The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1907-12-07

ated An essential provides e snsA
law should b. Z method a. predster-
mining by some federal board OF com
mission whether the applicant for
federal charter was an association OF
combination within the restrictions OF
the federal law. Provision should also
DO made for complete publicity In all
matters affecting the public and com.
plete protection to the investing public
and the shareholders In the matter OF
issuing corporate securities. II an In
corporation law Is not deemed advisa-
BILE. license act for big interstate cor
porations might be enacted or com
bination OF the two might be tried.
The supervision established might be
analogous TO that now exercised over
national banks. At least the anti.
trust act should be supplemented by
specific prohibitions OF the nett DDS
which experience has shown have been
OF most service In enabling monopolis-
tic combinations 10 crush out competi-
ton.
The real owners OF a corporation
should be compelled 10 do business I'm
their own name The right 10 hold
stock in other corporations should here
after be denied to interstate corpora
tons. unless on approval by the proper
government officials. and prerequisite
TO such approval should be the listing
with the government OF all owners and
stockholders, both by the corporation
owning such stock and by the corpora
ton In which such stock Is owned
Lessons Of Recent Crisis.
To confer upon the national govern
ment In connection with the amend
ment advocate In the antitrust law
concerns engaged in interstate com
MERGE would benefit them as II has
benefited the national banks. In the
recent business crisis II 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 well managed railway. From
the standpoint OF the public there Is
need for additional tracks, additional
terminals and improvements I'm the nc
tual handling OF the railroads. and all
this as rapidly as possible. Ample.
safe and speedy transportation facili-
ties 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 Is possible better wages and shorter
hours for their employees. Therefore.
while there must be just and reasona-
BILE regulation OF rates, we should be
the first 20 protest against any arbitra
ry and unthinklng movement TO cut
them down without the fullest and
most careful consideration of all inter
ests concerned and OF the actual needs
OF the situation. Only 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 a matter
Those who fear from any reason the
extension OF federal activity Will do
well 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 violent
ly that It's passage was delayed for a
decade, yet II has worked unmlxed and
immediate good. The meat inspection
law was even more violently assailed,
and the same men who now denounce
the attitude OF the national govern
ment IN seeking 60 oversee and control
the workings OF Interstate common ear
rlers and business concerns then as
serted that we were "dlscrediting and
running a great American industry"
Two years have not elapsed. and al
ready II has become evident that the
great benefit the law confers upon the
public Is accompanied by an equal ben
eft 10 the reputable packing establish
ments. The latter are better Off under
the law than they were without IT,
The benefit 10 interstate common car
riers and business concerns from the
legislation | advocate would be equal
ly marked.
Pure Food Law.
Incidentally In the passage OF the
pure food law the action OF the vnri-
Gus state food and dairy commission
ers showed IN striking fashion how
much good for the whole people results
from the hearty cooperation OF the
federal ana state officials In securing
a given reform. II Is primarily 20 the
action OF these state commissioners
that we owe the enactment OF this
law, for they aroused the people. FIRST
10 demand the enactment and enforce
ment OF state laws on the subject and
then the enactment of ths federal law.
without which the state laws were
largely Ineffective. There must be the
closest cooperation between the ma.
tional and state governments In ad-
ministering these laws.
Currency Legislation Needed.
again urge on the congress the
need OF immediate attention TO this
matter. We need n greater elasticity
In our currency, provided OF course