The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1901-12-07

why VA CVAulLAon Oh concerning i'm
msRGe incidental benefits upon 9th
arS. Successful enterprise Of the typ,
which benefits all mankind can onl,
exist Ii the conditions are such as Il
oRer great prizes as the rewards O,
success.
Reasons Fer Caution.
ThO prsaident adds that there arr
many reasons for caution in dealing
with corporations. He says:
The same business conditions which
have produced the great aggregations
OF corporate and Individual wealth
have made them very potent factors In
international commercial competition.
Moreover, 1t cannot too often be
pointed cut that to strike with ignorant
Violence at the interests of onesset OF
men almost inevitably endangers the
interests Of all. The fundamental rule
In our national life-the rule which un.
derlieS all others-is that, on the whole
and Ia the long run, we shall 60 up OF
dSwn together.
The mechanism of modern business
liz 50 delicate that extreme care must
be taken not to interfere with 1t in
spirit OF rashness or ignorance. In
dealing with business interests, for
the government to undertake by crude
and i'll considered legislation to do
what may turn out to be bad, would
be to incur the risk of such farreach-
Ing national disaster that 1t would be
preferable to undertake nothing ut all.
The men who demand the impossible
or the undesirable serve as the allies
OF the forces with which they are NOM
inally at war, fer they hamper those
who would endeavor to find St in ra-
tional fashion what the wron9G really
are and to what extent and in what
manner 1t is practicable to apply rene
dies. ...eg
How to Correct the Evils.
All this is true, and yet 1t is also
true that there are real and grave evils,
one Of the chief, being overcapitaliza;
ton because Of its many baleful con-
sequences, and a reselute and practical
effort must be made to correct these
evils.
1t is no Limitation upon property
riryhf0 prnaIny7N ~ ~ 70
quire that when men receive from gov
eminent the privilege of doing bust
ness under corporate form, which frees
them from individual responsibility
and enables them to call into their en-.
terprises the capital of the public, they
shall do so upon absolutely truthful
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 bust
ness 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 institutions, and it is
therefore our right and our duty to
see that they work in harmony with
these institutions.
Publicity the First Essential.
The first essential in determining
how to deal with the great industrial
Is knowledge Of the facts
In the interest Of the pub
lie the government should have the
right to inspect and examine the work.
lngs Of the great corporations engaged
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 de-
after publicity has been OBJ.
tained by process Of law and In the
course of administration. The. first
requisite is knowledge, full and COM
Dlete-knowledge which may be made
public to the world.
Artificial bodies, such as corporations
Ind joint stock or other associations,
depending upon any statutory law for
heir existence or privileges should be
subject to proper governmental super
7ision, and full and accurate informa-
ion as to their operations should be
made public regularly at reasonable
intervals. q
The large corporations, commonly
allied trusts, though organized in one
tate, always do business In many
jtates, often doing very little business
q the state where they are lncorpo-
ated. There is utter lack Of Uniform
ty in the state laws about them, and,
IS no state has any exclusive interest
n or power over their acts, 1t has in
practice proved impossible to get ade.
Iuate regulation through state action.
in the interest Of the whole
'eople, the patton should, without in
erfering with the power Of the states
q the matter itself, also assume power
+ supervision and regulation over all
doing an interstate busl-
ess.
Amend Constitution If NeceSSary. !
When the constitution was adopted,
t the end of the eighteenth century,
o human wisdom could foretell the
weeping changes, alike In industrial
nd political conditions, which were to
place by the beginning of the
century. At that time 1t
7as accepted as a matter Of course
hat tie several states were the proper !
Ufhr, lilies IN rppuIato 60 far aS was