Middlebury register. (Middlebury, Vt.) 1886-1937, 1907-12-06

law cnn be enc rtcd under the provi-
hions Of which existing corporations
could take out federal charters and
new federal corporations could he Gre
ated. An essential provision of such
law should be a method OF predettr.
mining by some federal board or com
mission whether the applicant for
federal charter was an association or
combination within the restrictions of
the federal law.
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
tons, unless on approval by the proper
government officials.
Lessons of Recent Crisis
To confer upon the national govern
ment in connection with the amend
| ment / 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 it is noteworthy
| that the institu ions 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 well managed railway. There
is need for the investment Of money
which will provide for necessary i'm
provements, while at the same time Sc
curing as far as is possible better
wages and shorter hours for their en-
ployes. Therefore, while there must
be Just aud reasonable regulation Of
rates, we should be the first to protest
against any arbitrary and unthinkng
movement to cut them down without
the fullest and most careful considera-
ton Of all interests concerned and Of
the actual needs Of the situation.
No Undue Federal Activity
| 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 its passage was delayed for a
decade, yet it has work ed unmixed and
immediate good. The meat inspection
law was even more violently assailed.
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 | advocate would be equal
ly marked.
Currency Legislation Needed
again urge on the congress the
need of immediate attention to the
matter of currency legislation. We
need a greater elasticity in our cur
rency, provided Of course that we recog-
nize the even greater need Of a safe and
secure currency. Provision should be
made for an emergency currency. 1t is
worth investigating to determine
whether officers and directors of ma.
loan to themselves. Trust companies
should be subject to the same supervi.
sion as banks.
Yet we must also remember that
even the wisest legislation on the sub
ject can only accomplish a certain
amount. No legislation can by any
possibility guarantee the business com
munity against the results Of specula
tive folly any more than it can guaran
tee an individual against the results OF
his extravaganza. When wealthy meI
or men who pose as such are unscrupu
lousy or foolishly eager to become such
indulge in reckless speculation, espe
cially il it is accompanied by dishOn
esty, they jeopardize not only their owl
future, but the future Of all their limo
cent fellow-citizens, for they expose
the whole business community TO panic
and distress.
Not Time to Revise Tariff
This country is definitely committed
to the protective tariff system, and any
effort to uproot it could not but caus,
widespread industrial disaster Ii
other words, the principle Of the pres
ent tariff law could not with wisdom
be changed. But in country of sucl
phenomenal growth as ours il is prob
ably well that every dozen years or 81
the tariff laws should be carefully scru
tinized. The sole consideration should
be to see that the sum total OF change.
represents the public good. This means
that the subject cannot with wisdom b,
dealt with in the year preceding presi
Dental election, because as matter o.
| HanH hns al. Il.