The state herald., 1907-12-06
Invrstinx Public should
lie Amply snf-gunrd~d.

THE congress has the power TO charter
corporation. 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
tions could be created. An essential pro-
vision OF such 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 IN.
federal law. Provision should also be
made for complete publicity In all matters
Hrectin. the public and complete protec-
tion 10 tho investing public and the share
holders In the matter of issuing corporate
securities. II an Incorporation law Ia 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 IN. methods which os-
pcrience has shown hay. been OF most
service In enabling monopolis,ie oombina-
tons to crush out competition. The real
owners OF corporation should be com.
PEELED to do business In their own name.
The right 10 hold stock In other corpora
tons should henrcafter be denied 10 inter.
state corporations. unless on approval by
tn. proper government officials, and n
prerequisite TO such approval should be
the listing with the government or all
owners and stockholders. both By the
corporation owning such stock and by
the corporations In which such stock IL
owned.
''To confer upon the national govern
ment In connection with the amendment
I advocate In the antitrust law. power OF
engaged In Interstate commerce. would
bonont them as n has benefited tho ma.
tlonsi banks, In the recent business
crisis n IN noteworthy that the lnstitn.
tons which failed wer. institutions
which were no, under the supervision and
control OF tho national government.
Those which wer. under national con.
troll stood tho test
National control ~ the kind above adj
vocatrd would be 20 tho bcnont OF every
weil.mannRed railway From the stand.
point Of tho public there n need for ns,
dl,ionai tracks, additional terminals. and
improvements In the actual handling Of
tho railroads. and ali this as rapidly M
possible. Ample, safe, and speedy tfnur.
portation facilities hrn oven more nrcoH-
Hafy than cheap transportation. There
fore. there II need for the investment Of
money which will provide for all these
things while at tho same time securing nH
fna m In possible better wnruH and
shorter hours for their employees. There.
fore. while there must be list nnd roa.
sonable regulation Of rates, we should ba
the firHi 10 protest against any arbitrary
and unihinhinH movement 10 rui them
down without the fullest and most care.
fui consideration OF MI interests CON
cotned and ~ the actual needs ~ the
situation Only special body Of men
acting for the national government I'm.
der authority conferred upon n hy the
congress il competent 10 pass judgment
on such matter,
Grenter Elasticity ts
Currency IL trnrJ.
The president quotes extensively from
his last message In dealing with the di.