The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1907-12-05

mining by some federal board or con-
mission whether The applicant for q
federal charter WIS an association or
combination within The restrictions Of
the federal law Provision should also
bs made for complete publicity III al
matters affecting the public and CON
pleie protection 70 the Investing public
and the shareholders N the matter OF
issuing carp0mtr securities IL an In
corporation law Is mot deemed Adylsa
Ole. license act for big Interstate cot,
porations might be enacted or a com
blnati0n VI the two might be tried.
The supervision established might be
analogous 10 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 most service In enabling monopolis-
Tie combinations 20 crush out compel.
tlon
The real owners OF a corporation
should be compelled 10 do business IN
their own name The right 10 hold
stock In other corporations should here.
after be denied TO interstate corpora
tions. unless on approval by the proper
government officials, and prerequisite
TO such approval should he the listing
with the government OF all owners and
stockholders. both by the corporation
owning such stock aud by the corpora
tion IN which such stock Is owned.
Lessons Of Recent Crisis.
To confer upon the national govern
ment In connection with the amend
ment | advocate In the antitrust law
power OF supervision over big business
concerns engaged In Interstate com
merce would benefit them as u has
benefited the national banks, In the
recent business crisis Il Is noteworthy
that the Institutions 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
National control OF the kind above
advocated would he TO the benefit Of
every well managed railway. From
the standpoint OF the public there is
need for additional tracks, additional
terminals and improvements In the &C.
tual handling of the railroads, and all
this as rapidly as possible. Ample,
safe and speedy transportation faclli-
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-
BILE regulation of rates, we should he
the first to protest against any arbitra-
ry and unthinking movement TO cut
them down without the fullest aud
most careful consideration of all inter
ests concerned and of the actual needs
Of the situation. Only a special body
of men acting for the national govern
ment under authority conferred upon II
by the congress is competent to pass
Judgment on such matter
Those who fear from any reason the
extension of federal activity will do
well to study the history 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 Its passage was delayed Tor
decade, yet II has worked unmixed ana
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 aud business concerns then as
serted that we were "dlscrediting ana
running great American Industry
Two years have not elapsed, and al
ready 1t has become evident that the
great benefit the law confers upon the
public Is accompanied by an equal ben
efit to the reputable packing establish
ments. The latter are better OF under
the law than they We're without IL.
The benefit to Interstate common car
riers and business concerns from the
legislation advocate would be equal
ly marked.
Pure Food Law.
Incidentally Ia the passage OF the
pure food law the action OF the yarl-
Gus state food and dairy commissions
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
n 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, first
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
Ilonal and state governments In ad'
these laws.
Currency Legislation Needed.
I again urge on the congress the
need OF immediate attention TO this
matter We need greater elasticity
IN our currency. provided OF course
that we recognize the even greater