Weekly Arizona journal-miner. [volume] (Prescott, Ariz.) 1903-1908, 1907-12-11
TRUST REMEDY IL FOUND.

Nearly twenty years elapsed before
IL government discovered the cFec.
tive way to suppress Relating. First,
tAsrc was the original interstate com.
osrce act Of 1887, with fines as penal
tieD, TO be enforced by the commission.
But IL was found impossible to obtain
adequate evidence. Tncn, the Law was
altered, adding imprisonment as IA pun.
ishnent, but il became all the more diff
acult TO obtain evidence satisfactory
10 = jury. SO, III 1908. n return was
made to the exclusive anc penalty, but
seill the law was practically inopcra-
tive, until President Roosevelt discov.
cred that the machinery Of the dcrart.
acnt Of justice, operating through the
district attorneys, without waiting for
tho cumbersome initiative of the com
aassiol was adequate to the purpose,
Ssdsr the revised statute. And, now,
rebating 10 being suppressed, at last.
We mention this experience in order
70 draw parallel with that other
ksotty problem, the regulation Of trusts
which has been the despair OF lcg;sla-
two and administrative Efforts the las.
decade. The inadequacy of present
methods Of law to control them wGs
desnonstrated in a striking manner by
tie reorganization Of the paper trus:,
after II had been dissolved by the gov.
essment. It il said that this is the
ease which suggested to President
Roosevelt the federal Incorporation, or
licensing Of trusts-that is, Of course,
~ corporations doing an interstate
business. Mr.. Bryan and President
Roosevelt having simultaneously an.
sounced their adhesion to tho licensing
plan, there In, certainly, reason To hope
that the question will be taken out Of
politics, M IL should be, and, further.
moro, that a genuine safeguard against
the abuses Of the trust system has been
found at last.
While the proposals Of the president |
AID Of Mr.. Bryan are not identical, in |
principle they are the same. The most
definite outline OF such q measure that
has been advanced In the bill which
Senator McCumber, Of North Dakota,
has decided to introduce in congress,
next month. The senator has had sew.
eral conferences with the president on
The subject, but he does not say that
the latter is entirely satisfied with II. |
Other senators and representatives are
preparing similar bills. Following is ~ |
synopsis Of the McCumber measure:
"All associations doing an interstate
bust ness snail file articles of ineorpora.
tion with the department Of commerce
and labor. No corporation organized |
under the law would issue stock, OK.
cept when authorized to do 10 by tho
secretary Of the department Of com.
merce and labor, and then Gin an
amount which, together with all exist.
ing issues Of stock shall not exceed the
value OF assets OF such corporation
The most stringent provision in the bill |
is the one that, upon the failure Of any
corporation to conform 10 all the re-.
qnirements of the law, the secretary Of
commerce and labor shall annul the
certificate OF Incorporation, this annul.
ment to Effect u dissolution of the cor.
porntic1."
Pre- eedents for such "A plan are not
wanting. For instance, states may, and
TO, by administrative process, debar in.
prance companies from doing business,
md may, and do revoke their charters
when they fail to conform 10 state laws
md regulations The objection urged
'gainst il in the tremendous arbitrary
authority conferred upon tn. executive
'ranch of the government; that a cor.
'oration is thus liable 10 conviction,
nd forfeiture Of it's privileges, witacat