St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1906-12-05

tention. The exercise Of a judicial
spirit by disinterested body repre-
senting tie federal government, such
as would be provided by commission
on Cancellation and arbitration. would
tend to create an atmosphere of friend
Illness and Cancellation between con-
tending parties.
Control of Corporations.
1t cannot too often be repeated that
experience has conclusively shown the
impoSsbility of securing by the actions
of nearly half a hundred different state
legislatures anything but ineffective
chaos In the way of dealing with the
great corporations which do not oper-
ate exclusively within the limits of
any one state. In some method, wheth-
er by national license law or in other
fashion, we must exercise, and that at
an early date, far more complete
control than at present over these great
corporations-a control that will among
other things. prevent the evils Of ex-
cessive overcapitalization and that will
compel the disclosure by each big cor
poration of its stockholders and of its
properties and business. whether own
ed directly or through subsidiary or
affiliated corporations. This will tend
to put stop to the securing of inor
dinate profits by favored individuals at
the expense whether of the general
public. the stockholders or the wage
workers. Our effort should be not so
much to prevent consolidation as such,
but so to supervise and control it as
to see that it results in no harm to the
people.
Combination of capital. like combina-
ton of labor, is necessary element of
our present industrial system. 1t is
not possible completely to prevent 1t,
and if it were possible such complete
prevention would do damage to the
body polite. What we need is not
vainly to try to prevent all combina-
ton, but to secure such rigorous and
adequate control and supervision of
the combinations as to prevent their
injuring the public or existing in such
form as inevitably to threaten injury,
for the mere fact that a combination
has secured practically complete con-
troll of necessary of life would under
any circumstances show that such
combination was to be presumed to be
adverse to the public interest. 1t is
unfortunate that our present laws
should forbid all combinations instead
of sharply discriminating between
those combinations which do good and
those combinations which do evil. Re-
bates. for instance. are as often due to
the pressure of big shippers las was
shown in the Investigation of the
Standard Oil company and as has been
shown since by the investigation of
the tobacco and sugar trusts as to the
initiative of big railroads. Often rail
roads would like to combine for the
purpose of preventing big shipper
from maintaining improper advantages
at the expense of small shippers and
Of the general public. Such combina
ton, instead of being forbidden by law,
should he permitted to railroads to
make agreements, provided these agree
ments were sanctioned by the inter
state commerce commission and were
published With these two conditions
complied with it is impossible to see
what harm such combination could
do to the public at large.
Inheritance and Income Tax.
The national government has long
derived its chief revenue from tariff
on imports and from an internal or ex.
else tax. In addition to these, there is
every reason why, when next our sys
tenn of taxation Is revised, the national
government should impose graduated
Inheritance tax and, If possible, grad
uated income tax
l am we'll aware that such a subject
as this needs long and careful study In
order that the people may become IA
miliar with what Is proposed to be
done, may clearly see the necessity of
proceeding with wisdom and self re-
straint and may make up their minds
Just how far they are willing to go in
the matter, while only trained leglsla-
tors can work out the project in neces-
sary detail But feel that In the near
future our national legislators should
enact law providing for graduated
Inheritance tax by which a steadily In
creasing rate Of duty should be put
upon all moneys or other valuables
coming nv gift. beouest or devise to