug until lltoy are In existence am (hen attempting to destroy them b; civil or criminal proceedings. Law Should Co Explicit. A i iblmitlou should not bo tolcrat ed if li abuse the power acquired bj combination to the public detriment No corporation or association of an; kind should bo permitted to engage li foreign or Interstate commerce that 1: formed for the purpose of or whosi operations create a monopoly or gen oral control of the production, sale ?> distribution of any one or more of tin prime necessities of life or articles o general use and necessity. Such com blnnlions are against public policy They violate I he common law. Tin doors of the courts are closed to thosi who are parties to them, and I bollovi the congress can close the channels o Interstate commerce against them fo ils protection. The law should inaki Its prohibitions and permissions a clear and definite as possible, loavlni lhe least poss'lble room for arbitral'; vet Ion or allegation of such action ot the part of the executive or of diver gent Interpretations by the courts. Among the points lo be aimed a should ho the prohibition of uuhcalth; compel it ion, such as by rendering sorv ice at an actual loss for the purpose o crushing out competition, the proven tlou of inilation of capital and the pre hibition of a corporation's making ox elusive trade with itself a condition o having any trade with itself. Reason able agreements between or combina Hons of corporations should br pot milted provided they are tlrst submit [>" I ted to and approved by some appro11 prlnte government body, y > ,r Congress' Power. jg The congress has the power to charter corporations to engage In Interstate h- and foreign commerce, and a v vral lo law can be enacted under the pr??vle. hIojis of which existing corporations v- ; could take out federal charters and r- , ?? / federal corporations could bo ere>e uted. An essential provision or such a i'- | law should Ih? a method of predeterd mining by Koine federal board or comt0 I mission whether the applicant for a i federal charter was an association or '* | combination within the restrictions of r* i the federal law. Provision should also a* be made for complete publicity in all ? 1 matters affecting the public and com plete protection to the Investing public ; and the shareholders lu the mutter of e Issuing corporate securities. If mi ing corporation' law Is not deemed ad visaI j ble, a license act for big Interstate coro ; poratlons might bo enacted or a com <1 , bination of the two might be tried, y | The supervision established might lie i- ' analogous to that now exercised over h national banks. At least the millo trust act should be supplemented by s j Hpeclllc prohibitions of the methods j which experience has shown have been o i of most service In enabling monopolis<. I tic combinations to crush out coinpellh i tlon. r, j The real owners of a corporation f should be compelled to do business in d i their own name. The right to hold t i stock in other corporations should hereg ! nfler be denied to interstate corporao ; lions, unless on approval by the proper \ | government olllclals, and a prerequisite o to such approval should be the listing i- I with the government of all owners and I. 1 stockholders, both by the corporation t j owning such stock and by the corpora, lion in which such stock Is owned. Lessons of Rcccnt Crisis. To confer upon the national government in connection with the amendment 1 advocate in the antitrust law power of supervision over big business , ! concerns engaged In interstate com. j inerce would benefit them as it lias , I benetlted the national banks. In the i recent business crisis It Is noteworthy j that the Institutions which failed were institutions which were not under the . ! supervision and control of the national government. Those which were under i national control stood tlx.' test. National control of the kind above ' advocated would In; to the benelit of j ' every well managed railway. From the standpoint of the public there Is ! I : Your Co i- 77/6- jRcxafl formulas , ^ have always known th | given them to thousan t here is where Rexall Rt ? more to protect you th; t by the Pure 1'ood ant e Von only know the l! remedies?tin; rest of J* secret. You have alw i- every Rexall Remedy. 1 No Rexall Remedy i: H 300 different remediesf ?the most reliable ai that ill proven l>v years sold these Rexall Rem f plan on which merchan e have guaranteed to rcti | purchaser who came ba< or package and said thai 1 Tied?and we've never [ a guarantee. The Pure Food Law 1 ! | change in Rexall Remi j I has set the stamp of ap[ 1 3 of all, you can actually !| dies are unchanged. I four years ago, and yo I today! I Don't the Rexall Rem I fidence? Wouldn't ye ^ I man whom you had pro\ a | est, than one who was h I be? You know thai Re l. I voluntarily manufacture f | in the very way that the | the only rig/.'! way. 2 FOR NERVES? t Rexall Aniericaniiv* Klix'r is < r It i.? a tonic nove to >d comim. } III vcophosphatcs. lion Tyn ciio I The woiuh i tvil icm.Its of t'.iis vi s supplies riio^phoms to the in rve ? : ^ can bo immediately ar.d easily tal ' | The Cilycophosphates, actual [ the most tccc.it atul valuable ;:d?l | r and unquestionably a tnoie t tin :> I J 11vpophosphstes. I * The Iron Pyrophosphates are I j. ' t <f iron which give tone and color <'.i!>av:\ 11.uk have a tonic et'fe ^ Ul t b. v'v, 7.V. and a bottle ; 1 I CILDER & WE THE need for additional tracks, additional terminals and Improvements In the ac- j j tual handling of the railroads, and all | this as rapidly as possible. Ample, j j safe and speedy transportation fnclli1 ties are even more necessary than j cheap transportation. Therefore there Is need for the Investment of money | which will provide for all these things while at the same time securing us far as Is possible hotter wages and shorter hours for their employees. Therefore, while there must he Jusi and reasonaj hie regilatlm of rates, we should he the (irst to protest against any arbitrary and unthinking movement to cut them down without the fullest and most careful consideration of ail Interests concerned and of the actual needs of the situation. Only a special body of men acting for the national government under authority conferred upon It by (lie congress is competent to pass Judgment on such a matter. Those who fear from any reason the extension of federal activity will do well to study the history not only of the national hanking act, but of the pure food law, and notably the meat Inspection law recently enacted. The pure food law was opposed so violently that its passage was delayed for a decade, yet it has worked unmixed and Immediate good. The meat Inspection law was even more violently assailed, and the vame men who now denounce the altitude of the national government In >-eoking to oversee and control the wor kin ;;. of interstate common carriers an.! lr:f.i:.e.s concerns then as- , ;-e"!c 1 that v.e were "discrediting and ! " Ii a g'.vt American industry." [ Tv.ii ! >vc not elapsed, and al- . re:: i: I .1 become evident that the r v: " - .'I' la v.- confers upon the I "; > : ! \ ti d I y ti:i equal ben: ? ! . !.ie p::< S;i:ig establish- ' ! ;:? ! are better oil' under 4 i': ' ' i ; i i'ley wc*i? without it. 'I". ! ' : . o i i:cir;.,.c on;mot) carI r'ers : 1 i : i: com: er'.i- from the h'j'h !a:io i I advocate would be equal[ ly marked. Puro Food Law. Incidentally in the passage of the j pure food law the action of the varl' ous sl^ite food and dairy commissionI ers showed in striking fashion how ! much good for the whole people results ; from the hearty co-operation of the federal and slate oillcials in securing ] a given reform. It ly primarily to the action of these slate commissioners that we owe the enactment of this (Continued on page six.) ssRa&LMumwircuuHSCTactMiv.sis&nHvraEraEWix.'v Deserve nfidence 1 have never been secret. We / em ourselves and have els of customers. Right 'medics have always done in is even now required 1 Drug Law. c dangerous drugs in other their formulas are still ays known everything in s a "cure-all"?there are ?one for each human ill J id successful remedy for of experience. We have ledies upon the squarest disc was ever sold. We urn the money to every :k with the empty bottle t he or site was not satis- ' failed to live up to this did not necessitate any xlies?on the contrary it >roval upon them. Best prove that Rexall Reme- [ 'ou kueiv their formulas ;! it'll find them the same w ledies deserve your con>u more readily trust a ,ed to lie naturally lion- t-f on est because he had to . xall Remedies have been p I anil sold for four years law now declares to be IV h 11 r< .-phaus and Calisaya. J :m-i!v arc due to the fact that it 11 c lis in a condition in which it ken up by them, ( > nerve-tissue builders, are one of liiions to this branch of medicine L ta remedy than the well-known ^ :hr* more easily assimilated form [ p . ami the combined alkaloids of ?-t on almost ail the functions of t I i *> 5 M . f( EKS, Druggists I 1" I : b? at& STORE ||cl mm g I Special ! Holiday Our enormous purchases of Bo season are beginning to pour in or our friends?and their friends as over the most interesting and vari been our good fortune to show. Especially do we call attention 1 recent Copyright Fiction of the hig at $1.50, that we are offering at 50 CENTS PE These books are worthy of a pU so pretentious. They are printed paper of superior quality, and boi cloth, making thoroughly durable, library size. We have offered you the past, but never such an assorl we now place before you. There are many special bargain: and early visitors will have a decid gard ones, Librarians?public an mediate advantage of this opportur Who would not be a book owne rower, on these terms. Newberry JANUARY In oi der to reduc :hange, will close < Clothing, Shoes, H Crockery at New ^ Sale is on and las iry, 1908. 0. G. BARRIE Prosperity Great Deportn ?:OF:MOSELEY WHAT IS EC( Ivconomy is a frugal and judicious use hieh spends money to advantage. Kco reat bargain sales. We have just returned from the Nort ic market and securing many excellent >r the public to inspect onr immense : ore. We have the new things, the i! iints from 5c. up. White Homespun 5c p, complete line of Dry Goods and noti< Hible width, at 5oc- is a great bargain, ouths $2.50 to $10.00, Boys' from 75c lings in Hats and Caps. Prettiest line avc ever had. Our experienced North* otn the North, and our immense stock ady for inspection, embracing the new innen.se line of Furniture is now ready roccries, Hardware, Crockerywarc, Tr now complete. We have added a new rs, and the bargains contained on them le wonder how we can sell goods so cher > lbs. best Granulated Sugar $1.00. N achiuc S-5.00, new He lender Machine, >r 20 years. We have only two Organ; ake special offer, $42.50, elegant tones, ic old reliable Iron King and Klmo Coo ?st on the market. For every five doll loice 011 our bargain counter. MOSBIiUJY HROfi Prosperity, S. C. Bale of] Books. oks for the Fall and Holiday i us, and we wish to invite all , well?to come in and look ed assortment it has ever to our magnificent display of hest class, formerly published r volume. | ice in any library, be it ever, ^ in a first class manner on ^ jnd in the best bookbinders J handsome volumes of full 1 i good things at this, price in tment of the better kind as 5 that cannot be duplicated ed advantage over the lagd private?should take imlity. :r, rather than a book bors. c. ' I????? ? A 1, 1908. :e stock for the Dut Dry Goods, ats, Caps and 4 'ork cost. ' 3ts to 1st Janu:R \ CO.. \ , S. C. 1 ' ?- ? BIIIUIB ! ^IH |iHM, |i|| mi III ?1 neni Store bros. { )NOMY? 1 ' ?f money ? that management },m lioniy is best exemplified in our Jfll hern markets after searchin&^B|| bargains. We are now reada^P stock in our great dcpartnie?||l|| lice things, the eli. ap HiintMajBB . ui>, Checked Homespun jns. Oui Imperial Broadclotl^^BH Men's Suits $3.50 to $i5o^Hk|1 to $6.00. New and nobc^u^^u of Rugs and Art Squares \\Wp|l L*rn Milliner has just returne^^^ of fashionable Millinery is no'MMcBl and up to date things. for inspection. Our stock links, Valises and Woodeuwai^raKBi ' feature in 10c. and 25c. couJHhB 1 is creating a sensation. Peffifl ip. We mention a few spocia'^JHB C'.v drop head Domestic Sewn^^SSg drop head, $17.93, guarantG^BHSj ! leit, and to close them out,, oak and walnut. We hailflHRS king vStove, beyond doubt|fl9|9| ars you trade we give frcolfl^nnH FOR