New-York tribune., 1902-12-03
PUBLIC REGULATION OF TRUSTS.

In my message to the present Congress at its
first session l discussed at length the question
Of the regulation of those hig corporations com
monty doing interstate business often with
some tendency to monopoly, which popu-
larly known as trusts. The experience of the
past year has emphasized, in my opinion the
desira bility Of the steps ! then proposed. a
fundamental requisite of social efficiency is d
high standard of individual energy and excel
lence; but this is in wise inconsistent with
power to act in combination for aims which
cannot we'll be achieved by the individual
acting alone fundamental base of civiliza-
tion is the invioiability of property; but this is
in wise inconsistent with the right of soci-
ETY. to regulate the exercise of the artificial
powers which it confers upon the owners of
property, under the name of corporate fran
chises, in such way to prevent the misuse
of these powers. Corporations, and especially
combinations Of corporations. should be
aged under public regulation. Experience 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 inevitable development of
modern industrialism, and the effort to destroy
them would be futile unless accomplished in
ways that would work the utmost mischief to
the entire body polite We can do nothing OF
good in the way of regulating and supervising
these corporations until fix clearly IN
minds that we are not attacking the corpora
tions, but endeavoring to do away with any
evil in them We not hostile to them;
merely determined that they shall be
handled as TO subserve the public good We
draw the line against misconduct, not against
wealth. The capitalist who, alone in con-
junction with his fellows. performs some great
industrial feat by which he wins money is
welldoer, not a wrongdoer provided only he
works in proper and legitimate lines. We wish
to favor such a when he does we'll. We
wish TO supervise and control his actions only
to prevent him from doing i'll. Publicity
do no harm to the honest corporation; and we
need not be overtender about sparing the dis
honest corporation.
In curbing and regulating the combinations
of capital which are. may become. injurious
the public must be careful not stop
the great enterprises which have legitimatey
reduced the cost of production, not to abandon
the place which country has in the
leadership of the international industrial world
not to strike down wealth with the result of
closing factories and mines, of turning the wage
"ofher idIe III ths sueets anu leaflts the
farmer without market for what he grows
Insistence upon the impossible means delay in
achieving the possible, exactly as, on the other
hand, the stubborn defence alike of what is good
and what is bad in the existing system, the
resolute effort TO obstruct any attempt at bet
terment, betrays blindness to the historic truth
that wise evolution is the sure safeguard against
No more important subject can come before
the Congress than this of the regulation of in
terstate business This country cannot afford
TO sit supine on the plea that under our peculiar
system of government we HELPLESS in the
presence of the new conditions, and unable to
grapple with them or to cut out whatever of
evil has arisen in connection with them.
The power of the Congress to regulate inter-
state commerce is absolute and unqualified
grant, and without limitations other than those
prescribed by the constitution The Congress
has constitutional authority to make all laws
necessary and proper for executing this power
and am satisfied that this power has not been
exhausted by any legislation on the statute
books, 1t is evident, therefore that evils re-
strictive Of commercial freedom and entailing
restraint upon national commerce fall within
the regulative power of the Congress and that
a wise and reasonable law would be necessary
and proper exercise Of Congressional authority
TO the end that such evils should be efadcated
believe that monopoiies. unjust discrimina-
uons. which prevent cripple competition,
fraudulent oyerca pitaliZation and other evils
IN trust organizations and practices which in
1uriously affect interstate trade can be pre-
vented under the power of the Congress to
regulate commerce with foreign nations and
among the several States through regulations
ana requirements operating directly upon such
commerce the instrumentalities thereof and
those engaged therein
earnestly recommend this subject to the
consideration OF the Congress with q view to
the passage of a law sonabe in its provisions
ana eHectlve in its operations. upon which the
questlons can be finally adjudicated that now
raise doubts as to the necessity of constitutional
amendment If it prove Impossible TO accom-
piisn the purposes above set forth by such a
law, then. assuredly. We should not shrink from