The commonwealth. (Greenwood, Miss.) 1896-1923, 1907-12-06

- AMVEE04WED HE%Et& Nfyr Mf'
1.sa.eas Csseerns Urgeds
"xoEeovsr. In my 5udssnent there should
g additional iegislafion hooking 20 In
proper control OF the great business con.
Germs engaged In Interstate business. mi
controi to BE- exercised Tor their ovu
oenent and prosperity no lees than fol
ne protectton of Investors and Of til
General public, A. l have repeatedly
ssad IN messages to congress and else.
wnere, experience has definitely shown
NOT merely the unwisdom but the futility
q endeavortng to put q step to all busi-
ness combinations. Modern Industrial
are such that combination i
noe only necessary but inevitable. 1t d
30 IN the world Of business JUST a. II Il
- N the world OF labor, and II n a. Idle
~ ueslre 70 put an end to all corpora-
IONS, 70 All big combinations Of capital
- 70 desire to put an end to combina-
tons Of labor. Corporation ana labor
union alike have come to stay. Each Ii
properly managed is a source OF good
n not evil. Whenever in either there
y Evil, II should be promptly held to ac-
count, but 1t should receive hearty an.
couragement so long as it Is properly
1t Is profoundly immoral To
put or Keep on the statute books a law,
nolhinaily In the interest of public moral
W, that really puts a premium upon
Pubic immortality. by undertaking to
iorpid honest men from doing what must
De done under modern business condi-
lohs, SO that the law itself provides that
us own infraction must be the condition
precedent upon business success. To aim
az the accomplishment Of too much usu-
any means the accomplishment of too 1T
tle, and often the doing Of positive dam
The antitrust law should not be re-
pealed; but 1t should be made both more
eflclent and more In harmony with act
conditions. 1t should be SO amended
as to forbid only the kind OF combination
winch does harm to the general public,
such amendment to be accompanied by.
or 10 be an incident OF. a grant OF SD
peivisory power to the government over
these big corporations engaged in inter-
state business. This should be accom-
panied BY provision for the compulsory
publication Of count and the subjec-
ton Of books and papers to the inspec-
tlon OF the government officials. A be-
ginning has already been made for such
supervision by the establishment of the
bureau of corporations.
49, ~ dot Jaw SIOulu not DTO0lDlt
combinations that do no injustice to the
public, still less those the existence OF
which Is on the whole of benefit to the
public. But even II this feature OF the
law were abolished, there would remain
as an equally Objectionable feature the
difficulty and delay now incident to its
enforcement. The government must now
submit to irksome and repeated delays
before obtaining a final decision of the
courts upon proceedings instituted, and
even a favorable decree may mean an
empty victory. Moreover. to attempt to
control these corporations by lawsuits
means to Impose upon both the depart
ment OF justice and the courts an i'm
possible burden. 1t is not feasible to carry
on more than a limited number of such
suits. Such a law to be really effective
must OF course be administered by an
executive body, and not merely by means
OF lawsuits. The design should be to
prevent the abuses incident to the crea-
ton Of unhealthy and improper combina-
tons, instead of waiting until they are
In existence and then attempting to de-
stroy them by civil or criminal proceed
ings.
Investing Public should
BE Amply s~afegunrded.
1.-THE congress has the power to charte,
corporations to engage In interstate and
foreign commerce, and a general law car
be enacted under the provisions Of which
existing corporations could take out fed.
eral charters and new federal corpora.
lions could be created. An essential pro.
vision of such a law should be a method
of predetermining by some federal board
or commission whether The applicant fol
a federal charter was an association OF
combination within the restrictions of the
federal law. Provision should also bt
made for complete publicity in all matters
affecting the public and complete protec.
ton to the investing public n the share
holders In the matter of issuing corporate
securities. II an incorporation law is no
deemed advisable, a license act for bis
interstate corporations might be enacted
or a combination Of the two might bt
tried. The supervision established nigh
be analogous to that now exercised owe
national banks. At least, the antitrus
act should be supplemented by specific
prohibitions of the methods which tx
perience has shown have been of mos
service in enabling m~onopolistic combina
lions to crush out competition. The rea
owners Of a corporation should be com
DellGQ 10 10 pusiiltbs III iSi ONh bdillC
The right to hold stock In other corpora
lions should hereafter be denied to Inter
state corporations, unless on approval b,
the proper government officials, and
prerequisite to such approval should b.
the listing with the government Of al
owners and stockholders, both by TIL,
corporation owning such stock and b.
the corporations In which such stock 4
owned.
ITO confer Upon the national govern
ment, in connection with the amendmen
/ advocate in the antitrust law, power o
supervision over big business concern
engaged in interstate commerce, woul'
benefit them as 1t has benefited the ma
tional banks. In the recent bushes
crisis it is Noteworthy that the institu
lions which failed were institution
which were not under the supervision an,
control OF the national government
Those which we're under national con
troll stood the test.
National control of the kind above ad
yocated would be to the beneft of ever.
well-managed railway. From the stand
point Of the public there is need for ad
ditional tracks, additional terminals, an
improvements In the actual handling o
the railroads. and all this as rapidly a
possible. Ample. safe. and speedy trans
portation facilities are ever more neces
sary than cheap transportation. There
fore, there is need for the investment o
money which will provide for all thes
things while at tho anne time securing a
fas as Is possible better wage an
shorter hours fof their employees. There
fore, while there must be just and rea
sonable regulation Of rates. we should b
the first to protest against any arbitrar
and u%nthinking movement to cut then
| down without the fullest and most care
full consideration OF all interests con
| cerned and CT the actual needs Of tn
situation. Only a special body Of me-
| acting for the national government VI
| der authority conferred upon 1t by tn
| congress is competent to pass tudgmen
on such o matter.
| Greater Elasticity in
| Currency IL vrged.
The president quotes extensively fror
| his last message in dealing with the ID
rect subject OF currency legislation. an
| says
II again urge OF the congress the nee