Missouri Valley times. [volume] (Missouri Valley, Iowa) 1874-1931, 1903-01-08

themselves. The dead level proposed by
socialism would be obstructive Il
everything which makes life worth liv.
ing, or manhood worth respecting So
ciaiism may do for China or for Tur-
key, but 1t will never be a Yankee REM
edy.' We had no permanent danger tc
fear from that source.
Speaking OF corporations, Mr. 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 long time.
For" said he, we are to deal not
only with foreign commerce. but with
that compared With which the foreign
commerce of the world is but a
II drop in the bucket--the domestic
commerce of the United States"
This commerce. he continued, is In
the hands of the great corporations
and ii is properly in their hands. Their
work might be beneficent rs we'll as
otherwise, and for this reason con-
gress should 20 slowly and carefully
i'm devising Il remedy for the ills lest
1t should bring on others which might
be worse.
Steps Already Taken.
Two important steps already had
been taken in the passage of the in
tcrstate commerce law and the Sher-
measures had proved etticacious, they
had fallen short of the requirements
The tnti-trust law had accomplished
even more than its friends had ex.
pected of 1T, but there had been, he
said. much disappointment over the
failure of the supreme court adequately
TO interpret the phrase "in restraint OF
trade as aplied To combinations OF
business interests. Discussing the ac-
complishments under that law, Mr.
Hoar said that the attorney general
had gone far already under ii to breah
up monopoly which effected the
whole freight and passenger traffic OF
the northwest. and was affecting the
cotton trade of the south, and anoth-
en- The price of beef, q prime article of
food. He believed that congress had
power to go further ON the lines i'm
dichted by Attorney General Knox In
his Pittsburg speech, and the enact
ment of a law on the general lines of
other step i'm the direction of the anti
trust law. His bill he considered
tetative and experimental. But 1T was
safe and could be modified. We should
proceed safely step by step.
His measure, he said, is based en-
tircly on the theory that congress can
impose on corporation created by any
state such obligations as 1T shall think
tit and reasonable as Il condition fol-
Its being permitted to engage in COM
mcrce with foreign nations and among
the several states.
Outline of the Bill.
lie then presented the following
outline of the restrictions imposed by
his bill on corporations
l. Publicity I'm the conduct of their bust
mess and the constitution of their organ
ization.
.. The power to stop their business alto
gcther If they violate the laws enacted by
congress-.
). Strict penalty on them and their Of
ficers for such violations.
Personal liability for all debts, obli-
ga tions and wrong dongs of the directors
Officers and agents unless the laws be
fully complied with. This liability is Sc
To the provisions of this bill and accept
ance of all its obligations by such officers
directors and agents before they enter up
on office.
AS to the effect of the measure in
case 1T should become law, he said:
If this bin should become a law and be-
como effective no corporation engaging in
commerce which Is within the iuristlic-
ton of congress can keep its condition a
secret No such corporation can do bust
ness on fictitious capital or watered stock
No corporation can Cypress any rival
whether corporate or Individual, by any
unlawful practices. If it do 1T will be on
the condition that every one of its man
ayers became personally liable for its
also to heavy criminal liability. This bill
depends for its validity ON the constitl,-
tional power of congress to regulate in.
ternational and interstate commerce.