Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1907-12-05

work in harmony with the several state
commissions. each within its own prov
ince. to achieve the desired end.
Control OF Interstate
Business Concerns Urged.
Moreover. in my judgment there should
be additional legislation looking to the
control Of the great business con-
Germs engaged in interstate business. this
control to be exercised for their own
benefit and prosperity no less than for
the protection of investors and of the
general public. AS 1 have repeatedly
said in messages to congress and else
where, experience has definitely shown
not merely the unwisdom but the futility
of en~deavoring to put a stop to all bust
ness combinations. Modern Industrial
are such that combination is
not only necessary but inevitable. 1t is
so in the world of business Just as it is
so in the world of labor, and it is as idle
TO desire to put an end to all corpora
lions, to ALL big combinations of capital,
as to desire to put an end to combina-
tons of labor. Corporation and labor
union alike have come to stay. Each IL
properly managed is a source of good
and not evil. Whenever in either there
is evil, it hould be promptly held to ac-
count; but it should receive hearty en-
enlargement so long as it is properly
managed. 1t is profoundly immoral to
put or keep on the statute books a law,
nominally in the interest of public moral
ity, that really puts a premium upon
public immortality, by undertaking to
forbid honest men from doing what must
be done under modern business condi-
tons, so that the law itself provides that
It's own infraction must be the condition
precedent upon business success. To aim
at the accomplishment of too much usu-
ally near the accomplishment OF too lit
tie, and often the doing of positive dam
age.
THE antitrust law should not be re-
pealed; but it should be made both more
efficient and more in harmony with act
ual conditions. 1t should be so amended
as to forbid only the kin of combination
which does harm to the general public,
such amendment to be accompanied by,
or to be an incident of, a grant of SUI
pervisory 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 accounts and the subjec-
ton of books and papers to the inspec-
ton of the government officials. A be-
ginning has already been made for such
ohpSi SiV ny Liz cSldDlRollLllClll VI Wv
bureau of corporations.
THE antitrust law should not prohibit
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 If 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 thu
courts upon proceedings instituted, anC
even a favorable decree nay mean al
empty victory. Moreover, to attempt t.
control these corporations by lawsuit,
means to impose upon both the depart
ment of justice and the courts al i'm
possible burden; it is not feasible to carr!
on more thar a limited number of sucl
suits. Such a law to be really effectivl
must of course be administered by al
executive body, and not merely by mean
Of lawsuits. The design should be t
prevent the abuses incident to the crea
ton of unhealthy and improper combina
lions, instead Of waiting until they ar
in existence and then attempting to de
stroy them by civil or criminal proceed
lngs.
Investing Public Shout
BE Amply S~afeEuarded.
1.-THE congress has the power to charte
corporations to Engage in interstate an
foreign commerce, and a general Law ca
be enacted under the provisions of whic
existing corporations could take out fed
eral charters and new federal corpora
lions could be created An essential pre-
vision of such a law should be a metho
of predetermining by some federal boar
- Al. E.
a federal charter was an association @
combination within the restrictions of tn
; federal law. Provision should also b
made for complete publicity in all matter
l affecting the public and complete protet
= ton to the investing public and the share
Q holders in the matter of issuing corporal
securities. If an incorporation law is nj
deemed advisable. a license act for bi
) interstate corporations might be enacted
or a combination of the two might b
tried. The supervision established migf
2 be analogous to that now exercised owe
national banks. At least, the antitrus
act should be supplemented by specif
prohibitions of the methods which e1
perlence has shown have been of mo.
service in enabling monopolistic combine
Z tons to crush out competition. The rel
owners of a corporation should be con
PEELED to do business in their own nam
. The riatt to hold stock In other corpora
B lions sh7AIld hereafter be denied to int,
state corporations, unless on approval /
the proper government officials, and
o prerequisite to such approval should |
> the listing with the government of a
owners and stockholders, both by II
corporation owning such stock and /
= the corporations in which such stock
: owned.
u GUNn no,far 1Ynnn t1a NntinnoI ro1tarr
5 ment, in connection with the amendmel
) / advocate in the antitrust law, power
7, supervision over big business concerl
engaged in interstate commerce, wou
benefit them as it has benefited the n
: tional banks. In the recent busine
crisis it is noteworthy that the instit
i tons which failed were ~institutio,
which were not under the supervision al
9 control of the national governmer
n Those which were under national CO
troll stood the test.
y National control of the kind above a
vocated would be to the benefit of eve
well-managed railway. From the stan
70 point of the public there is need for a
Il dltional tracks, additional terminals, a
e. improvements in the actual handling
IL the railroads, and all this as rapidly
le possible. Ample, safe, and speedy trar
II portation facilities are eve more nect
~ sary than cheap transportation. Thel
y fore, there is need for the investment
IN money which will provide for all the
n things while at the same time securing
pc fas as is possible better wages a
Is shorter hours for their employees. The
is fore, while there must be just and r.
10 sonable regulation of rates, we should
IS the first to protest against any arbitrf
d. and unthinking movement to cut tn
down without the fullest and most ca
r. full consideration of all interests CT
cerned and of the actual needs of
DIS situation. Only a special body of n
he acting for the national government
he der authority conferred upon 1t by
u congress is competent to pass judgm
IN on such a matter.
- Greater Elasticity i'm