The Denison review. [volume] (Denison, Iowa) 1867-current, 1907-12-04

IN return full Justice to 0tners Tne con-
ditions of railroad activity, the condi-
tons of our immense interstate COM
MERGE are such as to make the Central
Government alone competent to exercise
full supervision and control.
1.-The grave abuses in individual cases
of railroad management in the past rep
resent wrongs not merely to the general
public, but, above all. wrongs to fair
of wealth, because they excite a popular
anger ana distrust which from the very
nature of the case tends to include in the
sweep of it's resentment good and bad
alike. From the standpoint of the pub
lie l can not too earnestly say that as
soon as the natural and proper resent
ment aroused by these abuses becomes
indiscriminate and unthinking, it also be-
comes not merely unwise and unfair, but
calculated to defeat the very ends which
those feeling it have in view. There has
been plenty of dishonest work by corpo-
rations in the past There will not be
the slightest let-up in the effort to hunt
down and punish every dishonest man.
But the bulk of our business is honestly
done In the natural Indignation the
people feel over the dishonesty, it is all
essential that they should not lose their
heads and get drawn into an indis-
crimnate raid upon all corporations, all
people of wealth, whether they do we'll
or ill. Out of any such wild movement
good will not come, can not come, and
never has come. On the contrary the
surest way to invite reaction is to fol-
low the lead of either demagogue or
visionary in sweeping assault upon
property values and upon public conf
dence, which would, work incalculable
era in ha III yn,1l6
produce such distrust of the agitators
that in the revulsion the distrust would
extend to honest men who. in sincere and
sane fashion, are trying to remedy the
evils"
Antitrust Law Should
Be Made More Efficient.
The antitrust law should not be re-
pealed; but it should be made both more
efficient and more in harmony with act
ual conditions. 1t should be so amended
as to forbid only the kind of combination
which does harm to the general public,
such amendment to be accompanied by,
or to be an incident of, grant of SUI
pervisory power to the government over
these big corporations engaged in, inter-
state business This should be accom-
panied by provision for the compulsory
publication of accounts and the subjec-
ton of books and papers TO the inspec
ton of the government officials. y be-
ginning has already been made for such
supervision by the establishment of the
bureau of corporations.
The antitrust law should not prohibit
combinations that do injustice to the
public, still less those the existence of
which is on the whole of benefit to the
public. But even if this feature of the
law We're abolished. there would remain
as an equally Objectionable feature the
difficulty and delay now incident to it's
enforcement. The government must now
submit to irkSome and repeated delays
before obtaining 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 i'm
possible burden; 1t is not feasible to carry
on more than limited number of such
suits Such law to be really effective
sntst of course he administered by an
executive body, and not merely by means
of lawsuits. The design should be to
prevent the abuses incident to the crea-
ton of unhealthy and improper combina-
tosls. instead of waiting until they are
in existence and then attempting to de-
stroy them by civil or criminal proceed
iagS.
IT 1t abuse the power acquired by COM
bination to the public detrment. No
corporation or association of any kind
should be permitted to engage in for
eisn or Interstate commerce that is
formed for the purpose of. or whose OPP
eraIlons create a monopoly or general
control of the production. sale. or dis
tribution of any one more of the prime
necessities of life articles of general
use and necessity Such combinations are
against public policy; they violate the
common law: the doors of the courts are
closed to those who are parties to them,
and believe the congress can close the
channels OF interstate commerce against
them for its protection. The law should
make its prohibitions and permissions as
clear and definite as possible, leaving
the least possible room for arbitrary ac-
ton or allegation of such action, on the
part or the executive, or of divergent in
terpretations by the courts. Among the
points to be aimed at should be the pro-
hibition of unhealthy competition. such
as by rendering service at an actual loss
for the purpose of crushing out compe-
ttion. the prevention of imitation of cap
ltal. and the prohibition of a corporation's
making exclusive trade with itself a con-
dltion of having any trade with itself.
Reasonable agreements between, or COM
plnatfons Of corporations should be per-
mitted. provided they are first submit
ted to and approved by some appropri-
ate government body.
investing Public Should
Be Amply eafeeuarded
The Congress has the power to charter
corporations to engage in interstate and
foreign commerce. and general law can
he 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 to the investing public and the share
holders in the matter of issuing corporate
securities. If an Incorporation law is not
deemed advisable, a license act for big
interstate corporations might be enacted;
or combination of the two might be
tried. The supervision established might
be analogous to that now exercised over
national banks. AT least, the antitrust
act should be supplemented by specific
prohibitions of the methods which ex-