The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-04

regulation, or taxation. can only be deter
mined after publicity has been obtained,
by process Of law, and in the course OF
administration. The first requisite is
knowledge, full and cOmplete-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 supervision, and full and ac-
curate information as to their operations
should be made public regularly at reason
able intervals.
The large corporations commonly called
trusts, though organized in one State al
ways 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 eX-
elusive 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 peo-
pie, the Nation should, without Interior
Ing with the power Of the States in the
matter itself, also assume power of super
vision and regulation over all corporations
doing an interstate business. This is es-
pecially true where the corporation derives
portion of its wealth from the existence of
some mOnopolistic element or tendency in
its business. There would be no hardship
I'm such supervision; banks are subject to
it, and in their case 1t is now accepted
a simple matter of course. Indeed it is
probable that supervision Of corporations
by the national government need not go
so Tar as is now the case with the super
vision exercised over them by so conserva-
tive a State as Massachusetts, in order to
produce excellent results
CONDITIONS HAVE CHANGED.
When the Constitution was adopted, at
the end of the eighteenth century, no hu-
man wisdom could foretell the sweeping
changes, alike in industrial and political
conditions, which were to take place by
the beginning of the twentieth century. AT
that time it was accepted as a matter of
course that the several States were the
proper authorities to regulate, so far as
was then necessary, the comparativ in
significant and strictly localized corporate
bodies of the day. The conditions are now
wholly different and wholly different action
Is called for. l believe that a law can be
framed which will enable the national gov
eminent to exercise control along the lines
above indicated; profting by the experience
gained through the passage and admin
istration Of the interstate-commerce act.
If, however, the judgment Of Congress is
that it lacks the constitutional power to
pass such an act, then a constitutional
amendment should be submitted to confer
the power.
There should be created a Cabinet of
fcer, to be known as secretary of COM
merce and industries, as provided in the
bill introduced at the last session of Con-
gress 1t should be his province to deal
with commerce in its broadest sense; in
Guiding among other things whatever con-
Germs labor and all matters affecting the
great business corporations and our mer-
chant marine.
The course proposed is one phase of what
should be a comprehensive and far-reach-
ing scheme of constructive craftsmanship
for the purpose of broadening our markets
securing our business interests on a safe
basis and making firm our new position In
| the international Industrial world; while
| scrupuously safeguarding the rights Of
wage-worker and capitalist, of investor and
private citizen, so as TO secure equity as
between man and man in this Republic