The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-24
THE PRESIDENT AND ANTITRUST
LEGISLATION.

When Attorney General Knox, about
three weeks before the recent election, de-
Iivered a speech before the Pittsburg
Chamber of Commerce. in which he treated
the trust question in an able and ex-
haustive manner. it was generally supposed
that his views and conclusions had the ap-
prevail of the President. In his speech Sat
urday night before the Union League, in
Philadelphia. the President confirmed this
impression. He said:
The tremendous growth of our industrial
ism has brought to the front many PROB
lens with which we must deal; and trust
that we shall deal with them along the
lines indicated in speech and in action py
that profound jurist and upright and rear
less public servant who represents PENN
sylvania in the Cabinet-Attorney General
Knox. The question of the so-called trusts
Is but one of the questions we must meet
In connection with our industrial system.
There are many of them and they are Sc
rfous; but they can and will be met. Time
may be needed for making the solution
perfect; but it is idle to tell this people that
We have not the power TO solve such a
problem as that of exercising adequate SUI
pervision over the great Industrial COM
binations of to-day. We have the power
and we shall find out the way. We shall
not act hastily or recklessly; but we have
firmly made up our minds that a solution
found 1T will be.
This statement is interesting because 1t
shows, first, that the President is in full
accord with the views expressed by Attor-
ney General Knox; and, second, that he is
determined, in spite of whatever opposition
may arise, to do his share in finding some
remedy for the trust evil.
| In view of the Presidents Endorsement
of the attorney generals views 1t is worth
while to recall them. His speech was de-
voted entirely to the trust question and
mainly to the legal and constitutional as
/ poets Of the question. He treated corpora
tions and Industrial combinations nat
ural outgrowths of modern commercial
activity but as liable to abuse, and, there
fore, necessary to be regulated. He held
that the national and state governments
should cooperate in regulating them. He
regarded overcapitalization as one of the
greatest evils and publicity as it's best cor
receive. As to other regulations he said:
Corporations and joint stock other as
! sociations, depending upon any statutory
law for their existence or privileges. trad
| Ing beyond their own States. should be re-
| CURED to do business in every State and
| locality upon precisely the same terms and
conditions. There should be no discrimina-
| Such corporations serving the public as
| carriers and in similar capacities should
be compelled to keep the avenues of COM
| merce free and open TO all upon the same
terms and to observe the law as to its in
| functions against sitting competition
Moreover, corporations upon which the
people depend for the necessaries or life
should be required to conduct their bust
ness so as regularly and reasonably to sup
ply the public needs.
The attorney general then analysed the
Sherman antitrust law and the decisions
of the Supreme Court under it, and con
cluded that Congress has constitutions
power to amend the law so as to make it
in connection with state legislation, al
effective remedy against the abuses ant
evils of trusts. among which he included
the sitting of competition, the regulating
of output and price and the restraining o.
trade.
Here, then. we have President Roosevelt!
views as stated by his attorney general anC
approved by himself. In view of these ex
pressions there need be no speculation al
to what position the President will taxi
regarding trusts in his message. He will
declare his belief that Congress has powe
under existing constitutional grants t,
amend and extend the Sherman law, an,
he will recommend that this be done. II
addition he will recommend Legislation
making all corporations doing interstat
business subject to visitorial supervision, t
the end that full and accurate reports o
their operations shall be made at regula
intervals, as is now done with nationa
; banks, thus preventing the evils of over
capitalization and secrecy. This will be
good first step towards an effective system
of antitrust legislation.