The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-12-05
EWs4

away with corporations; on the con-
trary, these big aggregations are an in
eviti-ble development of modern indus
trialism, n the effort to destroy them
would be futile unless accomplished in
ways that would work the utmost mis-
chief to the entire body polite. We
can do Lothing of COCO in the way Of
regulating and supervising these cor
pOratiOns until We fix clearly in our
minds that we are not attacking the
corporations, but endeayoring to do
away with any evil in them. We are
not hostile to them; We are merely de-
telmined that they shall be so handled
as to subserVe public good. We draw
the line against misconduct, not against
wealth. The capitalist who, alone or IN
conjunction with his fellows, performs
some great Industrial feat by which he
wins money is a welldoer, not a wrong
dOer, provided only he work in proper
and legitimate lines. We wish to favor
such a man when he does well. We
wish to supervise and control his ac-
tons only to prevent him from doing i'll.
Publicity can do On harm to the honest
corporation; and we need not be over
tender about sparing the dishonest cor
pOratiOn.
In curbing n 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 enter
prises which nave legitimateIy reduced
the cost of production, not to abandon
the place which our country has won
in the leadership of the international
industrial world, not to strike down
wealth with the result OF closing fac
tories 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 impos-
sible means delay in achieving the pos
sible, exactly as. On the other hand, the
defense alike of what is good
n what is bad in the existing system,
the resOlute effort to obstruct any at
empt at betterment, betrays blindness
to the historic truth that wise evolution
Is the sure safeguard against revolution.
No more important subject can come
before the congress than this of the
regulation of interstate business. This
country can not afford to sit supina on
the plea that under our peculiar system
of government we are helpless in the
presence of the new conditions, and
unable to grapple with them or to cut
out whatever of evil has arisen in con-
nectiOn with them. The power of the
congress to regulate interstate COM
merce is an absolute and unqualified
grant, n without limitations other
than those prescribed by the consI:tu-
ton The congress has constitutional
~authOrit- to make all laws necessary
and proper for executing his power,
n L am satisfied that this power has
not been exhausted by any legislation
now on the statute bOoks. 1t is evident.
therefore, that evils restrictive of COM
mercial freedom and el.tailing restraint
upon national commerc e fall within the
regulative power of the congress-, and
that a wise and reasonable law would
be a necessary and proper exercise of
congressional authority to the end that
such evils should be eradicated.
1 believe that ~monopolies, unjust dis
ordinations, which prevent or cripple
competition, fraudulent overcapitaliza-
ton. and other evils in trust organlza-
ions and practices which injuriously
affect interstate trade "a be prevented
under the power of the ongresS to
regulate with foreign ma
tions and among the several states
through regulations and requirements
operating directly upon such COM
merce, the instrumentalities thereof,
and those engaged therein.
/ earnestly recommend this subject to
the consideration of the congress with
a view to the passage of a law reason
able in it's provisions and effective in its
operations, upon which the questions
can be finally adjudicated that now
raise doubts as TO the necessity of con-
stitutiOnal amendment. If it prove inn
POSSIBLE to accomplish the purposes
above set forth by UGH a law, then,
assuredly, We should not shrink from
amending the constitution SO az to Sc
cure beyond peradverture the power
sought.
Tariff Reduction no Remedy.
The congress has not heretofore made
any appropriation for the better en-.
fOrcement of the antitrust law as It
now stands. Very much has been done
by the department of justice in securing
the enforcement o. this law, but much
more could be don if congress would
make a special appropriation for this
purpose, to be expended under the di-
rectiOn of the attorney general.
One proposition advocated has beer
the reduction of the tariff as a means OF
reaching the evils of the trusts which
fall within the category l have de-
scribed. Not merely would this be
wholly ineffective. but the diversion OF
our efforts in such a direction would
mean the abandonment of all intelli-
gent attempt to do ava with these
evils. Many of the largest corporations
many of those which should certainly
be included in any o p scheme OF
regulation. would not be affected in tht
slightest degree by a change in the tar
III. save as such change interfered wiki
the general prosperity of the country
The only relation of the tariff to bis
corporations as a whole is that the tariff
makes manufactures profitable, and tn:
tariff remedy proposed would be in eff
feet simply to make manufactures un'
profitable. To remove the tariff as {,
punitive measure directed against trust.
would inevitably result in ruin to tn;
weaker competitors who are struggling
against them. Dur aim should be no
by unwise tariff changes to give for
eieu products h advantage over do
nestle products, but by proper regula
ton to give domestic competition a fai
chance; and this. end can not b
reached by an tariff changes which
would affect u~nfavorably all domesti
competitors, good and bad alike. TIL
| question of regulation Of the trust
, stands apart from the question of tariff
! revision.
Protective Tariff.
, Stability of economic policy must al
ways be the prime economic need OF thi
: country. This stability should not b
: fossiliZation. The country has cqu
esced in the wisdom of the protective
tariff principle It is exceedingly un
: desirable that this system should be de
: stroyed or that there should be violen