The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1905-12-06

ton of interstate commerce should
come within the sphere Of the general
government.
1t has been a misfortune that the
national laws on this subject have
hitherto been OF a negative or pro-
hioitive rather than an affirmative
kind, and still more that they have
in part sought to prohibit what could
not be effectively~pr prohibited, and have
in part in their prohibitions confound
ed what should be allowed and what
should not be allowed. 1t is generally
useless to try to prohibit all restraint
on competition, whether this restraint
be reasonable or unreasonable; and
where it is not useless it is generally
hurtful. Events have shown that it
is not possible sadequately 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; par
ticularly marked has been the moral
effect of the / prosecutions; but it is
increasingly evident that there VIII De
a very insufficient beneficial result in
the way of economic change. The
successful prosecution of one device
to eyade the law Immediately devel-
OPS another device to accomplish the
same purpose. What is neededis not
sweeping prohibition Of every arrange
ment, good or bad, which may tend to
restrict competition, but such ade-
ouate supervision and regulation as
will prevent any restriction of COM
petition from being to the detriment
of the public-as we'll as such super
vision and regulation as will prevent
other abuses in no way connected
with restriction Of competition. Of
these abuses, perhaps the chief, al
though by no means the only one, is
talization-generally itself the
result of dishonest promotion-be-
cause of the myriad evils it brings IN
its train; for such apitalization
often means an imitation Of the profit
earned to the capital actually invest
ed, and it creates a burden of inter-
est payments which is fertile cause
of improper reduction in or limitation
of wages; it damages the small in
vestor, discourages thrift, and en-
courages gambling and speculation;
while perhaps worst Of all is the
thickness and dishonesty which it i'm
plies-for harm to morals is worse
than any possible harm to material in
terests, and the debauchery of poll
tics and business by great dishonest
corporations is far worse thar any
actual material evil they do the pub
lie. Until the national government
obtains, in some manner which the
wisdom of the congress may suggest.
proper control over the big corpora
tons engaged in interstate commerce
that is, over the great majority Of
the big corporations will be i'm
possible to deal adequately with these
evils.
I am we'll aware Of the difficulties
of the legislation that am suggesting
and of the need Of temperate and
|'cautious action in securing it. l
tshould 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 I said in my message Of December
| 6 last, the immediate and most press
| ing need, so far as legislation is con-
cerned. is the enactment into iaw 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 ineinterstate traffic IS shall
summarily and effectively prevent
the imposition OF unjust or unreason-
able rates. It must include putting
a complete stop to rebates III ever
shape and form This power 70 res-
ulate rates like all similar powers
over the business world. should be eX-
ercised with moderation. caution aaf;
self restraint: but it should exist. s.
that it can be effectively exercised
When the need arises.
l do not believe in the government
interfering with private business more
than is necessary. | 90 not believe n
the government undertaking any
Nork which can With propriety be lei;
in priya1e hands RUt nei.ber do