Evening journal., 1907-12-03

mining by some federal board or com.
mission whether the applicant for
federal charter was an association or
combination within the restrictions Of
the federal law Provision shonld also
be 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-
bic. a'license act for big interstate cor
poratlons might be enacted or a 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 methods.
which experience has shown have been
Of dnost service In enabling monopolis-
tic combinations to crush out competi-
ton.
The real owners Of a corporation
should be compelled to do business in
their own name The right to hold
stock in other corporations should here.
after be denied to interstate corpora
tions, unless on approval by the proper
government officials, and a 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
tion in which such stock is owned.
Lessono Of Recent Crisis.
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 com
merce would benefit them as 1t has
benefited the national banks. In the
recent business crisis It is noteworthy
that the Institutions which failed were
institutions which were not under the
supervision ana 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 aud Improvements In the ac-
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-
bic regulation Of rates. we should be
the first to protest against any arbitra-
ry and uuthlnklng 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 h story 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 i;s passage was delayed for a
decade yet e 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 govern
ment In seeking to oversee and control
the workings Of Interstate common car
riers and business concerns then as
serted that we were "discrediting and
running a great American industry
Two years have not elapsed. and al
ready It has become evident that the
great benefit the law confers upon the
public is accompanied by an equal ben.
eft to the reputable packing establish
ments. The latter are better or under
the law than they were without IT.
The benefit to interstate common car
riers and business concerns from the
legislation I advocate would be equal
ly marked.
Pure Food Law.
incidentally Ia the passage Of the
pure food law the action OF the vari
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 and state officials In securing
a given reform. 1t Is primarily to the
action OF these state commissioners
that we owe the enactment OF this
law. for they aroused the people, drsi
to demand the enactment and enforce
ment Of state laws on the subject and
then the enactment Of the federal law
without which the state laws were
largely ineffective There must be the
closest cooperation between the ma
tlonal and state governments in ad
minlsterlng those laws.
Currency Legislation Needed.
I again urge on the congress the
need Of immediate attention to this
matter We need a greater elasticity
in our currency. provided Of course
that we recognize the even greater
need OF a safe and secure currency
Provision should be made for an
emergency currency. The emergency
issue should Of course be made witt
an effective guarantee and upon condi
tions carefully prescribed by the gov
ernment such emergency issue mus
be based on adequate securities ap
proved by the government and must bl
issued under heavy tax. This woull
! narualE .lLrrnunN LnIna- lasnnl whom Ih-