Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1906-02-24
CONGRESSMAN MARTIN

tence to the charter of some one Of the
states. But in this day of quick trans
! portation and instantaneous communica.
ton no great corporation is engaged
simply in business in one state They
enter into all of the states in interstate
commerce 1t is apparent, therefore
that remedy that will contain within
| it any hope of successful solution of
these questions must be national in its
character, because the problem is nation
al. The various states have struggled
with the problem as best they can at
least, some of them have done so. Up
to date fifteen of the states have a0so-
lutely no legislation against trusts and
monopolies. Among them is New Jer
sey, and other states where charters are
most commonly taken by the large CON
Germs. In thirty these states there are
antimonopoly laws, laws against trusts
and combinations in restraint Of trade.
Public sentiment upon this subject has
been developing rapidly in recent years
The legislatures Of last winter, 1905.
OF seven states passed stringent laws
along this line. And | want to say
In my opinion the state Of Missouri of
all these states, pivotal as it was, the
battle-ground as it was in the great con-
troversy between the north and the
south at the time of the civil war. has
shown as much courage and as much
determination as any one of the states
in its effort to eradicate this evil ButI
say the problem is national, and the
remedy therefore, must be national
Now, in my opinion, any remedy that
will be successful, any legislation that
will be successful, must combine two or
three principals at least First, public.
ity; secondly, free competition third,
close Federal supervision or regulation.
We have sought to give publicity to
those corporations to some extent by the
act creating the Department of Com
merce and Labor and the Bureau Of
Corporations. But the powers of the
Bureau along that line are quite limited.
They apply rather to special investiga
',ouS' me purpose OF my ollI upon
'""t par tcuiar ofahch OF TINS sunJect-
puo'lcity-ls 70 throw the initiative up
On 'he corporation say to the corpora
'ioh' ou cannot engage N interstate
commerce unless you show that you are
corporation ior Ia"iuI purposes and
nave Oeeh 'a"iuIIy organized"
The sherman antitrust law is a strong
law. 1t is only a question of its en-
torcement The bill We are considering
would throw the burden of proof of
good character upon the corporation in
S'e"u oi 'eaN'hS 70 NE government then
i've "e'ec'lNe "SeHcleS anu courts-the
N'iieu'' '"SN u prosecuting Floia'ofS OF
'"e -" oy clNl' of cr'thIhai procedure
'S '"ey are enueaNofihs 10 90 To-Day IA
t''e ce'eo'"Ied oee'-trust cases fubilc-
ny . ho' Simply d theory II IS rem
euS' "0'u'l' Pi"c'ic"' ana important Il
anu u "pP''ea ~ 'ilhe II VIII certainly
oe " cie'N upon over capitalization The
eNiI ueeo Is zone N the DARK. Men VIII
hoI puy "'teIed STOCKS II they know
they are "alered' II books may at any
t''he oe dlsclosed TO the Inspection OF an
examiner from Inc department OF Com.
mefce ana LABOR, pooks VIII be hon
esIiy kept no" lohg 90 you suppose
the PRESIDENT OF the New YORK Llte or
'he Mutual life Insurance companies
"ould nave oeen drawing salary of
9loo'OVo year II The stockholders Of
'hose corporations mad known he was
drawing salary OF that fabulous
amount
Publicity is an antidote for over cap
italzation After publicity (and my
bill i'll terms provides for that in all of
its parts) competition is an important
factor. | think we have but little to
fear from monopolies provided we can
maintain competitive field, because
with the great wealth now massed in
this country there's money TO be invest
ed in all lines of profitable industry.
Competition is not only the life of trade
but competition is the death OF monop
oily and our government is rendering
to its people service of high order
when it takes the initiative in legislation
that will insure free and open market
to the farmers and manufacturers ofthis
country wherever i can be found The
next necessity, think, in any legisla
tion seeking TO furnish relief along these
lines is close regulation by the Federal
government. The great corporations
ought not to resist reasonable regulation
and control bv either the stata or Fol.