The Sauk Centre herald., 1907-12-05

4
law should be method of predeter-
| mining by some federal board or COM
mission whether the applicant for a
! federal charter was an association or
/ combination within the restrictions of
the federal law. Provision should also
be made for complete publicity in all
matters affecting the public and com
| plete protection to the investing public
/ and the shareholders in the matter of
| issuing corporate securities. If an in
corporation law is not deemed advisa-
bic, license act for big Interstate cor
| porations might be enacted or a com
/ bination Of the two might be tried
| The supervision established might be
analogous to that now exercised over
| national banks At least the anti
! trust act should be supplemented by
specific prohibitions of the methods
! which experience has shown have been
Of most service in enabling monopolis-
tic combinations to crush out competi-
ton.
The real owners of corporation
should be compelled to do business in
their own name. The right to hold
stock in other corporations should here
after be denied to interstate corpora
tions, unless on approval by the proper
government officials, and a prerequisite
to such approval should be the listing
with the government of all owners and
stockholders. both by the corporation
owning such stock and by the corpora
ton in which such stock is owned
Lessons Of Recent Crisis.
To confer upon the national govern
ment in connection with the amend
ment l advocate in the antitrust law
power of supervision over big business
concerns engaged in interstate COM
merce would benefit them as it has
benefited the national banks. In the
recent business crisis 1t is noteworthy
that the institutions which failed were
institutions which were not under the
supervision and control Of the national
government. Those which were under
national control stood the test.
National control of the kind above
advocated would be to the benefit of
every we'll managed railway. From
the standpoint Of the public there is
need for additional tracks. additional
terminals and improvements in the ac-
tual handling Of the railroads. and all
this as rapidly as possible. Ample.
safe and speedy transportation facili
ties are even more necessary than
cheap transportation. Therefore there
is need for the investment of money
which will provide for all these things
while at the same time securing as far
as is possible better wages and shorter
hours for their employees. Therefore,
while there must be just and reasona
BILE regulation of rates. we should be
the first to protest against any arbitra
ry and unthinking movement to cut
them down without the fullest and
most careful consideration of all inter
estS concerned and Of the actual needs
of the situation. Only 4 special body
of men acting for the national govern
ment under authority conferred upon it
by the congress is competent to pass
Judgment OH such a matter.
Those who fear from any reason the
extension of federal activity will do
well to study the history not only Of
the national banking act, but Of the
pure food law. and notably the meat
inspection law recently enacted. The
pure food law was opposed so violent
ly that it's passage was delayed for
decade, yet it has worked unmiXed and
immediate good. The meat inspection
law was even more violently assailed,
and the same men who now denOunce
the attitude of the national govern
ment In seeking to oversee and control
the workings of interstate common car
riers and business concerns then as
serted that we were "discrediting and
running a great American industry"
Two years have not elapsed, and al
ready it has become evident that the
great benefit the law confers upon the
public is accompanied by an equal ben.
eft to the reputable packing establish
ments. The latter are better off under
the law than they were without it.
The benefit to interstate common car
riers and business concerns from the
legislation l advocate would he equal
ly marked.
Pure Food Law.
Incidentally in the passage of the
pure food law the action of the vari-
Gus state food and dairy commission
ers showed in striking fashion how
much good for the whole people results
from the E,arty cooperation Of the
federal and state officials in securing
a given reform 1t is primarily to the
action Of these state commissioners
that we owe the enactment Of this
law, for they aroused the people. first
to demand the enactment and enforce
ment of state laws on the subject and
then the enactment of the federal law.
without which the state laws were
largely ineffective. There must be the
closest cooperation between the ma
tlonal and state governments in ad
ministering these laws.
Currency Legislation Needed.
l again urge on the congress the
need Of immediate attention to this
matter We need a greater elasticity
in our currency. provided Of course
that we recognize the even greater
need Of safe and secure currency.
Provision should be made for an
emergency currency. The emergency
issue should of course be made with
an effective guarantee and upon condi-
tions carefully prescribed by the gov
ernment. Such emergency issue must
be based on adequate securities ap-