The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1907-12-06

E
commerce commission power to pass
upon the future issue Of securities
while ample means should be provided
to enable the commission whenever in
its Judgment 1t Is necessary to make
physical valuation of any railroad. AS
/ stated In my message to the congress
q year ago, railroads should be given
power to enter into agreements sub
ject to these agreements being made
public in minute detail and to the con-
sent of the interstate commerce COM
mission being first obtained. untli
the national government assumes prop
er control Of interstate commerce IN
the exercise Of the authority II already
possesses 1t will be impossible either
10 give to or to get from the railroads
full justice The railroads and all 9th
er great corporations will do we'll tC
recognize that this control must come
The only question Is as to what gov
ernmental body can most wisely eXer.
else it. The courts will determine the
limits within which the federal author
ity can exercise it, and there will still
remain ample work within each state
for the railway commission of that
state, and the national interstate CON-
MERGE commission will work in har-
mony with the several state commits
sionS, each within its own province, tC
achieve the desired end.
The Antitrust Law.
Moreover, in my judgment. there
should be additional legislation looking
to the proper control of the great bust
ress concerns engaged in interstate
business. this control to be exercised
for their own benefit and prosperity
no less than for the protection Of In
vestors and of the general public. AS
l have repeatedly said In messages to
congress and elsewhere. experience has
definitely shown not merely the unwis-
dom, but the futiHty, of endeavoring to
put stop to all business combinations.
Modern Industrial conditions 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 it is as idle to desire to put
an end to all corporations, to all big
combinations of capital. as to desire to
put an end to combinations Of labor.
Corporation and labor union alike have
come to stay. Each if properly man
aged is u source of good and not evil.
Whenever in either there Is evil it
should be promptly held to account.
but it should receive hearty encourage.
ment so long as it Is properly managed.
1t is profoundly immoral to put or
keep on the statute books law nomi.
nally in the Nterest of public morality
that really bats a premium upon pub
lie immortality by undertaking to for
bid honest men from doing what must
be done under modern business condi-
lions so that the law itself provides
that its own infraction must be the
condition precedent upon business sue
cess. TO aim at the accomplishment
Of too much usually means the accom-
plishment Of too little and often the do
ing of positive damage.
Not Repeal, but Amendment.
The antitrust law should not be re-
pealed, but it should be made both
more efficient and more in harmony
with actual 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
a grant Of supervisory power to the
government over these big concerns
engaged in interstate business. This
should be accompanied by provision
for the compulsory publication of ac-
counts and the subsection Of books and
papers to the inspection Of the gov
eminent officials. A beginning has al
ready 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 law were abolished there would
remain as an equally Objectionable fea-
ture the difficulty and delay now incl
dent to its enforcement The govern
ment must now submit to irksome and
repeated delay before obtaining a final
decision of the courts upon proceedings
Instituted, and even a favorable de-
cree may mean an empty victory.
Moreover, to attempt to control these
corporations by lawsuits means to i'm
pose upon both the department Of
justice and the courts an impossible
burden. 1t is not feasible to carry on
more than Il limited number of such
suits. Such law to be really effec-
tive must Of course be administered
by an executive body and not merely
by means Of lawsuits The design
should be to prevent the abuses Incl
dent to the creation of unhealthy and
improper combinations instead of wait
ing until they are in existence and
then attempting to destroy them by
civil or criminal proceedings
Law Should Be Explicit.
A combination should not be tolerat-
ed If 1t abuse the power acquired by
combination to the public detriment
No corporation or association of any
kind should be permitted to engage in
foreign or interstate commerce that is