The Washington herald., 1907-12-04


ton OF the government officials. A begin
ming has already been made for such su-
pervision by the establishment Of the
Bureau Of Corporations.
THE antitrust law should not prohibit
| combinations that do no injustice 10 the
public. still less those the existence of
which is, on the whole. OF benefit 10 the
public But even II this feature OF the
law We're abolished. there would remain
! as an equally Objectionable feature the
\ difficulty and delay now incident TO its
enforcement. The government must now
submit 20 irksome and repeated delay be-
! fore obtaining a final decision OF the
| courts upon proceedings instituted. and
| even favorable decree may mean an
| empty victory, Moreover. to ATTEMPT to
| control these corporations by lawsuits
means to impose upon both the Depart
ment OF Justice and the courts an impos-
sible burden; 1t Is not feasible to carry
on more than a limited number OF such
suits. Such a law to be really effective
must, of course, be administered by an
executive body, and not merely by means
Of lawsuits. The design should be 10 pre-
vent the abuses incident TO the creation
Of unhealthy and improper combinations.
Z
istence and then attempting to destroy
them By civil or criminal proceedings
Tolerate No Monopoly.
"A combination should not be tolerated
II il abuse the power acquired bv com
bination to the public deuiment. No cor
poration or association Of any kind should
be permitted TO engage in foreign or in
terstate commerce that is formed for the
purpose OF, or whose operations create. a
monopoly or general control Of the pro-
cuction, sale. or distribution of anv one
or more of the prime necessities Of life or
articles Of general use and necessity.
Such combinations are against public pol
icy, they violate the common law: the
doors OF the courts are closed 10 those
VINO are parties to them and I believe
the Congress can close the channels OF
interstate commerce against them for lis
protection The law should MAKE its
prohibitions and permissions as clear and
definite as possible. leaving the least nos
slble room for arbitrary action. or allaga-
ton of such action, on the part of the
Executive. or of divergent interpreta-
ucns by the courts. Among the points to
be aimed at should be the prohibition of
unhealthy competition, such as by render
p
pose Of crushing out competition the
prevention Of imitation Of capital ana tho
prohibition Of a corporations making ex-
elusive trade with itself a condition OF
having any trade with itself Reasonable
agreements between. or combination Of
corporations should be permitted pro-
vided they are first submitted 10 and ap-
proved by some appropriate government
body
Publicity Il Essential.
The Congress has the power TO charter
corporations TO engage in interstate and
foreign commerce. and a general law can
be enacted under the provisions OF which
existing corporations could take out Fed
eral charters and new Federal corpora
tons could be created. An essential pro-
vision of such a law should be a method
Of predetermining by some Federal board
or commission whether the applicant for
Federal charter was an association or
combination within the restrictions OF the
Federal law. Provision should also be
made for complete publicity in all matters
affecting the public and complete protec-
ton 70 the investing public and the share |
holders in the matter of issuing corporate
securities. II an Incorporation law is not J
deemed advisable a license act for big
interstate corporations might be enacted. !
or a combination Of the two might be |
tried The supervision established might I
be analogous 10 that nov exercised over /
national banks. At least the antitrust
act should be supplemented by specific /
prohibitions OF the methods which ex- /
perience has shown have been OF most
service In enabling monopolistic combi- 4
tTrn- to
real owners OF a corporation should be 4
to do business in their own /
name The right to hold stock in other /
corporations should hereafter be denied TO j
Interstate corporations. unless on appro- 4
val by the proper government officials
and prerequisite 10 such approval 4
should be the listing with the government 4
OF all owners and stockholders. both by /
the corporation owning such stock and by |
the corporation in which such stock is |
owned
To confer upon the National Govern /
ment. in connection with the amendment /
l advocate in the antitrust law, power of 4
supervision over big business concerns
in the interstate commerce.
would benefit them as II has benefited
the national banks. In the recent busi-
ness crisis it is noteworthy that the in
stitutiOns 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
Maintain just RnteS.
National control of the kind above ad-
'ocated would be to the benefit OF every
railway. From the stand
point Of the public there is need for ad-
iitional tracks. additional terminals. and
in the actual handling of
he railroads. and all this as RAPIDLY as
possible. Ample. safe, and speedy trans
facilities are even more neces-
ary than cheap transportation. There
ore. there is need for the investment Of
money which will provide for all these
hings while at the same time securing
IS far as is possible better wages and
horter hours for their employees. There
ore, while there must be just and reason
-ble regulation of rates we should bel
he first TO protest against any arbitrary
nd unthinking movement TO cut them
oWn without the fullest and most care
ul consideration of all interests concerned
nd or the actual needs of the situation.
)nly special body OF men acting for
he national government under authority
onferred upon il by the Congress is com
etent TO pass judgment on such a matter.
Those who fear, from any reason. the
Xtension of Federal activity will do well Z
D study the history not only OF the ma
lonal banking act but of the pure-food
Nv. and notably the meat inspection law 8
ecently enacted. The pure-food law was J
pposed so violently that its passage was
elayed for decade; yet it has worked 7
nmixed and immediate good. The meat [
law was even more violently I
ssailed and the same men who now de- I
n1lncn tho attit,1do ~ IL. ......---, - I