The news-democrat. (Providence, R.I.) 1906-1909, 1907-12-03

this nation nas elected TO pursue snd
has steadily pursued during the last
six years, as shown both In the lcgis-
lation of the congress and the admin
istration of the law by the depart
ment of justice. The most vital need
is in connection with the railroads. AS
TO these, I'm my judgment, there should
now be either a national incorporation
act or a law licensing railway compa-
nies to engage In interstate commerce
upon certain conditions. The law
should be so framed as 10 give to the
interstate commerce commission pow
er 10 pass upon the future issue of Sc
curities, while ample means should be
provided to enable the commission,
whenever in its judgment it is neces-
sary, TO make a physical valuation OF
any railroad. As l stated in my mes
| sage to the congress year ago, rail
roads should be given power to enter
into agreements subject to these agree
ments being made public in minute de-
tail and to the consent OF the inter
state commerce commission being first
obtained. Until the national govern
ment assumes proper control of inter
state commerce i'm the exercise of the
authority it already possesses it will
/ be impossible either to give to or to
get from the railroads full justice. The
railroads and all other great corpora
| tions will do well to recognize that this
control must come. The only question
is as to what governmental body can
most wisely exercise 1t. The courts
will determine the limits within which
| the federal authority can exercise it,
and there will still remain ample work
within each state for the railway com
mission of that state, and the national
interstate commerce commission will
work in harmony with the several
state commissions, each within its own
province, to achieve the desired end.
Sherman Antitrust Law.
Moreover, in my judgment, there
should be additional legislation looking
to the proper control of the great busl-
ness concerns engaged in interstate
business, this control to be exercised
for their own benefit and prosperity no
less than for the protection of invest
ors and of the general public. AS
have repeatedly said in messages to
the congress and elsewhere, experience
has definitely shown not merely the
unwisdom, but the futility, of endeav-
oring to put a stop to all business CON-
binations. Modern industrial condi-
tions 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 1t Is as
idle to desire to put an end to all cor
capital, as to desire to put an end to
combinations of labor. Corporation and
labor union alike have come to stay.
Each if properly managed Is source
of good and not evil. Whenever in
either there is evil it should be prompt
ly held to account, but it should re-
ceive hearty encouragement so long as
il is properly managed. 1t is profound
ly immoral to put or keep on the stat
ute books n law, nominally I'm the In
terest of public morality, that really
puts premium upon public immoral
ity by undertaking to forbid honest
men from doing what must be done
under modern business conditions, 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 usually means the accomplish
ment of too little and often the doing
| the congress year ago. in speaking Of
the antitrust laws. said:
The actual working Of our laws has
shown that the effort to prohibit all
combination, good or bad. is noXious
where il is not ineffective. COmbina-
tion Of capital, like combination of Ia
! bor. is necessary element In our pres
| ent industrial system. 1t is not pos
sible completely to prevent il, and IL
IL were possible such complete prcven-
| ton would do damage TO the body
polite. What we need is not vainly
to try TO prevent all combination but
TO secure such rigorous and adequate
| NVuiiVl bbo shHti NiNi'i VI 'i' YUM
binations as to prevent their injuring
the public or existing in such forms as
inevitably TO threaten injury. 1t
is unfortunate that our present laws
should forbid all combinations instead
of sharply discriminating between
those combinations which do good and
those combinations which do evil. .
Often railroads would like TO combine
for the purpose of preventing n bis
shipper from maintaining improper al
vantages at the expense of small ship
pers and of the general public. Such 2
combination, instead of being forbid
den by law, should he favored.
: 1t Is a public evil TO have on the
statute books n law incapable of full
enforcement. because both judges ant
: iuries realize that it's full enforcement
: would destroy the business of the
country, for the result Is 10 make de
cent men violators of the law agains
: their will and TO put premium on the