Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1901-12-03
THE MESSAGE.
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shall do so 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
If they are found to exercise license
working to the public injury. 1t should
be as much the aim of those who seek
for social betterment to rid the Dus-
mess world of crimes of violence
Great corporations exist only because
they are created and safe-guarded by
our institutions; and it is therefore our
right and our duty to see that they
work in harmony with these institu-
tions.
The first essential in determining
how to deal with the great industrial
combinations Is knowledge of the
facts-publlcity In the interest of the
public, the Government should have
the right to inspect and examine the
workings of the great corporations en-
gagged in interstate business. Publ
city is the only sure remedy which we
can now invoke. What further RENE
dies are needed In the way of govern
mental regulation, or taxation, can
only be determined 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 accurate in
formation 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 macy
States, often doing very little business
in the State where they are incorpor-
atcd. There Is utter lack of uniform
ity 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 ade-
quate regulation through State action.
Therefore. in the interest of the whole
people, the Nation should, without in
terfering with the power of the States
in the matter itself, also assume power
of supervision and regulation over all
corporations doing an interstate bust
ness. This is especially true where
the corporation derives portion Of
monopolistic element or tendency in
It's business. There would be no hard
ship In such supervision; banks are
subject to It, and in their case it is
now accepted as simple matter Of
course. Indeed, it is probable that
supervision Of corporations by the
National Government need not 20 so
far as Is now the case with the super
vision exercised over them by so con-
servativc u state as Massachusetts,
in order to produce excellent results.
When the Constitution was adopted
ut lnt euu VI lne ElButccltn century
no human 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 1t
was accepted as matter of course
that the several States We're the proper
authorities to regulate, 80 far as was
| then necessary, the comparatively in
significant and strictly localized cor
porate bodies of the day. The con
ditions are now wholly different and
wholly different action is called for.
believe TINT law can be framed
which will enable the National Coy
crnment to exercise control along the
lines above lndlcated; prohtlng by the
experience gained through the pas
sage and administration of the Inter
state Commerce Act. II, however, the
Judgment OF the Congress Is that II
lacks the constitutional power to pass
such an act, then constitutional
amendment should be submitted to con.
fer the power.