The Washington times., 1901-12-04

hurtful to the general welfare. This is
nased upon sincere conviction that com
pihation and concentration should be. NOT
Prohloited, but supervised and within rea-
sonable limits controlled; and IN nv
judgment this conviction is right.
The Need of Honesty.
1t is no limitation upon property rights
or freedom of contract to REQUIRE that
when men receive from Government tho
privilege Of doing business under cor
porate form, which frees them from indi-
vldual responsibility, and enables them to
can INTO their enterprises the capitaI of
me pubic, they shall do so upon absolute
~ truthful representations as to the value
OF the property in which the capital is 10
be invested - "
Corporations engaged in interstate COM
meree should be regulated il thew are
found to exercise q license working io the
pupIlc INJURY. 7 should be as much tbe
aim OF those VINO seek for social better
Iaent to rid the business world of crimes
ui tlhhihg as to rid the entire body poll
| tic OF crimes of violence.
Great corporations exist only hac,,,.o
they are created and safeeu1rded ~ orr
! institutions; and II is therefore our right
anu our duty to see that they work in
harmony with these institutions.
The Power of Publicity.
The first essential in determining how
to deal with the great industrial combi-
nations is knowledge of the facts-pub-
iicity. In the interest of the public the
Government should have the right to in
| eLeCt anu examine the workings OF the
| business. va &c
Artificial bodies. such as corporations
ana Joint stock or other associations de-
| pending upon any statutory law for their
| existence or privileges. should be suhiect
70 proper governmental supervision and
iull ana accurate information as TO their
| operations should be made public regular
iy at reasonable intervals
National Supervision.
The large corporations commonly
called trusts, though organized in one
| State, always do business in many States.
| often doing very little business in the
/ state where they are Incorporated. There
| Is utter lack of uniformity 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 adequate regulation through State
| action. Therefore, in the interest of the
| whole people. the nation should, without
| interfering with the power of the States
| in the matter Itself. also assume power
| of supervision and regulation over all
corporations doing an interstate business.
There would be no hardship in such su-
pervision; banks are subject to it. and in
| their case it is now accepted as simple
matter of course.
An Antiquated Constitution.
when the Constitution was adopted. at
the end of the eighteenth century, no hui
man wisdom could foretelI the sweeping
changes alike n Industrial and political
conditions, which were to take place by
the beginning of the twentieth century
At that time It was accepted as n matter
of course that the several States were
the proper authorities to regr ate, so far
as was then necessary, the comparatively
insignificant and strictly localized corpo-
rate bodies OF the day.
The conditions are now wholly different
and wholly different action Is called for.
Il believe that u law can be framed
which will enable the National Govern
ment to exercise control along the lines
above indicated; prolting by the expert
ence gained through the passage and ad-
ministration of the interstate commerce
act
IF, however. the judgment of the Con-
gress is that 1t lacks the constitutional
power 10 pass such an act. then a con-
stltutional amendment should be submit
ted TO confer the power.
A Secretary of Commerce and Indus
tries.
There should be created a Cabinet Off
Ger, to be known as Secretary of Com
meree and Industries, as provided in the
bill introduced at the last session OF the
Congress. II should be his province to
deal with commerce in its broadest sense.
including among many other things what