The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-02-08
HON. E. w. POUS SPEECH
ON ANTITRUST COMEDY
The Bill of the Republicans Terrible in its Impotence
Can it Fool the People
Longer?

Edward W. Pou, member of the National
House of Representatives from the
Fourth district:
MIR. Pou said:
Mr.. Chairman: 1t is probaly not out
of place at this time for some one to
call the attention of the country to the
comedy in which certain politicians are
engaged.
A very serious proposition confronts
the Republican party. 1t is this: How
far can it really proceed with antitrust
legislation without injuring the trusts?
How drastic bill can it pass which
will really be imperative? How far
can it proceed with the attack and yet
leave its trust friends uninjured? is it
possible for it to do the Sherman Act
over again? Can it fool the people a
little while longer?
The provisions of all the bills which
Republican ingenuity up to this time
has been able to evolve may be summed
up under two heads. First, the require
ment of publicity in the management OF
the trusts; second, the inhibition against
discrimination in interstate commerce.
The first four sections of the substitute
offered by the judiciary Committee re-
quire publicity. The fifth. sixth and
seventh sections present the plan of the
committee whereby discrimination may
be prevented. The eighth, ninth. tenth,
and eleventh sections provide machinery
by which the law is TO be enforced. The
trusts do not appear to be alarmed at
all at the proposed legislation. and. SO
far as appears, the legislation stimulates
but little hope in the breasts of those
who have suffered In my opinion, Mr..
Chairman. the bill is utterly inadequate.
1t really looks, Mr.. Chairman, as if the
substitute bill were drawn to protect the
trusts which are now expressing the peo-
pie. for upon its very threshold the
bill exempts all of these law breakers
from its operation. 1t provides that
every corporation which may be here
after organized SHALL at the time of en-
aging in interstate or foreign commerce,
file the return hereinafter provided for
] do not believe that the publicity re-
quired by this bill will afford any sub
stantial remedy. but it appears that a
majority of the committee, for some rea-
son, has left absolutely exempt from
the operation of the bill all corporations
except those which may be hereafter or
;,anized. What have our great law
breakers done that they should be thus
favored by the majority Of the commit
tee? Why should 49, be permitted to
enjoy this advantage? Why should they
be allowed to live in the shadow, while
new trusts must live in the sunlight?
A favoritc expression of our Republi
can friends is that there are good trusts
and bad trusts. The majority of the
committee has evidently observed this
distinction. The old trusts are the good
trusts Those that are to be hereafter
organized are the bad trusts. The old
trusts may operate in the dark; the new
trusts must operate in the light :.
What will be the effect of this exemp-
ton? If your publicity idea amounts to
anything, then, in my opinion,
if it is of any real benefit to
the people, if its effect shall be to force
the trusts to comply with the law, then,
in my opinion, it will be long time be-
fore any new trusts are organized. Old
charters will be bought in order that
the law may be evaded, and it will be
many years before any bad trusts will
rise up to challenge the supremacy of the
good trusts which you are permitting
to live in the dark.
But what will your trusts care about
your publicity requirement anyway? The
good trusts, those that are to sit in
darkness, care but little about the pub
Icity of their operations. We know they
water their stock We know that nearly
all of them are over capitalized Take
as an illustration any one of the great
trusts of the country. Many people al
ready know
Its name, date of organization, when
and where organized, statutes under
which it is organized, and all amend
ments thereof; if consolidated, the con-
stituent companies, when and where or
sanized, with the same information as
to such constituent companies; If reor-
ganized, name of original corporation or
corporations, the law under which all re-
organizations have taken place, with the
same information as to all prior compa-
MES in the chain of reorganization;
amount of authorized capital stock,
shares into which it is divided par
value, whether common or preferred, ana
distinction between them; amount is
sued and outstanding; amount paid in;
how much, if any, paid in cash, and now
much. if anly, paid in property; II any
part in property, the KIND, character
and location, its cash market value at
the time it was received in payment; the
name and address of each officer, mana
ger, agent, and director; true ana
correct copy of. it's articles of incorpora-
ton: a full. true, and correct copy OF
any and all rules regulations, ana by
laws adopted for the management Oh It's
business.
1t would probably not be very an
fcult task to procure substantially TINS
Information about any of the great COT
porations of the country engaged IN III
teretate business Some Of the compa-
MES themselves do not hesitate to give
much of it to the public. Some oil the
great newspapers of the country, ioyai
to the interest of the people, nave al
ready procured much of the Information
and have given it to the public. Inc
PEOPLE have a tolerably correct estimate
Of the trusts. Perhaps 1t would be Wen
enough to require all of the trusts, the
good and the bad, those who sit III
darkness as we'll as those who are TO
sit in the light, to furnish such infor
nation IN sworn statement to a Gov
eminent official But the point / am
making Is this: The requirement of
publicity does not accomplish what both
political parties have nromicad 10 nor