The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1903-01-09

themselves. The dead level proposed bJ
socialism would be destructive OF
everything which makes life worth nv
ing, or manhood worth respecting So
cialism may do for China or for Tur-
key, but it viii never be q Yankee REM
edy." We had III permanent danger 10
fear from that source.
Speaking of corporations, NJ. Hoar
said no power less than that OF the en-
tire nation is capable Of dealing with
them. The question is the most import
ant that has come up for a long time,
For" said he, Eve are to deal NOT
only with foreign onmerce, but with
that compared with which the foreign
commerce of the world is but a
q drop in the bucket-the domestic
commerce of the United States"
This commerce., he continued, is IN
the hands of the great corporations,
and it is properly in their hands. Their
work might be benefcent as well as
otherwise, and for this reason con-
gress should go slowly n carefully
in devising a remedy for the ills lest
it should bring on others which might
be worse.
Steps Already Taken.
Two important steps already a
been taken in the passage of the IN
terstate commerce law and the her
man antitrust law, but while both
! measures had proved efficaeious, they
had fallen short of the requirements.
| The antitrust law had accomplished
even more than its friends had ex-
! pected OF it, but there had been, he
said. much disappointment over the
failure of the supreme court adequately
to interpret the phrase lin restraint OF
trade" as APPLIED to combinations of
business interests. Discussing the ac-
complishments nde that law. Mr..
Hoar said hat the attorney general
Il gone far already under It to break
up a monopoly whichs effected the
whole freight and passenger traffic Of
the northwest, n was affecting the
cotton trade OF the south, and anoth-
er, the price of beef, a prime article of
food. He believed that congress had
power to go further on h lines in
dicated by Attorney General Knox in
his Pittsburg speech. and the enact
rasnt Of a law on the general lines of
his bill, he thought, would be- only an
other step in the direction Of the anti
trust law. His bill he considered
~tetative and experimental. But ii was
safe and could be modified. We should
proceed safely step by step.
| His measure, he said, is based en-
tirely on the theory hat can
bimpose on a corporation created by any
state such obligations as it shall think
fit and reasonable as a condition for
l OC4lS pcI ll1lttd " SIiSGEs III CIlti-
merce with foreign nations and among
the several states.
Outline of the Bill.
Fe then presented the following
outline of the restrictions imposed by
his bill on corporations:
l. Publicity in the conduct of their bust
ness and the constitution OF their organ
ization.
2. The power to stop their business alto
gether il they violate the LAWS enacted by
! congress.
5. Strict penalty on them and their Of
hcers for such violations.
!. Personal liability for all debts, obli-
cations and wrong doinss Of the directors.
officers and agents unless the avs be
fully complied with. This liability is Sc
cured by requiring the personal consent
to the provisions Of this bill and accept
ance OF ali It's obligations by such officers,
directors and agents before they enter up
or Office.
AS to the effect of the Measure in
case it should become a law, he said:
II this bin should become Il law and be-
come effective no corporation engaging IN
commerce which is within the jurisdic-
uou OF congress can keep Its condition a
secret. No such corporation can Go busi-
ness IN fictitious capital or watered stock.
No corporation can Cypress any rival,
whether corporate or individual. by any
unlawful practices. II lido 1t will be on
ayers became personally liable for its
debts and its torts, and will be subject
also TO heavy criminal liability. This bill
depends for its validity on the constitu-
tional power of congress to regulate in<
ternational aNd interstate