The Bellefontaine Republican. [volume] (Bellefontaine, Logan County, Ohio) 1855-1905, 1901-12-06

A4ANN, AOOA&N OOOA
legitimate business can be accumulat-
ed by the person specially benefited
only on condition of comforting i'm
mense incidental benefits upon 9TH
ers. Successful enterprise of the type
which benefits all mankind can only
exist II the conditions are such as to
offer great prizes as the rewards of
success.
Reasons Fer 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 aggregations
Of corporate and individual wealth
have made them very potent factors in
International commercial competition.
Moreover, 1t cannot too often be
pointed out 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 nfe-the rule which un-
derlies all others-is that, ON the whole
and In the long run, we shall 60 up or
down together.
The mechanism Of modern business
II 20 delicate that extreme care must
be taken not to interfere with 1t in
a spirit of rashness or ignorance. In
dealing with business interests. for
81 20 In hry 10
and Ill considered legislation to do
what may turn out to be bad, would
be to incur the risk of such farreach
ing national disaster that II would be
preferable to undertake nothing at all.
The men who demand the impossible
or the undesirable serve as the allies
Of the forces with which they are NOM
tnally at war, for they hamper those
who would endeavor to find out In ra-
tional fashion what the wrongs really
are and to what extent and In what
manner 1t Is practicable to apply RENE
dies.
How to Correct the Evils.
All this is true. and yet 1t Is also
true that there are real and grave evils,
one of the chief being overcapitaliza-
| ton because of Its many baleful con-
sequences. and q resolute and practical
| effort must be made to correct these
| evils.
1t is NO Limitation upon property
| rights or freedom Of contract to re-
| quire that when men receive from gov
| ernment the privilege Of doing busi-
| 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 80 upon absolutely truthful
representations as to the value OF the
property In which the capital is to be
Invested Corporations engaged In In
terstate commerce should be regulated
II they are found to exercise q license
working to the public injury. 1t should
be n much the aim Of those who seel
for social betterment to rid the bust
ness world Of crimes Of cunning as Il
rid the entire body polite Of crimes Of
violence. Great corporations exist only
because they are created and safe
guarded by our institutions, and 1t !:
therefore our right and our duty t.
see that they work in harmony witt
these institutions.
Publicity the First Essential.
The first essential in determining
how to deal with the great industrial
combinations Is knowledge of the fact!
In the interest Of the pub
lie the government should have thu
right to inspect and examine the work
ings Of the great corporations engaged
In interstate business. Publicity Is thu
only sure remedy which we can nov
invoke. What further remedies ar
needed In the way Of governmental
regulation or taxation can only be de
termined after publicity has been oh
tanned by process Of law and In tn
course of administration. The frs
requisite Is knowledge, full and com
plete-knowledge which may be mad
public to the world.
Artificial bodies, such as corporation
and joint stock or other associations
depending upon any statutory law 70
their existence or privileges should b
subject to proper governmental super
vision. and full and accurate informa
ton as to their operations should b
made public regularly Mt REASONABLE
intervals.
The large corporations. commonl
called trusts, though organized in on
state. always do business in man
states. often doing very little busines
In the state where they are incorp1
rated. There is utter lack Of uniform
| ity in the state laws about them, and
! as no state has any exclusive interes
In or power over their acts, it has 4
practice proved impossible to get adt
quate regula ton through state actor
Therefore. in the interest Of the Who'll
people, the nation should, without II
terfering with the power Of the state
in the matter itself. also assume powe
: of supervision and regulation over a
corporations doing an interstate bus
ness.
: Amend Constitution II Necessary.
When the constitution was adopted
at the end of the eighteenth centur.
no human wisdom could foretell I'll
: sweeping changes, alike in industri,
and political conditions. which were
take place by the beginning of Il
) twentieth century. At that time
I was accepted as matter of c0urs
I that the several states were the prop,
! authorities to regulate. so far as We
then necessary. the comparatively L
I significant and strictly localized co
e porate bodies of the day. The cond
i tions are now wholly different. ar
wholly different action Is called for.