The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1907-12-25

at should be the prohibition Of un-
healthy competition, such as by rem
dering service at an actual loss for
the purpose of crushing out competi-
ton, the prevention Of imitation OF
capital, and the prohibition of cor
poration's making exclusive trade
with itself a condition of having any
trade with itself Reasonable agree
ments between. Or combinations of,
corporations should be permitted,
provided they are first submitted to
and approved by some appropriate
Government body.
The Congress has the power to
charter corporations to engage in in
terstate and foreign commerce, and
general law can be enacted under the
provisions of which existing corpor-
ations could take out Federal char
tiers and new Federal corporations
could be created. Provision should
also be made for complete publicity
in all matters affecting the public
and complete protection to the in
vesting public and the shareholders
in the matter of issuing corporate
securities. If an incorporation law is
not deemed advisable, license act
for big interstate corporations might
be enacted, or 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
experience has shown have been of
most service in enabling monopolistic
combinations to crush out competi-
ton. The real owners of corpora
ton should be compelled to do busi-
ness in their own name.
To confer upon the National Gov
ernment, in connection with the
amendment I advocate in the anti
trust law, power Of supervision over
big business concerns engaged in in
terstate commerce would benefit
them as it has benefited the national
banks. In the recent business crisis
1t Is noteworthy that the institutions
which failed were institutions which
were not under the supervision and
control of the National Government.
Those which were under National
control stood the test.
National control of the kind above
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 Improvements in the
actual handling of the railroads, and
all this as rapidly as possible. Am
pie, safe and sL eedy transportation
facilities are even more necessary
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 far as is possible better
wages and shorter hours for their
employees. Therefore while there
must be just and reasonable regula-
ton Of rates we should be the first to
protest against any arbitrary and un-
thinking movement to cut them down
without the fullest and most careful
consideration of all interests con-
cerned and Of the actual needs of the
situation. Only a special body of
men acting for the National Govern
ment under authority conferred upon
it by the Congress 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 national 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 it's passage was de-
layed for a decade; yet it has worked
unmixed and immediate good. The
meat inspection law was even more
violently assailed; and the same men
who now denounce the attitude of the
National Government in seeking to
oversee and control the workings Of
interstate common carriers and busi-
ness concerns, then asserted that we
were Iigcrediting and running
great American industry" Two years
have not elapsed, and already it has
become evident that the great beneit
the law confers upon the public Is
accompanied by an equal benefit to
the reputable packing establishments.
The latter are better off under the
law than they were without it. The
benefit to interstate common carriers
and business concerns from the legis-
lation I advocate would be equally
marked.
The President urges on Congress
the need Of immed''t tie attention to
the currency. He says:
We need a greater elasticity in our
currency; provided. of course, that we
recognize the even greater need of
safe and secure currency. There must
always be the most rigid examination
by the National authorities. Provis-
ion should be made for an emergency
currency. The emergency issue
should, of course, be made with an
effective guaranty, and upon condi-
tions carefully prescribed by the Gov
ernment. Such emergency issue must
be based on adequate securities ap-
proved by the Government, and must
be issued under a heavy tax.
After deploring the folly Of those
who indulge in reckless speculation,
thereby exposing the whole business
community to panic and distress, the
President states that the income ac-
count of the Nation is in a most sat-
.isfactory condition. The satisfactory
working of the present tariff law, he
says, has been chiefly responsible for
this excellent showing.
Nevertheless, there is an evident
and constantly growing feeling among
our people that the time is rapidly ap-
preaching when our system of rev.
enue legislation must be revised.
This country is definitely COM
mitted 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 wis
dom be changed. The question should
be approached purely from business
standpoint; both the time and the