Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1907-12-07

| public immortality by undertaking TO for
bid honest men from doing what must be
done under modern business conditions,
so that the law itself provides that its
own infractlon must be the condition
precedent upon business success. To aim
nj the accomplishment of too much
usually means the accomplishment OF too
little and often the doing of positive
damage.
The antitrust law should not be repeal
ed; but 1t should be- made bota more
efficient and more in harmony with ac-
tual conditions. 1t should be so amended
as 10 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 super
Visory power to the government over
these big concerns engaged In interstate
business This should be accompanied by
provision for the compulsory publication
of accounts and the subiection OF books
and papers to the inspection OF the gov
ernment officials. A beginning has al
ready been made for such supervision by
porations.
The antitrust law should nor prohibit
compinations 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 II this feature OF the
law were abolished. there would remain
as as, an equally objectionable feature the
difncultv and delay now incident to its
enforcement. The government must now
submit TO irksome and repeated delay be-
fore 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 b. lawsuits
Ieahs 10 impose upon both the depart
nent OF Justice and the courts an impos-
slDle burden: IL is not feasible TO carry
on more than limited number or sucn
SUITS such 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 pre-
vent the abuses incident to the crea tion
OF unhealthy and improper combinations
instead OF waiting until they are In ex-
istence and then attempting to destroy
uehl by civil or criminal proceedings
A combination should not he toIer-
Hteu III II abuse the power acquired by
combination to the public detrment No
corporation or association of any kInd
snouiu pe permitted to engage In foreign
OF interstate commerce that Is formed
Tor the purpose of, or whose Operations
create, monopoly or general control of
tne production. sale or distribution of
any one or more of the prime necessjtIes
or life or articles of general use and
necessity. Such combinations are against
PuDhc poncy' they violate the common
ia" the doors of the courts are closed
70 those VINO are parties to them and I
believe the congress can close the cham
nels OF interstate commerce against them
ioF IT'S protection. The law should make
It's prohibitions and permissons as clear
ana dehnite as possible, leaving the least
possible room for arbitrary action or
alesatlon OF such action, on the part of
uons by the courts. Among the points
10 be aimed at should be the prohibition
OF unhealthy competition, such as by
rendering service at an actual loss for
the purpose Of crushing out competition
tne prevention of initiation of capital and
the prohibition of corporations maxi
ing exclusive trade with itself a condi-
uon OF having any trade with itself
reasonable agreements between or COM
blnations Of, corporations should be per-
mitted, provided they are first submitted
10 and approved by some appropriate
government body.
The congress has the power TO charter
corporations to engage In interstate and
Foreign ommerce. and a general law
can be enacted un-
S"s'tefeo ny Ma der the provisions of
which existing cor
hoh' pnrations could take
out federal charters
@ anu ne" federal corporations could be
created. An essential provision of such
4 law should be method of predeter-
mining by some federal board or COM
mission whether the applicant for a fed
erai chartar was an association or com
Dination within the restrictions of the
federal law Provision should also be
made for complete publicity i'm all mat
ters affecting the public and complete
protection TO the investing public and
the shareholders in the matter of issuing
corporate securities. IL an incorporation
law is not deemed advisable, license
act Tor big Interstate corporations might
be enacted: or a combination of the two
might be tried. The supervision estah-
lished might be analogous to that now
exercised over national banks. At least
the antitrust act should be supplement-
ed by specific prohibitions OF the methods
which experience has shown have been
OF most service In enabling monopolistic
combinations to crush out competition
The real owners of a corporation should
De compelled to do business in their own
name. The right to hold stock In other
corporations should hereafter be denied
a rot ffsx,.g ,,.1I.
proval by the proper government officials
and prerequisite to such approval
should be the listing with the govern
men msht OF al owners and stockholders.
stock and by the corporation In which
such stock Ia owned
To confer upon the national govern
ment. In connection with the amend
ment 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
national banks. In the recent business
crisis II Is noteworthy that the institu-
tions which failed were institutions which
were not under the supervision and con-
tfol of the national government. Those
which were under national control stood
the test
Natio1sl control of the kind above ad- !
vocas@i would be to the benefit of every |
well managed railway. From the stand
point of the public there is need for ad-
ditional tracks. additional terminals and
in the actual handling CT
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. thore is need for the investment of
money which will provide for all these
things while at the same time securing
as far as Is possible better wages and
shorter hours for their employees There
fore. while there must be just and rea-
sonable regulation of rate. we should be
the first to protest against any arbitrary
and unthinking movement to cut them
down without the fullest and nose care
full consideration of all interests con-
cerned and OF the actual needs of the
only special body of men
acting Tor the national government under
authority conferred upon 1t by the con-
gress Is competent to pass judgment on
such matter.
Those who fear. from any reason. the
extension of federal activity will do we'll
to study the history not only of the ma
tional banking act but of the pure food
law. and notably the meat inspection law
recently enacted The pure-food law was
opposed so violently that Its passage was
unmixed and immediate good The meat
inspection law was even more violently
assailed; and the same mon who now de-
nounce the attitude of the national gov
rrnment III seeking to oversee and con-
troll the workings of interstate common
carriers and business concerns. then as
serted that we were "discrediting and
running a great American industry"
Two years have not elapsed. and already
I has become evident that the great
benefit the law confers upon the public
IS accompanied by an equal benefit to the
packing establishments The
oeneft TO interstate common carriers and
fr.An L.. le.l.