The free lance. (Fredericksburg, Va.) 1885-1926, 1901-12-05

| legitimate business can he NCtunul1t-
| ed 10y the person specially benefited
only on condition of comforting i'm
mense incidental benefits upon 9th
ers. Successful enterprise of The type
which benefits ali mankind can only
exist il the conditions are such rs TO
offer great prizes rs the rewards Of
| success
Reasons For Caution,
The president adds that there are
many reasons for caution in dealing
| with corporations He says
| The same business conditions which
have produced the great aggreeatiouS
Of corporate and individual wealth
have made them very potent factors in
| International commercial competition.
Moreover it cannot too often he
| pointed ont that To strike with ignorant
violence at the interests of one set OF
men almost inevitably endangers the
interests Of all The fundamental rule
in our national life the rule which I'M
derlies all others is that. on the whole
aud in the long run. we shall 20 up or
down together
The mechanism Of modern business
is SO delicate that extreme care must
I've taken not TO Interfere with 1t in
q spirit Of raShnesS or ignorance. In
dealing with business interests for
the government To undertake by crude
and in considered legislation TO do
what may turn ont 10 be bad, would
he to incur the risk Of such farrcach-
ing national disaster than il would be
uroforalle a. undertake DnihnG at al
How to Correct the Evils.
All this is true. and yet II is also
true that there are real and grave evils,
one of the chief being ovcrcapitallZa-
ton because of its many balcful con-
sequences. and resolute and practical
effort must be made 10 correct these
evils
II IS NO limitation upon property
rights or freedom VI contract 10 re-
quire that when men receive from gov
ernment the privilege OF dong bust
ness under corporate form. which frees
them from individual responsibility
and enables them To call into their en-
terprises the capital Of the public, they
shall do SO upon absolutely truthful
REPRESENTATIONS as 10 the value Of the
property in which the capital : TO hc
invested Corporations engaged in in
terState commerce should be- regulated
II they are found 10 exercise license
working to the public injury. 1t should
be as much The aim Of those who seek
for social hctrcrmcnt To rid the bust
ness world of crimes of cunning rs To
rid the entire body polite of crimes Of
violence. Great corporations exist only
because they are created and safe
guarded 10y our Institutions. and it is
therefore our right and our duty 10
see that they work in harmony with
these institutions.
PubIicit& the First Essential.
The first essential i'm determining
how to deal with the great industrial
combinations Is knowledge Of the facts
publicity. In the interest Of the pub
lie the government should have the
right 10 inspect and examine the work
ings Of the great corporations engaged
in Interstate business Publicity is the
only sure remedy which We can now
invoke. Waat further remedies are
needed i'm the way of governmental
regulation or taxation can only be de-
termlncd after publicity has been OBJ
tanned by process Of law aud IN the
course OF administration. The first
requisite j. knowledge, full aud COM
plete-knOwledgc which may be made
public 10 the world
Artificial bodies. such rs corporations
and Joint stock or other associations.
depending upon any statutory law for
their existence or privileges should be
subject to proper governmental super
vision. and full and accurate informa-
ton as to their operations should be
made public regularly at reasonable
intervals
The large corporations, commonly
called trusts. though organized in one
state. always do business in many
states. often doing very little business
10 the state where they are iDcOrpo-
rated. There is utter lack Of uniform
ity in the state laws about them, and,
as no state has any exclusive interest
in or power over their acts. it has IN
practice proved impossible to get ade-
quate regulation through state action.
Therefore, u the interest Of the whole
people the nation should, without in
terferlng with the power Of the states
in the matter itself. also assume power
Of supervision and regulation over all
corporations doing an interstate bust
ness.
Amend Constitution ~ Necessary.
When the constitution was adopted,
at the end of the eighteenth century.
no human wisdom could foretel tie
sweeping changes alike in industrial
and political conditions. which were to
take place by the beginning Of the
twentieth century. At that time 1t
was accepted as IA matter Of course
that the several states were the proper
authorities 20 regulate. so far as was
then necessary. the comparatively in
significant and strictly localized cor
poraie bodies Of the day. The cOndi-
tons are now wholly different, and
wholly different action is called for.
| believe that n law can be framed
which will enable the national govern
ment to exercise control along the lines
above Indicated. profiting by the expe-
rience gained through the passage and
administration of the Interstate com
merce act. #. however. the judgment
| OF the congress is that it lacks the con-
stitutional power to pass such an act.
| then constitutional amendment
should he submitted to confer the
| power
There should be created a cabinet Of
| fcer, TO be known as secretary Of
| commerce and industries. as provided
IN the bill introduced at the last ses-
% ha Il Oh hO 10