The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1902-12-05
THE TRUSTS.
They Can Be Controlled Only by Ma
tiOnaI Action.


tiOnaI Action.
In my message to the present congress
at its first session 1 discussed at length
the question of the regulation of those
big corporations commonly doing an in
terState business, often with some ten
oency to monopoly, which are popularity
known as trusts. The experience of the
past year has emphasized, in my Opin
ion, the desirability of the steps I then
proposed. A fundamental requisite of
social efficiency is a high standard of
individual energy and excellence; but
this is in no wise inconsistent with DOW
er to act in combination for aims which
cannot so well be achieved by the indi-
Wdual acting alone. fundamental base
of civilization is the inviolability of prop
erty; but this is in no wise inconsistent
with the right of society TO regulate the
exercise of the artificial powers which it
confers upon the owners of property, I'M
der the name of corporate franchises. in
sucn way as to prevent the misuse
or these powers. Corporations. and eSpe-
clally combinations of corporation
should be managed under public reguia
ton. 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 lis not to do
away with corporations; on the contrary.
these big aggregations are an 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
Dody polite. We can do nothing of good
IN the way of regulating and supervising
these corporations until we fix clearly in
our minds that we are not attacking the
corporations, but endeavoring to do away
with any evil in them. We are not hostile
20 them; we are merely determined that
they shall be so handled as to SubServe
the public good. We draw the line
against misconduct, not against wealth.
Inc capitalist who, alone or in cOnjunc-
uon with his fellows, performs some
ind rfa1 rnf Nv xrrhf 1h ho ufr,c
money is a welldoer, not q wrongdoer.
provided only he works in proper and
legitimate lines. We wish TO favor such
a man when he does well. We wish to
supervise and control his actions only to
prevent him from doing i'll. Publicity
can do no harm to the honest corpora
uon; and we need not be overtender
about sparing the dishonest corporation.
Must Exercise Care.
In curbing and regulating the combina-
lions of capital which are or may become
injurious to the public we must be careful
not 70 stop the great enterprises which
nave legitimately reduced the cost of pro-
auction, 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 clos
ing factories and mines, of turning the
wage-worker idle in the streets and leav-
ing the farmer without a market for what
ne grows. Insistence upon the impossible
means Gelay in achieving the possible, eX
actly as, OF the other hand, the stubborn
defense alike of what is good and what is
pad in the existing system. the resolute eff
Tort TO obstruct any attempt at betterment
oerays blindness TO the historic truth that
wise evolution is the sure safeguard against
revolution
No more important subject can come be-
tore the congress than this OF the regula-
ton of interstate business. This country
cannot afford to sit supine 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 10 cut out whatever of evil has arisen in
connection with them. The power of the
Congress to regulate interstate commerce
Is ar absolute and unqualified grant. and
without limitations other than those pre-
scrlbed by the constitution. The congress
has constitutional authority to make all
this power and / am satisfied that this
power has not been exhausted by any leg
lsiation now on the statute books J., IS
fVlsent therefore. .hat e7ils TeEtrictiv OF