The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1905-12-05

Sonable or unreasonable; and where 1t
is not useless it is generally hurtful
Events have shown that it is not posi-
bit adequately to secure the enforce
ment of any law of this kind by inces-
SAINT appeal to the courts. The de.
partment of justice has for the last
four years devoted more attention tc
the enforcement of the antitrust legis-
lation than to anything else. Much has
been accomplished; particularly mark
ed has been the moral effect of tne
prosecutions; but it is increasingly ev-
ident that there will be a very INSULT
cient beneficial result in the way OF
prosecution of one device to evade the
law Immediately develops another de.
vice to accomplish the same purpose
What is needed is not sweeping prohi-
bition of every arrangement, good OF
bad, which may tend to restrict compe.
tition, but such adequate supervision
and regulation as will prevent any re-
striction of competition from being tc
the detriment of the public-as we'll as
such supervision and regulation as will
prevent other abuses in no way con-
nected with restriction of competition
OF these abuses, perhaps the chief
although by no means the only one
is overcapitalization-g generally itself
the result of dishonest promotion-be-
cause of the myriad evils it brings in
its train; for such overcapitalization
often means an imitation that invites
business panic; it always conceals the
true relation of the profit earned to
the capital actually invested, and it
creates a burden of interest payments
which is fertile cause Of improper re-
duction in or limitation of wages; il
damages the small investor, dis
courages thrift, and encourages gambl-
ing and speculation while perhaps
worst Of all is the thickness and dis
honesty which it implies-for harm to
morals is worse than any possible
harm to material interests, and the
debauchery of politics and business by
great dishonest corporations is far
worse than any actual material evil
they do the public. Until the national
mt oh
which the wisdom of the congress may
suggest, proper control over the big
commerce-that is, over the great ma
jority of the big corporations-it will
be impossible to deal adequately with
these evils.
l am well aware of the difficulties
of the legislation that 1 am suggest
ing, and of the need of temperate and
cautious action in securing it.
should emphatically protest against
improperly radical or hasty action The
first thing to do is to deal with the
great corporations engaged in the
business Of interstate transportation
AS 1 said in my message of December
g. last, the immediate and most press
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 b!
the railroads of the county engaged
in interstate traffic as shall summarily
and effectively prevent the imposition
of unjust or unreasonable rates. 1t
made include putting a complete stop
to rebates in every shape and form.
This power to regulate rates, like all
similar powers over the business
world should be exercised with mod
Grafton, caution, and self-restraint;
but it should exist so that it can be
effectively exercised when the need
arises.
The first consideration to be kept in
firmative and should be given to some
administrative body created by the
congress. If given to the present in
terstate commerce commission or to a
reorganized interstate commerce COM
mission, such commission should be
made unequivocally administrative. I
do not believe in the government in
terfering with private business more
than is necessary. | do not believe in
the government undertaking any work
which can with propriety be left in
private hands. But neither do l be-
lieve in the government fiinching from
overseeing any work when it becomes
evident that abuses are sure to OBJ
tain therein unless there is govern
mental supervision. 1t is not my
province to indicate the exact terms
of the law which should be enacted;
but 1 call the attention of the congress
to certain existing conditions with