Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1905-12-05

and since this country became sep.
arate nation
II has been misfortune that the
national laws on this subject have
hitherto been Of negative or prohib.
tive rather than an affirmative kind,
and still more that they have In part
In their prohibitions coufounded what
should be allowed and what should
not be allowed. II Is generally use.
less to try to prohibit all restraint on
competition, whether this restraint be
reasonable or unreasonable: and
where It is not useless II Is generally
hurtful. Events have shown that 1t
Is not possible adequately to secure
the enforcement OF any law Of this
kind by incessant appeal to the courts.
The department OF justice has for the
last four years devoted more attention
to the enforcement Of the antitrust
legislation than to anything else. Much
has been accomplished; particularly
marked has been the moral effect of
the prosecutions; but It h increasingly
evident that there will be a very insult
ficient beneficial result In the way of
economic change. The successful
prosecution Of one device to evade the
law Immediately develops another de-
vice to accomplish the same purpose.
What is needed Is not sweeping pro-
hibition Of every arrangement. good or
bad, which may tend to restrict COM
petition, but such adequate supervi-
vision and regulation as will prevent
xny sSstrictf0n o. competition from
being to the detriment of the public
as well as such supervision and regu-
lation AZ will prevent other abuses
In no way connected with restriction
of congestion. OF these abuses, per-
haps the chief, although by no means
the only one. is overcapitalizati0n--
generally It self the result Of dishonest
promotiOn-because OF the myriad
evils II brings in Its train; for such
overcapitalization often means an In
flation that invites business panic;
1t always conceals the true relation Of
the profit earned to the capital actual
ly invested, and It creates q burden
OF interest payments which Is q fer
tile cause Of improper reduction In
or limitation of wages: It damages
the small investor, discourages thrift.
and encourages gambling and specu-
lation; while perhaps worst Of all is
the thickness and dishonesty which It
implies-fOr harm to morals Is worse
than any possible harm to material
interests. and the debauchery Of Of
politics and business by great dis
honest corporations Is far worse than
any actual material evil they do to
the public. Until the national govern
ment obtains, in some manner which
the wisdom Of the congress may sug-
gest, proper control over big corpora
tions engaged in interstate commerce
that is, over the great majority Of
the big corporations--it will be i'm.
possible to deal adequately with these
evils.
am well aware Of the difficulties
Of the legislation thst am suggesting. ]
and OF the need Of temperate and
cautious action In securing It. !
should emphaticaliy protest against
improperly radical or hasty action.
The first thing to do is to deal with
the corporations engaged in the busi-
ness Of interstate transportation. As
] said In my message Of December 6
last, the immediate and most pressing
ing need, SO far as Legislation Is con.
cerned. Is the enactment into law of
some scheme to secure to the agents
of the government such supervision
and regulation of the rates charged
by the railroads Of the country en-
gagged in interstate traffic as shall
summarily and effectively prevent
the imposition II unjust or unreason-
able rates. II must include putting
a complete stop to rebates In every
shape and form. This power to reg
ulatc rates. like all similar powers
over the bushes world, should be ex-
ercised with moderation, caution, and
self-restraint: but 1t should exist, so
that 1t can be effectively exercised
when the need arises.
The first consideration to be kept
In mind Is that the power should be az
affirmative and should be given tol
some administrative body created by
the congress. II given TO the present
interstate commerce commission or
to a reorganized Interstate commerce
commission, such commission should
be made unequivocally administrative.
! do not believe in the government In.
ferfering with private business more
than necessary. ! do not believe in
the government Undertaking any work