Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-12-18

yldes that the national government
should have complete and sole control
of interstate commerce. There was
then practically no interstate bust.
ness save such as was conducted by
water, and this the national govern
ment at once proceeded to regulate In
thoroughgoing and effective fashion.
Conditions have now so wholly chang
ed that the Interstate commerce by
water Is Insignificant compared with
the amount that goes by land, and al
most all big business concerns are now
engaged in interstate commerce. AS q
result. It can be but partially and i'm.
perfectly controlled or regulated by
the action of any one of the several
states, such action inevitably tending
TO be either too drastic or else too lax
and in either case ineffective for pur-
poses of justice. Only the national
government eau In thOroughgoing fash.
Ion exercise the needed control. This
does not mean that there should lie
any extension of federal authority, for
such authority already exists under
the constitution In amplest and most
far reaching form. but II does mean
that there should be an extension Of
federal activity This is not advocat.
Ing Capitalization. II is merely looking
facts In the face and realizing that
Capitalization In business has already
come and cannot be avoided or undone
and that the public at large can only
protect itself from certain evil effects
Of this business Capitalization by pro.
vidng better methods for the exercise
of control through the authority al
ready centralized In the national gov
eminent by the constitution itself.
There must be no halt In the healthy
constructive course OF action which
this nation has elected TO pursue and
has steadily pursued during the last
six years, as shown both In the legis-
latlon Of the congress and the admin
istratlon of the law by the depart
ment Of justice. The most vital need
Is in connection with the railroads. AS
to these, In my judgment, there should
now be either u national incorporation
act or a law licensing railway compa-
MES to engage In Interstate commerce
upon certain conditions. The law
should be so framed as to give TO the
Interstate commerce commission pow
err to pass upon the future issue of Sc.
curities. while ample means should be
provided to enable the commission.
whenever In its Judgment II is neces.
sary, to make a physical valuation of
4 s,n. 10 I il,
sage to the congress year ago, rail
roads should he given power to enter
into agreements subject to these agree
mcnts being made public In minute de.
tail and to the consent of the inter
state commerce commission being first
| obtained. Until the national govern
mcnt assumes proper control Of inter
state commerce In the exercise of the
authority 1t already possesses 1t will
be impossible either to give to or to
get from the railroads full justice. The
railroads and all other great corpora.
lions viii do well to recognize that this
control must come The only question
Is as to what governmental body can
most wisely exercise II. The courts
will determine the limits within which
the federal authority can exercise IL
and there will still remain ample work
within each state for the railway com
mission Of that state. and the national
Interstate commerce commission will
work In harmony with the several
state commissions, each within its own
province. to achieve the desired end.