The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-04

cd espec:alIy at a time when the over
flowing abundance of our own ma II II
resources and the skill. business energy
and mechanical aptitude o. Oar people
make foreign markets essential. Ch0er
such conditions it would be most II wise
to cramp or to fetter thu youthful ST. ength
of our Nation.
All in One Boat
moreover. it cannot too Gftcn lie rfiEt-
ed out that to strike with ignorant VIZ
lence at the interests Oh Que SET CT men
almost inevitably endalgsrs ;he interests
of all The Fundamental RUE in ''uT ra-
tional life-the rule which u1.der;ies all
others-is that, on the whole. and IN the
long run, we shall go up or down to-
sether There are exceptions; an6 IN
times of prosperity some will prosper lar
more. and in times of adversely some VIII
surfer far more, than others; but, SPEAK
ing generally. period OF gooo times
means that all share more or less IN
them. and in a period of hard times All
feel the stress % a greater or less oe
gree It surely ought not to be necessary
to enter into any proof OF this state
n,ent; the memory of the lean years
which began in 1895 is still vivid, and we
can contrast them with the conditions IN
this very year which is now closing
Disaster to great business enterprises can
never have its effect limited to the men
at the top. It spreads throughout, ana
while it is bad for everybody. 1t IS worst
for those farthest down. The capltalist
may be shorn of his luxuries; but The
wage-worker may be deprived OF even
bare necessities.
Hatred ard Fear.
.The mechanism of modern business Is
so delicate that extreme care must D.
taken not TO interfere with IT in spirit
of rashness or ignorance. Many OF 1hosc
who have made it their vocation 20 de-
nounce the great Industrial combinations
which are popularity. although with tech
nical inaccuracy, known as trusts ap-
peal especially to hatred and fear. These
are precisely the two emotions. partlcu-
iarly when combined with ignorance
which unfit men for the exercise of cool
and steady judgment In facing ne"
industrial conditions. the whole history
of the world shows that legislation Will
generally be both unwise and ineffective
unless undertaken after calm inquiry
and with sober self-restraint.
The first essential in determining now
20 deal with the great industrial combl-
nations is knowledge of the facts-pub-
lcity. In the interest of the public. the
Government should have the right to IL
spect and examine the workings OF the
great corporations engaged in interstate
business. Publicity is the only sure REM
edy 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 obtained, by process of law.
and in the course Of administration. The
first requisite is knowledge. full and COM
plete-llnowledge which may be made
public TO the world.
Artificial bodies. such as corporations
and Joint stock or other associations. de-
pending upon the statutory law for their
existence or privileges, should be subject
to proper governmental supervision and
full and accurate information as to their
operations should be made public resu-
larly at reasonable intervals.
Laws on Trusts.
The large corporations. commonly call
ed trusts though organized in one State,
always 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 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 corpora
ton derives a portion of its wealth from
the existence of some monopoliStlc eic-
Inent or tendency in its business. There
would be no hardship in such supervision;
banks are subject to it, and il their case
it is now accepted as a simuple matter OF
course. Indeed, it is probable that super
vision of corporations by the National
Government need not go SO far as is now
the case With the supervision exercised
over them by so conservative State as
MasSa chusetts, in order to produce eX-
cellent results.
Amend Constitution.
When the Constitution was adopted, at
| the end of the eighteenth century, no
human wisdom could foretell the sweep
ing changes, alike in industrial and poll
teal conditions, which were to take place
| by the beginning of the twentieth cen-
tury. At that time il was accepted. as Il
matter OF course that the several States
were the proper authorities to regulate,
so far as was then necessary, the COM
paratively Insignificant and strictly To-
Called corporate bodies of the day. The
conditions are now wholly different and
wholly different action is called for.
believe that a law can be framed which
will enable the National Government TO
exercise control along the lines above in
dictated; profiting by the experience gain
ed through the passage and administra-
ton of the interstate-commerce act If,
however, the judgment Of the Congress is
| that it lacks the constitutional power to
| pass such an act. then A constitutional
amendment should be submitted to con-
fer the power.
New Cabinet Officer
The President next recommends the ere.
| alton of a new Cabinet officer. to be
| known as the Secretary of Commerce and
| Industries. This course. he says is. one
| phase OF what should be comprehensive
and far-reaching scheme of constructive
| craftsmanship for the purpose of broad
ening our markets, securing our business