Page:The Presidents of the United States, 1789-1914, v. IV.djvu/165

THEODORE ROOSEVELT 129 property to lose, and the great peril of business stability in the United States. The Elkins Anti-Rebate Law had been passed in February, 1903, during the first term: It pro vided against discriminating favors from railroads to big shippers. On June 29, 1906, was passed the Railroad Rate Regulation Act, enlarging the powers of the Interstate Commerce Commission, providing for the regulation of rates charged by carriers engaged in interstate commerce, forbidding the issue of passes, providing for the publication of schedules and rates, for complaints and hearings before the Commission, with a review by the courts, and imposing penalties. The Commission was enlarged so as to consist of seven members with terms of seven years at a salary of ten thousand each a year. By a joint resolution passed shortly before this act, the Interstate Commerce Commis sion was empowered to look into the owner ship by railroads of stock in other corporations, especially coal and oil companies. These laws are likely to stand historically among our epoch- making legislation. March 4, 1907, an act provided for the issue and redemption of paper currency. May 30 of the fol lowing year an "Act to amend the National Bank ing Laws" was approved, providing for the issue of emergency currency by currency associations, limiting the note issue to five hundred million. A