Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1907-12-05
terstate commerce against them for its
protection

|
Among the points to be aimed at
should be the prohibition of unhealthy
competition, such as by rendering servc
Ice at an saatual loss for the purpose OF
crushing out competition, the prevention
of initiation Of capital, and the prohlbl-
tion of a corporations making exclusive
trade with itself a condition of having
any trade with itself. Reasonable agree
ments between, or combinations of, cor
porations should be permitted, provided
they are first submitted to and approved
by some appropriate government BODY.
Tho congress has the power to charter
corporations to engage in interstate ana
foreign commerce, and general law
can be enacted under the provisions OF
which existing corporations could take
out federal charters and new federal
corporations could be created. An es-
sential provision of such a law should
be a method of predetermning by some
federal board or commission whether the
applicant for federal charter was an
association or combination within the re-
strctions of the federal law. Provision
should also be made for complete DUB
lcity in all matters affecting the pubic
and complete protection to the investing
public and the shareholders in the mat
ter of issuing corporate securities. Ii an
Incorporation law is not deemed advisa-
BILE. a license act for big interstate cor
porations might be enacted: or a*com-
bination of the two might be tried. The
supervision established might be analo-'
goUs to that now exercised over nat1onal
banks. At least. the antitrust act
should be supplemented by specific pro-
hibitions OF the methods which expert
ence has shown have been of most serv-
ice in enabling monOpolistic combinations
to crush out competition. The real own
ers of :. corporation should be compelled
to do business in their own name
'sTo 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 it has benefited the ma
tional banks. In the recent business
crisis it is noteworthy that the institu-
tons which failed were institutions which
We're not under the supervision and con-
troll of the national government. Those
which We're under national control stood
the test.
Would Benefit All.
National control of the kind advocated
would be to the benefit OF every we'll
managed railway. From the standpoint
of the public there is need for additional
tracks additional terminals and improve
ments in the actual handling of the rail-
roads and all this as rapidly as possible.
Ample, safe and speedy transportation
facilities are even more necessary than
cheap transportation. Therefore there is
need for the investment of money which
will provide for all these things, While
at the same time securing, as far as pos
sble better wages and shorter hours for
their employees. Therefore. while there
must be just and reasonable regulation
against any arbitrary and unthlnklng
movement to cut them down without the
fullest and most careful CONSIDERATION o.
all interests concerned and OF the actual
needs of the situation. Only a speclal
body of men acting for the national gov
eminent under authority conferred upon
it by the congress is competent 10 pass
Judgment on such a matter
''Those who fear, from any reason, the
extension of federal activity will do Wen
to study the history not only OF the ma,
tional banking act but of the pure 1000
law. and notably the meat inspection law
recently enacted The pure food law
was opposed SO violently that it's passage
was delayed for a decade, yet It mas
worked unmiXed and immediate good
The meat inspection law was even more
violently assailed. Two years have not
elapsed and already it has become EVIL
dent that the great benefit the law coh-
fers upon the public is accompanied ~
an equal benefit to the reputable packing
establishments. The latter are better OF
under the law than they were without II.
The benefit to interstate common CdlidSl9
and business concerns from the leslsla-
ton | advocate would be equally marx
ed
Pure Food Law.
incidentally in the passage of the
pure food law the action OF the various
state food and dairy commissioners snow
ed in striking fashion how much GOOD Tor
the whole people results from the hearty
cooperation of the federal ana state u
flcials in securing a given reform. IL
primarily to the action of these stare
commissioners that we owe the enac'-
ment CT this law. for they aroused lAS
neople first to demand the enactment anu
enforcement of state laws on tne s su9
iect. and then the enactment OF the leu
eral law without which the state Jaws
were largely ineffective. There must Dc
the closest co-operation between the ma
tional and state governments IN aoiin"
isterine these laws.
Currency LstSVs.
The president again calls attention to
the condition of our currency Jaws aitl
urges on congress the need OF lmmedlale
attention to this matter. lie saws
1--WE need a greater elasticity IN our
currency: provided. of course. that we
recognize the even greater need OF q SAL
and secure currency. There must always
be the most rigid examination by the ma
tional authorities. Provision should ne
made for an emergency currency. ne
emergency issue should. of course. pc
made with an effective guaranty. ano
upon conditions carefully prescribed by
the ~overnment. Such emergency issue
must be based on adequate secufllles ap.
proved by the government and must pc
issued under a heavy tax. This Would
permit currency being issued when the
demand for it was urgent. While secua-
ing it's retirement as the demand fell off,
It is worth investigating to determine
whether officers and directors of national
banks should ever be allowed TO loan 10
themselves. Trust companies should De
subject to the same supervision as banks;
Iegislation to this effect should be enacted
for the District of Columbia and the ter
ritorles. -,
the wisest LEGISLATION on the subject can
only accomplish a certain amount. No
legislation can by any possibility guar
antee the business community against the
results of speculative follv any more than
1t can guarantee an individual against
the results of his extravaganza.
The income account of the nation is i'll
a most satisfactory condition. Neverthe-
less. the president says. there is an evil
dent and constantly srowing feeling
among our people that the time is rap
idly approaching when our system of
revenue legislation must be revised.
The Tariff.
''This country is definitely committed to
the protective system and any effort to
uproot it could not but cause widespread
industrial disaster. In other words. the
principle of the present tariff law could
not with wisdom be changed But in a
country of such phenomenal growth as
ours it is probably well that every dozen
years or so the tariff laws should be
carefully scrutinized SO as to see that no
excessive or improper benefits are con-
ferred thereby, that proper revenue is
provided and that our foreign trade is
encouraged. There must always be as q
minimum tariff which will not only al
low for the collection of ample
enue but which will at least make good
the difference in cost of production here
and abroad
The question should be approached
purely from a business standpoint: both
the time and the manner of the change
being such as to arouse the minimum OF
agitation and disturbance in the business
world and to give the least play for sell
fish and fractional motives. The sole con-
sideraton should be to see that the sum
total of changes represents the public
good This means that the subject can
not with wisdom be dealt with in the
year preceding presidential election,
because as a matter of fact experience
has conclusively shown that at such a
time it is impossible to get men to treat
it from the standpoint of the public good
s111Ior, flnn.