Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1901-12-03

j. TUESDAY, DEEEM BET
Of his luxuries, but the wageworker may
be deprived of even bare necessities.
The mechanism Of modern business is SO
delicate that extreme care must be taken
not to interfere with it in spirit of rash
ness or ignorance. Many Of those who
have made it their vocation to denounce
the great industrial combinations which
are popularity, although with technical in
accuracy, Known as trusts" appeal espe-
cially to hatred and fear. These are pre-
cisely the two emotions. particularly when
combined with ignorance. which unfit men
for the exercise Of cool and steady judg-
ment. In facing new industrial conditions
the whole history of the world shows that
legsla ton will generally be both unwlse
and ineffective unless undertaken after
calm inquiry and with sober self restraint.
Much of the legislation directed .at the
trusts would have been exceedingly mis-
chieyous had 1T not also been entirely in
effective. In accordance with a well
known sociological law the ignorant or
reckless agitator has been the really ef-
fective friend OF the evils which he has
been nominally opposing In dealing with
business interests for the government to
undertake by crude and i'll considered leg
islation to do what may turn out to be
bad would be to incur the risk of such
farreaching national disaster that it
would be preferable to undertake nothing
ut ali. The men who demand the impossi-
BILE or the undesirable serve as the allies
of the forces with which they are nomi-
nally at war; for they hamper those who
would endeavor to find out in rational
fashion what the wrongs really are and to
what extent and in what manner it is
practicable to apply remedies
Evils of Overcapitallzation.
AL this is true. And yet 1t is also true
that there are real and grave evils, one of
the chief being overcapitaliZation because
of it's many baleful consequences. and a
| resolute and practical effort must be made
| to correct these evils.
| There is widespread conviction in the
| minds Of the American people that the
great corporations known as trusts are in
certain of their features and tendencies
| hurtful to the general welfare. This
| springs from no spirit Of envy or unchari-
| tableness nor lack of pride in the great in
dustrial achievements that have placed
| this country at the head Of the nations
struggling for commercial supremacy. It
| does not rest upon a lack Of intelligent
appreciation Of the necessity Of meeting
changing and changed conditions Of trade
| with new methods nor upon ignorance Of
the fact that combination of capital in the
effort to accomplish great things is neces-
sary when the worlds progress demands
| that great things be done. 1t is based
upon sincere conviction that combination
and concentration should be not prohibit
ed, but supervised and within reasonable
limits controlled, and in my judgment this
conviction is right.
! 1t is no Limitation upon property right:
! or freedom Of contract to require tina
! when men receive from government th'
4 privilege 90 doing business under corpo
rate form which frees them from individ
! uaa responsibility and enables them to cal
7 into their enterprises the capital Of tn,
public they shall do SO upon absolutel!
truthful representations as to the value O
the property in which the capital is to b.
invested. Corporations engaged in inter
state commerce should be regulated i
they are found to exercise a license work
ing to the public injury. 1t should be a.
much the aim of those who seek for socia
betterment to rid the business world O.
crimes of cunning as to rid the entir,
body polite Of crimes of violence. Grea
corporations exist only because they ar
created and safeguarded by our institu
tions, and it is therefore our right ant
our duty to see that they work in harmo
ny with these institutions.
Publicity Needed.
The first essential in determining how tt
deal with the great industrial combina
tions is knowledge Of the facts-publicity
In the interest of the public the govern
ment should have the right to inspect ant
examine the workings of the great corpo
rations engaged III int arstate business
Publicity is the only sure remedy which
we can now invoke. What further rene
dies are needed in the way of govern
mental regula ton or taxation can only bt
determined after publicity has been OBJ
tanned by process Of law and in the course
Of administration. The first requisite i:
knowledge, full and complete-knowledgs
which may be made public to the world.
Artificial bodies. such as corporations
and joint stock or other associations de
pending upon any statutory law for theil
existence OF privileges. should be subjec
to proper governmental supervision. ant
full and accurate information as to theil
operations should be made public regular
ly at reasonable intervals.
The large corporations, commonly called
trusts. though organized in one state, al
ways do business in many states. Otter
doing very little business in the state
where they are incorporated. There's Ii
utter lack of uniformity in the state laws
about them. and no state has any ex
elusive interest in or power over thel1
acts It has IN practice proved impossible
to get adequate regulation through state
action. Therefore in the interest OF tht
whole people the nation should. withou
Interfering with the power Of the state:
| in the matter itself. also assume power o.
supervision and regulation over all corpo
rations doing an interstate business Thi
Is especially true who're the corporation
derives portion of its wealth from tn
| existence of some moncpolistic element o.
tendency in it's business. There would b.
no hardship in such supervision. Bank
are subject to it, and In their case 1t Il
now accepted as sirople matter o
course Indeed it is probable that super
| vision of corporations by the national gov
ernment need not go so far Hs is now tn
case with the supervision exercised owe
them by SO conservative a state rs Mas
sachusetts in order to produce eNcellen
results. -,
would Frame q rEedern2 Law.
, When the constitution was adopted q
| the end of the eighteenth century. no hu
| man wisdom could foretell the .sWeep!n!
changes, alike in industrial and politica
conditions. which were to take place D.
t the beginning Of the twentieth century
& AT that tina4 It was accepted as q matte
4 OF course that the several states were tn
= proper authorities to regulate SO far a
/ was then necessary the comparatively In
| significant and strictly localized corporat
|. bodies ofsthe day. The conditions are nov
wholly different. and wholly different &C
81 ton Is called for. believe that q lar