The Greenville journal. [volume] (Greenville, Ohio) 1850-1918, 1907-12-05

business Concerns Urged.
Moreover, in my judgment there shoul
be additional Legislation looking TO the
proper control OF the great business con-
Germs engaged In interstate business, this
control to be exercised for their own
beneht and prosperity no less than for
the protection of Investors and Of the
general public. AS ] have repeatedly
. said In messages to congress and else
, where. experience has definitely shown
not merely the unwisdom but the futility
OF rndeavoring 10 put a stop 10 all busi-
ness combinations. Modern industrial
conditions arc such that combination is
not only necessary but inevitable. 1t is
so In the world of business just as 1t Is
so in the world OF labor. and II is as idle
To desire 10 put an end to all corpora
tiuns. TO all big combinations of capital,
As to desire to put an end to combina-
tIons OF labor. Corporation and labor
union alike have come TO stay. Each if
properly managed is a source of good
and not evil. Whenever in either there
rs evil, 1t should be promptly held to ac-
count: but ii should receive hearty en-
couragement 50 long as it Is properly
managed. II is profoundly immoral TO
put or keep on the statute books a law,
nOmnally in the interest of public moral
ity. that really puts premium upon
forbid honest men from doing what must
be done under modern business cOndi-
tions so that the law itself provides that
its own infractiOn must be the condition
precedent upon business success. To aim
at the accomplishment of too much usu-
ally means the accomplishment of too lit
tie, and often the doing of positive dam
age.
The antitrust law should not be re-
DCAlpd. should hOt
efficient and more in harmony with act
ual conditions. 1t should be so amended
as to forbid only the kind of combination
which does harm to the general public,
such amendment to be accompanied by
or to be an incident of, 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
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
| which is on the whole of benefit to the
public. But even If this feature of the
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 favorable decree may mean an
| empty victory. Moreover, to attempt to
| control these corporations by lawsuits
| means to impose upon both the depart
Of incf nd f6n fV,,
possible burden; it is not feasible to carry
on more than 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-
| tion OF unhealthy and improper combina-
tions, instead of waiting until they are
| in existence and then attempting to de-
| stroy them by civil or criminal proceed
| ings.
InVeRtinE Public Should
BE Amply SafeGunrled.
1.-THE congress has the power to charter
corporations to engage in interstate and
| foreign commerce, and a general law can
be enacted under the provisions of which
| existing corporations could take out fed
eral charters and new federal corpora
| vision of such law should be a method
of predetermining by some federal board
or commission 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 complete protec-
ton to the investing public and the share.
holders in the matter of issuing corporate
securities. If an incorporation law is moi
deemed advisable, license act for big
interstate corporations might be enacted
or a combination of the two might be
tried. The supervision established might
be analogous to that now exercised over
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 conlbna-
tions to crush out competition. The real
owners of a corporation should be COM
pelldd 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
| owned.
ITO confer upon the national govern
| ment. in connection with the amendment
| advocate in the antitrust law. power of
supervision over big business concerns
engaged in interstate commerce. would
benefit them as 1t has benefited the ma
tional banks. Tn the recent business
crisis it is noteworthy that the institu-
tions 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 aA
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 unthnking movement to cut them
down without the fullest and most care.
full consideration of all interests. con.
ccrned and Of the actual needs of the
situation. Only special body of mer
acting for the national government un.
der authority conferred upon it by the
congress is competent to pass judgment
on such a matter.
Greater Elasticity In
Currency IS Urged.
The president quotes extensively from
his last message in dealing with the di
rect subject of currency legislation, ant
says:
II again urge on the congress the neet
of immediate attention to this matter
We need greater elasticity in our cur
rency: provided. of course, that we recog
nize the even greater need of a safe ant
secure currency. There must always be
the most rigid examination by the ma
tional authorities. Provision should bt
made for an emergency currency. The
emergency issue should, of course. bt