Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1902-12-06
DEALING WITH TRUSTS.
Corporations Should Be Managed I'm
der Public Regulation.

CORPORATIONS Should Be Managed IN
der Public Regulation.
In nv message to the present Congress
at its first session | discussed at length
the question of the regulation OF those
big corporations commonly doing an inter-
state business, often with some tendency
to monopoly, which are popularity known
as trusts. The experience of the past
year has emphasized, in my opinion, the
desirability of the steps l then proposed.
A fundamental requisite of social et1-
cheney is q high standard of individual
energy and excellence; but this is in no
wise inconsistent with power to act III
combination for aims which cannot so
we'll be achieved by the individual acting
alone. A fundamental base of civlllza-
ton is the inviolability of property; but
this is in no wise inconsistent with the
right of society to regulate the exercise OF
the artificial powers which it confers up
on the owners of property, under the
name of corporate franchises, in such a
way as to prevent the misuse OF these
powers. Corporations, and especially
combinations of corporations, should be
managed under public regulation. Expe-
rience has shown that under our system
of government the necessary supervision
cannot be obtained by State action. 1t
must therefore be achieved by national
action Our aim is not to do away with
corporations; on the contrary, these big
aggregations are an inevitable develop
ment of modern industrialism, and the
effort to destroy them would be futile I'M
less accomplished in ways that would
work the utmost mischief to the entire
body polite. We are not hostile tC them;
we are merely determined that they shall
be so handled as to subserve the public
good Publicity can do no harm to the
honest corporation; and we need not be
overtender about sparing the dishonest
corporation.
In curbing and regulating the combi-
nations of capital which are or may be-
come injurious to the public we must be
careful not to stop the great enterprises
which have legitimately reduced the cost
of production, not to abandon the place
which our country has won in the leader
ship of the international industrial world
not to strike down wealth with the result
of closing factories and mines, of turning
the wage worker idle in the streets and
leaving the farmer without a market for
what he grows. Insistence upon the i'm
possible means delay in achieving the
possible, exactly as, on the other hand,
the stubborn defense alike of what Is
good and what is bad in the existing sys-
tenn, the resolute effort to obstruct any
attempt at betterment, betrays blindness
10 the historic truth that wise evolution
Is the sure safeguard against revolution.
Interstate Commerce.
No more important subject can come
before the Congress than this of the regu-
lation of interstate business. This coun-
try cannot afford to sit supine on the plea
that under our peculiar system of govern
ment we are helpless in the presence of
the new conditions, and unable to Crap
pie with them or to cut out whatever of
evil has arisen in connection with them.
The power of the Congress to regulate
interstate commerce is an absolute and
unqualified grant, and without inlita-
tons other than those prescribed by the
constitution.
L believe that monopolies, unjust dis
examinations, which prevent or cripple
competition, fraudulent overcapitaliza
ton, and other evils in trust organiza-
lions and practices which injuriously af
feet interstate trade can be prevented I'M
der the power of the Congress to ''regu-
late commerce with foreign nations and
among the several States" through regu~
iatlons and requirements operating d.
fectlS upon such commerce, the instru-
mentalues thereof. and those engaged
therein.
| earnestly recommend this subject to
the consideration of the Congress With q
view to the passage of a law reasonable
i'll its provisions and effective in it's op
erations, upon which the questions can be
finally adjudicated that now raise doubts
as to the necessity Of constitutional
amendment. IF it prove impossible 70 49,