The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1907-12-12

1 G-NNNSFEA L rESrff.
moreover. IN my judGnent theirs she,,,,
| ,,r,,.. 1.Atohat legislation looising 10 TIE
proper control of III. great b,,sT,,,.s S..e
Germs engaged In interstate h,,ssrs.ss ,9's-
sohfoi 10 De exercised for their o,,,r
cement and prosperity no less tban -.
eiIe pfotsStion of investors ana ~ -
general public As I have snaata,sI,,
a@la ~ messages 10 eon.sress ana eise-
where, experience has dafinfteIV $780,.
not merely the unwlstlom hnt ~ ss,ss,s.',
OF enasayoring to put a stop 10 ali h1s;.
ness combinations. Modern tna,,s,ria,
eohuiuots are such that combinatinr a.
Iot only necessary but inevitable. II i
~ "a ,he world OF business just as II &
| - ~ ane world or labor. and il Is as idle
| ~ desire to put an end TO all cornora-
lions, to all big combinations az csnS,st
| as 10 desire to put arr end to combine.
LIONS OF labor Corporation and Iahor
/ Union ankle have come to stay Each IL
properly managed is a source OF enoa
| anu not evii. Whenever in either there
$500 ~ should be promptly held to ac-.
| eount' Out 1t should receive hearty M
| enlargement SO long as il Is pronerlv
managed 1t is profoundly immoral 10.
put or keep on the statute books a Law
hominaliy in the interest Of public p,orai'
NY. that really puts a premium unon
puonc immortality. by Undertaking to
| torpid honest men from doing what rn,,st
De done under modern business cordis
tions, SO that the law itself provides thar
IT'S own infraction must be the condition
precedent upon business success To air.,
az the accomplishment of too much ,su
amy means the accomplishment of too. lit
tie, and often the doing of positive dam.
| age. 14''i
| THE antitrust law should not ha "a
peaied' but 1t should be made both more
eHcieht and more in harmony with act
uai conditions. II should be so amended
as TO forbid only the kind of combination
"hich does harm to the general public
such amendment to be accompanied by
OF 10 De an Incident Of grant of su-
pervisory power to the government over
lhese Dig corporations engaged in inter
| state business. This should be accom-
panied by provision for the compulsnrv
publication of accounts and the subiee-
ton OF books and papers tc the inspec-
| ton OF the government officials. A he
ginning has already been made for snch
supervision by the establishment of the
| bureau of corporations
The antitrust law should not prohibit
| combinations that do no injustice to the
| public, still less those the existence of
| winch is on the whole of benefit to the
puphc' But even If this feature of the
law We're abolished, there would remain
as an equally Objectionable feature the
| difficulty and delay now incident to its
4 enforcement. The government must now
submit to 1rksome 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 law to be really effective
must or 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 Safeguurded.
| The congress has the power to charter
corporations to engage in interstate and
| foreign commerce, and general law can
be enacted under the provisions of which
existing corporations could take out fed
| eral charters and new federal corpora
| tons 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 for
| 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 complete protec-
ton to the investing public and the share
| holders in the matter of issuing corporate
securities. If an incorporation law is not
| deemed advisable a license act for big
Interstate corporations might be enacted
or combination of the two might be
tried. The supervision established might
| he Analogous N that
national banks. At least, the antitrust
act should be supplemented by specific
prohibitions of the methods which ex-
perience has shown have been of most
service in enabling monopolistic combna-
tons to crush out competition The real
| owners of a corporation should be COM
| PEELED to do business in their own name
| The right to hold stock in other corpora
tons should hereafter be denied to inter
state corporations, 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 corporations in which such stock is
| owned.
| ITO confer upon the national govern
ment in connection with the amendment
! l advocate in the antitrust law, power OF
| supervision over big business concerns
engaged in interstate commerce, would
benefit them as it has benefited the ma
| tional banks In the recent business
| crisis 1t is noteworthy that the institu-
tons which failed were institutions
| which were not under the supervision and
control of the national government
Those which were under national con-
! troll stood the test.
National control of the kind above ad-
vocated would be to the benefit of every
| well-managed railway. From the stand
point of the public there is need for ad-
dtional tracks, additional terminals, and
improvements in the actual handling OF
the railroads. and all this as rapidly as
possible Ample. safe, and speedy trans
portation facilities are even more neces-
sary than cheap transportation. There
| fore. there is need for the investment OF
money which will provide for all these
| things while at the same time securing as
| fas as Is possible better wages and
| shorter hours for their employees. There
fore, while there must be just and rea-
sonable regulation of rates, we should be
the first to protest against any arbitrary
and unthinking movement to cut them
! down without the fullest and most care
full consideration of all interests con-
cerned and of the actual needs of the
| situation. Only a special body of men
| acting for the national government un-
der authority conferred upon Il by the
congress is competent to pass Judgment
4 on such a matter.
Greater Elasticity in
Currency Is Urged.
The president quotes extensively from
his last message in dealing with the di-