The Oskaloosa herald. (Oskaloosa, Mahaska County, Iowa) 1885-1919, 1907-12-05

there should now be either a national
incorporation act or a law licensing
railway companies to engage in inter
state commerce upon certain condi
tions. The law should be so framed
as to give to the Interstate Commerce
Commission power to pass upon the
future issue of securities, while ample
means should be provided to enable
the Commission, whenever in its judg
ment it is necessary, to make a ply
steal valuation of any railroad. As
stated in my message to the congress
a year ago, railroads should be given
lpower to enter into agreements, sub
iect to these agreements being made
public in minute detail and to the con
| sent of the Interstate Commerce Com.
mission being first obtained. Until
the National Government assumes
proper control of interstate commerce,
IN the exercise of the authority it al.
ready possesses, it win be impossible
either to give to or to get from the
railroads full justice. The railroads
and all other great corporations will
do well to recognize that this control
must come; the only question is as
to what governmental body can most
wisely exercise it. The courts will
determine the limits within which the
there will still remain ample work
within each state for the railway COM
mission of that state; and the Ma.
tional Interstate Commerce Commits
sion will work in harmony with the
several state commissions, each with
in it's own province, to achieve the de-
sired end.
Sherman Antitrust Law.
Moreover, in my judgment there
should be additional legislation look
ing to the proper control of the great
business concerns engaged in inter
state business, this control to be ex.
ercised for their own benefit and pros
perity no less than for the protection
of investors and of the general public.
AS have repeatedly said in messages
to the congress and elsewhere, expert
ence has definitely shown not merely
the unwisdom but the futility of en-
deavoring to put a stop to all business
combinations. Modern industrial con-
ditions are such that combination is
not only necessary but inevitable. 1t
is so in the world of business just as
it is so in the world of labor, and it is
as idle to desire to put an end to all
corporations, to all big combinations
of capital, as to desire to put an end
to combinations of labor. Corporation
and labor union alike have come to
stay. Each if properly managed is a
source of good and not evil. When
ever in either there is evil, it should
be promptly held to account; but 1t
should receive hearty encouragement
so long as it is properly managed. 1t
is profoundly immoral to put or keep
on the statute books law, nominally
in the interest of public morality, that
really puts a premium upon public i'm
morality, by undertaking to forbid hon
est men from doing what must be
done under modern business condi'
tons, SO that the law itself provides
that its own infraction must be the
condition precedent upon business
success. To aim at the accomplish
ment of too much usually means the
accomplishment of too little, and Of
ten the doing of positive damage.
THE antitrust law should not be
repealed; but it should be made both
more efficient and more in harmony
with actual 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. a grant of supervisory power to the
government over these big concerns
engaged in interstate business. This
should be accompanied by provision
for the compulsory publication OF &C
counts and the subsection of books and
papers to the inspection of the govern
ment officials.
Elastic Currency.
II again urge on the congress the
need of a greater elasticity in our
currency; provided, of course, that
we recognize the even greater need oil
a safe and secure currency. There
must always be the most rigid exam
nation by the National authorities
Provision should be made for an emer'
gency currency. The emergency issue
should, of course, be made with an Ell
fective guaranty, and upon conditions
carefully prescribed by the govern
ment. Such emergency issue must be
based on adequate securities approved
by the government, and must be issued
under a heavy tax. This would per
nit currency being issued when the de
mand for it was urgent, while secur
| ing its retirement as the demand fell
off. II is worth investigating to de
termine whether officers and directors
Of national banks should ever be al
lowed to loan to themselves. Trust
companies should be subject to the
same supervision as banks; legislation
to this effect should be enacted Tor
the District of Columbia and the Ter
ritories.
"Yet we must also remember that
even the wisest legislation on the sub
ject can only accomplish certain
amount. No legislation can by any
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