Arizona republican., 1901-12-04


 trade with new methods, nor upon ig- norance of the fact that combination of capital in the effort to accomplish great things is necessary when the worlds progress demands that great things be done. It is based upon sin cere conviction that combination and concentration should be. not prohibited
 but supervised. and within reasonable limits controlled; and in my judgment this conviction is right.
 REGULATION OF TRUSTS.
 It is no limitation upon property rights or freedom of contract to require that when men receive from govern ment the privilege of doing business under corporate form. which frees them from individual responsibility, and en- ables them to call into their enterprises the capital of the public, they shall do so upon absolutely truthful representa- tions as to the value of the property in which the capital is to be invested. Corporations engaged in interstate commerce should be regulated if they are found to exercise a license working to the public injury. It should be as much the aim of those who seek for social betterment to rid the business world of crimes of cunning as to rid the entire body polite of crimes of violence. Great corporations exist only because they are created and safe guarded by our own institutions; and it is therefore our right and our duty to see that they work in harmony with these institutions.
 The first essential in 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 to inspect and examine the workings of the great corporations en- gagged in interstate business. Publicity is the only sure remedy which We can now invoke. What further remedies are needed in the way of governmental
 regulation, or taxation, can only be determined after publicity has been ob- tained, by process of law. and in the course of administration. The first requisite is knowledge, full and com plete-knowledge which may be made public to the world.
 Artificial bodies. such as 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 in the state where they are incorpor- ated. 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 prac- tice proved impossible to get adequate fhFnnorb fa fa fore, 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 cor porations doing an interstate business. | This is especially true where the cor poration derives a portion of its wealth from the existence of some Inonopolistic element or tendency in it's business. There would be no hardship | Tn such supervision; banks are subject 1 to it, and in their case it is now ac- cepted as a simple matter of course. l Indeed. it is probable that supervision l of corporations by the national govern nent need not go so far as is now the | ease with the supervision exercised | over them by so conservative q state ! as Massachusetts, in order to produce ! excellent results.
 When the constitution was adopted i lt the end of the eighteenth century, ! no human wisdom could foreteIl the | sweeping changes. alike in industrial | md political conditions, which were to | take place by the beginning of the | Wentieth century. At that time it was accepted as matter of course that the | several states were the proper authori- | lies to regulate, so far as was then necessary. the comparatively insigni- ant and strictly localized corporate bodies of the day. The conditions are now wholly different and wholly differ mt action is called for. l believe that I law can be framed that will enable he national government to exercise control along the lines above indicated: lrohting by the experience gained trough the passage and administra- ion of the interstate commerce act. If. however. the judgment of the congress s that it lacks the constitutional ,ower to pass such an act. then con 'titutional amendment should be sub nitted to confer the power.
 A NEW DEPARTMENT.
 There should be created a cabinet |, 'fiicer, to be known as secretary of l. ommerce and industries. as provided in !, ne Dill introduced in the last session l. 1T the congress. It should be his pro moe to deal with commerce in it's l. roadest sense; including among many ther things whatever concerns labor md all matters affecting the great business corporations and our mer- hant marine.
 The course proposed Is one phase of 'hat should be q comprehensive and ar-reaching scheme of constructive tatesmanship for the purpose of broadening our markets, securing our usiness interests on a safe basis, and l making firm our new position in inc ( international industrial world; while ( crupulously safeguarding the rights of : 'aSe-worker and capitalist, of investor nd private citizen, so as to secure { quity as between man and man in this epublic. With the sole exception of the farm ( ng interest. no one matter is of such l ltal moment to our whole people as he welfare of the wage-workers. If he farmer and the wage-worker are : yell off. if is abSOIufeI,y carfair, !