The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1903-02-10

l.aarsh district:
Ill.,. Tou said;
Mr. chairman: It is probaly not out
Of r!ace at this time Tor some one 70
caH the attention OF the country to the
comedy in which certain politicians are
gagged.
! very serious proposition confronts
the Republican party. 1t is this: How
ian CA. il really proceed with antitrust
l.gi-larion without injuring the trusts?
I4ou drastic a bin can it pass when
N.Ii really be imperative? How far
cam it proceed with the attack and yet
leave its. trust friends uninjured? is ii
possible tor it 10 do the sherman Act
u.er again? Can it fool the people =
IiDtl. while longer?
The provisions of all the bills which
Republican ingenuity UP to THIS time
has been able to evolve May lie summed
uu under two heads. First, the require
aeuL of publicity in the management OF
tll trusts; second, the inhibition against
ltscrimin9tiop in interstate ommercc.
The FIRST four sections of the substitute
offered by the judiciary Committee re
qulIc publicity. The fifth. sixth ana
seventh sections present the plan CT the
committee whereby discrimination may
i, prevented. The eighth, ninth. tenth.
and eleventh sections provide machinery
iy which the law is 10 be enforced. The
trusts DO not appear to be alarmed at
all at tac proposed legislation. and. 50
far as appears, the legislation stimulates
frt little hope in the breasts of those
VINO have suffered. In my opinion, Mr..
chairman. the bill is utterly inadequate.
II really looks, Mr.. Chairman, as if the
bill were drawn to protect the
j.9sts which arc now expressing The poo
IIa. for urCA its very threshold the
l.I Xenlpt all OF t1cse law-5Teakcrs
from its operation. It provides that
every corporation which may be here
alter organized shall, at the time of en-
2aciEg in Interstate or foreign commerce.,
Gle the return hereinafter provided for
DO not believe tina the publicity re-
CURED by t1ts bill viii afford any sub
atartial remedy. but it appears that .
majority OF the committee. for some rea-
sem. has left absolutely exempt from
the operation Of tho bill all corporations
except these which may be hereafter or
ianjzcd. What have our great law
breakers done that they should be thus
favored by the majority Of the commit
t-a? Why should $780, be permitted to
enjoy his advantage? Why should they
be allowed to live in tho shadow, while
row trusts must live in the sunlight?
A favorite expression OF our Repub!i-
l.a friends is that there are good trusts
and baa trusts. The majority OF tac
committee has evidently observed this
Distinction. The old trusts are the gooa
tluste. Those that are to be hereafter
organized are the bad trusts. The old
Trusts may operate in the dark; the ne"
trusts must operate in The light.
What VIII be the effect of this exemp-
tion? If your publicity idea amounts to
anything. then, in my opinion,
il it is of any real benefit to
the people,, if its effect shall he to force
tile trusts to comply with tho law, then,
in my opinion, it VIII Re a long time be
tore any new trusts are organized. ol&
charters will be bought in order h q
The law may be evaded, and il Will De
many years before any bad trusts Will
rise up to challenge the supremacy OF the
aooj trusts which you are permitting
20 live in the dark.
But what viii your trusts care about
EoHr publicity requirement anyway! inc
acul trusts. these that are to sit Il
darkness. care but little about the pup
l5.t-v of their operations. We know Il
wafer their stock. We know that nearly
ali Of them are ovcf-capitalizcd. Take
as an illustration any one of the great
trusts Of the country. Many people al
.oady know
Its name, date of organization, when
and where organized, statutes Ehdet
which it is organized, Il all amend
Ia,cts thereof, if consolidated, the con
.&ugcnt companies. When and where or
E~au.ao3, with the Same Information az
ID such constituent companies; if rcor-
E@1szeI. name Of original corporation o.
corporations. the law under which all re
examinations have taken place, with tire
a4i.a Information as TO all prior comp&-
r.cs in the chain of reorganization;
a- cunt OF authorized capital stock,
shares into which it is divided, par
F.tu.. whether common or preferred, anG
distinction between them; amount IS
&:ed and outstanding; amount paid in;
no" much, if any, paid in cash, and now
.uah, if anly, paid in property. II ans
part in property, the kind, character
ar1 location, its cash market value al
TIE timo'it was received in payment; the
r"ra and address Of each officer. mana
E', agent, and director; & true aht
correct copy cf its articles Of incoTpora-
lEa q full, true, and correct Q p O
"n| and all rules, regulations, and by
H"Hs adopted for thc management CT 1t.
hgs;1 .se.
It'woHld irobably not be a very dill
I'e< task to procure substantially IN.
Einsaat.on about any Of the great cor
i"s't ems OF the country engaged in III
estate hu@iae&s. Some IF the comla
les themselves 10 net hesitate to give
'"A Of il 10 Tie IutIic. some OF tn
""@af newspapers Of tho country, loyI
10 the interest Of the people, have al
l'stE.Irorurcd much Of tho infornlatlci
,h1 have given it to the public. IN
I'pii" have 3 tol"rab!y correct o5timat'
q Trio trusts. Perhaps It would be wei
.'h.'H>" 10 require al OF the trusts, II.
s''' and the bad, those who sit !
'aF'ncs5 IS Wcll as those who are t
iii I'D The lj@Et. 10 furnish such infor
"#iien IN a sworn statement to a Coy
'''.'Hl Official. Put the point ] az
'".I.'g is this. The requirement o
'~'hI'"jty does not accomplish that hot
,'''ifai parties have promised to per
'''". Publicity docs not strike at tn
'''l "t the evil: il docs not strike iron
..' ndh"s OF the consumer the sbackic
me" me trusts have put upon hin
LaA t tAI