The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-10-18

The Controller of the Currency
Speaks to Boston Merchants.

The Controller of the Currency
Speaks to Boston Merchants.
BOSTON, June 1.-THE annual meeting
of the Merchants Club was held at the
new Algonquin Club tonight. Charles G.
Dawes controller of the currency, spoke on
Trusts and Trade Combinations" saying,
in part:
THE claim that there does not exist an
inherent right in government TO control
these combinations is one which cannot be
admitted. The right of government TO in
terfere with and regulate monopolies is well
IN aW ao eestrant of
trade, the laws regulating rates of corpora
tions acting under granted franchises and
other laws of similar character all have
their foundation in public necessity. and in
the public necessity for protection from
abuse, present or prospective. arising out
of the eXistense OF a monopoly In any line
of trade lies the legal and equitable foun-
dation OF the right of public interference.
This government is based upon the rights
of the individual. The great strength and
growth of the American people has largely
resulted from the recognition of individual
rights, and it is indicative OF the rapid
change in commercial conditions that but
short time ago many Of those who now
most earnestly advocate the passage Of
laws restricting and controlling combina-
tions feared that the passage OF laws de-
signed to curb them might result in un-
due interference with rights of the individ-
and the means through which they should
be sought, the difficulty of securing uni
formity of state legislative treatment EN-;
phasizes the necessity of additional federal
laws upon the subject. There seems at
present an inadequacy OF federal law. and
the federal legislative powers should d be in
legislatures, lies the hope of effective legis-
lation which shall relate to the enforced
regulation or disintegration of such exist
ing combinations as may already practical
ly control certain lines of business. Let us
trust that Congress will now take up this
great question.
And here Ii may be said that in connec-
ton with the consideration of the remedies
for abuses of trusts by Congress laws
petition from unjust and unfair discrimina-
tionS which result from infractionS or the
interstate-commerce law The Interstate
commerce Commission in its report says:
There is probably no one thing to-day
which does so much TO force out the small
operator and to build up those trusts and
monopolies against which law and public
opinion alike beat in vain as discrimination
in freight rates
The Importance of the reform in law
which shall give the lnterstate-commerce
Commission power to prevent those dis
eliminating rates which do so much injury
to small shippers is increased by its essen
in the attitude of government towards the
so-called trusts and the problem of the
proper method of protecting the public from
the evils of trusts which Congress must
Il believe that the American people want
these questions settled by conservative men
and not placed in the hands of irresponsible
pessimists. The growth of American COM
merce and manufacturing has helped to
make this the happiest and best land in the
world. In that growth. properly regulated
lie our hopes of national and individual
prosperity. Our people believe that these
questions, like other great questions which
have arisen in this country before, can be
settled in a manner which will not prove a
barrier in the path of commercial and ma
tional progress, and that their protection
can be accomplished without backward
steps in social development But they be-
lieve rightly that the taking of positive ac-
ton against the present and prospective
evils of trusts is one of the necessities of
the hour. and that the question of the ma
ture of that action is one of the issues now
before them and to remain before them until
properly settled.
Let this great problem, upon whose prop
er solution depends largely the continuance
of national and individual progress be
settled by the optimist, and not by the pes
simist-by the statesman and not by the
demagogue. Where there is right purpose
there will be found right remedies, and we
may be sure that under that Providence
which has guided this people in so many
times of crisis and perplexity we will be
led onward TO the right"