Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1902-12-09
DEALING w1TH TRUSTS.
Corporations Should BE Managed I'm
der Public Regulation.

Corporations Should BE Managed I'M
der Public Regulation.
In my message TO the present Congress
nj its first SESSION l discussed at length
the question of the regulation of those
big corporations commonly doing an inter
state business, often with some tendency
10 monopoly, which are popularity known
as trusts. The experience Of the past
wear has emphasized, in my opinion, the
desiranility of the steps i then proposed.
A fundamental requisite of social eff
cheney is a high standard of individual
energy and excellence; but this is in no
wise inconsistent with power to act IN
combination for aims which cannot so
well be achieved by the individual acting
alone. A fundamental base of civiiiza-
ton il 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 1t 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 pubic regulation. Expe-
rieuce has shown that under our system
OF government the necessary supervision
cGnnJt be obtained by State action. Ii
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
nent of modern industrialism, and the
effort to destroy them would be futile un-
less accomplished in ways that would
work the utmost mischief to the entire
body polite. We are not hostile to them;
4 I'LL
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 10 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 f0E
what he grows. Insistence upon the i'm
possible means delay in achieving the
possible. exactly as, on the other hHnd
the stubborn defense alike of what il
good and what is bad in the existing sys-
tenn. the resolute effert TO obstruet any
attempt at hetterment, betrays blindness
TO die 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 sHpine on the plea
that under our peculiar system of gov crn-
menI we are helpless in the presence of
the new conditions, and unable Ca crap
nle with them or 20 cut out whatever OF
eyu has arisen ia connection with them
The power Of the Congress TO regulate
interstate commerce is an absolute and
unqualified grant. and without inlta-
lions other than those prescribed by the
constitution.
| believe that monopolieS, unjust cis.
examinations. which prevent or cripple
competition. fraudulent overcapitaliza
ton. aud other evils in trust organiza.
liosS and practices which injuriously az
fets Interstate trade can be prevented un
der o. power of the Congress to '.rcgu-
late coSamerce with foreign nations and
nnasng tie several States" through Tegu
latsoas and requirements operating di
reetly upsn such commerce. the instra
oentalities thereof. am those engaged
therein
earnestly recommend mis- subject to
the consideration of the CT >gress with q
view to the passage of a In reasonable
ia Nv provisions and effectiv, in its op-
eratinns. upon which the questi, : can be
dnslly sdjudicated that now rak doubts
as 60 the necessity of couSti hOnal
amendment. II il prove impoSSioic 80 ac-
eomplish the purposes above set forth By
SUCH n law. then. asSuSatiiy. we shoulg:
nor shrink from amending the conStitu-
ton NO as to secure beyond peradvcn-
ture che power sought.
To Enforce Antitrust Law.
9sae Congress has not heretofore made
any appropriation for the better enforce
meat of the antitrust law as 1t now
stands Very much has been done by the
department. Of Justice in securing the en-
fNVcanent of this law, bat much more
could be done If Congress would make 3
special appropriation for this purpose. &c
be expended under the direction Of the
Attorney General
One proposition advocated has been the
reflnctioa of the tariff as = means al
reaching the evils of the trusts which
fan within the category have described
Not merely would this be wholly iaeffec-
tive. but the diversion Of our efforts in
such direction would mean the abandon.
meat Of all intelligent attempt to dc
SWAY with these evils Many Of The
largest corporations. many ga those which
should certainly be included in any pro
per scheme OF regulation. would not b
affected in the slightest degree by s
change in the tariff. save as such change
4 Interfered with the general prosperity Of
\ the country. The question of regulation
Of the trusts stands apart from the Ques
ltion Of tariff revision.