To render the reforms lasting, however, and to secure at the same
time freedom from alarm on the part of those pursuing proper and
progressive business methods, further legislative and executive
action are needed. Relief of the railroads from certain
restrictions of the antitrust law have been urged by my
predecessor and will be urged by me. On the other hand, the
administration is pledged to legislation looking to a proper
federal supervision and restriction to prevent excessive issues of
bonds and stock by companies owning and operating interstate
commerce railroads.
Then, too, a reorganization of the Department of Justice, of the
Bureau of Corporations in the Department of Commerce and Labor,
and of the Interstate Commerce Commission, looking to effective
cooperation of these agencies, is needed to secure a more rapid
and certain enforcement of the laws affecting interstate railroads
and industrial combinations.
I hope to be able to submit at the first regular session of the
incoming Congress, in December next, definite suggestions in
respect to the needed amendments to the antitrust and the
interstate commerce law and the changes required in the executive
departments concerned in their enforcement.
It is believed that with the changes to be recommended American
business can be assured of that measure of stability and certainty
in respect to those things that may be done and those that are
prohibited which is essential to the life and growth of all
business.
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