Omaha daily bee., 1903-02-15
Arrnn PUBLICITY susEHvIslox.

4N tGbEN-AAA
The initial movement for the repres-
sion Of trusts was taken ten years ago
by the legislature Of Minnesota in the
shape Of resolutions directing the gov
ernor Of that state to call a national
convention to discuss the trust menac
and devise measures for the regulation
or suppression Of the trusts.
In compliance with these resolutions
States senator. issued a call to the
various states to appoint delegates to
meet in national convention at Chi
cago, June 5. 1893. From the outset
there was a sharp cleavage between
the extremists under the leadership Of
General Weaver, Ignatius Donnelly
and Henry d. Lloyd, who advocated
the abolition Of all corporations, and
the conservative element, led by Gov
me Nelson and Congressman Taw-
ney, who recognized In the trusts a
natural outgrowth of industrial evolu-
ton that called for regulation and re-
preston rather than drastic legislation.
The test Of relative strength came in
the contest over the craftsmanship Of
the committee on resolutions, the de-
structionists supporting Ignatius DON
nelly and the conservatives r~allying to
the support of the editor of The Bee,
whose election by a decisive majority
eliminated in the adoption Of resolu-
lions expressive of the consensus of
opinion as to the most rational method
OF dealing with the trusts.
The resolutions favored the organiza-
ton of a national antitrust league,
whose influence should be exerted for
the repression of the dangerous ten
denotes Of the trust system through
publicity and supervision. AS the first
step in this direction an appeal was
made to President Cleveland to recon-
mend to congress the creation Of a
bureau. whose head should be clothed
with substantially the same power in
the supervision of corporations en-.
gagged In interstate that are
exercised by the comptroller Of the cur.
rency over the national banks.
Although there has been an unprece
dented increase in the number Of cor.
porate combinations within the past ten
years, and while several Of the trusts
organized within the past decade have
assumed gigantic proportions, nearly
all the men who have grappled with
the trust problem concur In the opinion
that publicity and supervision, as
recommended by the first national anti
trust convention, will afford relief from
the worst evils and abuses incident tc
the centralized capitalization and in.
dustrial combination. This was the
view held by President Roosevelt, a:
now formulated into law by con
gress, and it may be confidently ex
pected that under the s~earchlight OF
publicity the most dangerous practice.
OF the trusts. stock watering and hcti
tious capitalization, will become vel
nigh impossible.
But publicity to be effective must be
supplemented by supervision. 1t IL
not merely essential for the public
safety that the widest publicity bt
given to the capitalization OF the trust.
and their financial operations, bui
authority must be vested in some de
partment Of the government to call 3
halt upon every trust that seeks t.
break down the safeguards provided By
the government against fraudulen,
capitalization and wildcat ~fnancier
ing. This task will necessarily have
to be imposed upon the head of one o.
the bureaus In the new department OF
commerce. Much will doubtless de
pend upon the character and capacity
of the man entrusted with this grea
/ responsibility. In this aspect, how
ever, the chief OF publicity and super
vision will not differ materially from
the head of any other important burea,
or branch of government uhara hon