The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1903-01-16

themselves. The dead level proposed by
socialism would be destructive Of
everything which makes life worth liv-
ing, OF manhood worth respecting. So
c1allsm may do for China or for Tur-
Key, but 1t will never be a Yankee rem
edy." We had no permanent danger to
fear from that source.
speaking Of corporations, Mr.. Hoar
SAID no poWe" less than that of the en-
tire nation is capable Of dealing with
them. The question is the most import
ant thai has come up for a long time.
For said he, 1--WE are to deal not
only with foreign ommerce, but with
Of the world is but a
a 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 benef1cent as well as
otherwise, and for this a on
gress should go slowly and carefully
in devising a remedy for the ills lest
be worse. I
Steps Already Taken.
Two important steps already had
been taken in the passage of the in
terstate law and the Sher-
NANA - ooS A""1 tpoS LIN pOlLA
measures had proved efticacious, they
had fallen short of the requirements.
The antitrust law had accomplished
even more than It's 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-
pnTp Mi CHI lartS y1n1or t1ot 1our - nv
Hoar said that the attorney general
had gone far already under 1t to break
up a monopoly which effected the
whole freight and passenger traffic Of
the northwest, and was affecting the
cotton trade OF the south, and anoth-
err. the price of beef, a prime article Of
o He believed mat congress had
power to go further on the lines in
dtcates by Attorney General Knox In
his Pittsburg speech, and the enact
ment 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 it was
safe and could be modified. We should
proceed safely step by step.
His measure, he said, is based en-
tirely on the theory that congress can
Impose on a corporation created by any
SbIIl ~ ctIlOllS DIS IL SIdll JQ1Qk
tit II reasonable as a condition for
its being permitted to engage in COM
merce with foreign nations and among
the several states.
Outline Of the Bill.
He then presented the following
outline of the restrictions imposed by
his bill OF corporations:
1. Publicity In the conduct of their busi-
ness and the constitution of their organ
iZation.
2. The power to stop their business alto
gether If they violate the avs enacted by
congress.
8. Strict penalty on them and their Of
t1cers for such violations.
4: Personal liability for all debts, obli-
cations and wrong doings 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 SUCK officers,
directors and agents before they enter up
on office.
AS to the effect of the measure in
case it should become a law, he said:
If this bill should become a law and be-
come effective no corporation engaging in
commerce which Is within the jurisdfc-
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
unlawfu practices. If it do it will be on
the condition that every one of its man
ayers became personally liable for It's
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 ins
ternatiOnal and Interstate