Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1907-12-12

: UPON THE FUTURE ISSUE OF
!: SECURITIES. WHILE AMPLE ::
: MEANS SHOULD BE PROvlDED :
TO ENABLE THE COMMISSION. /.
WHENEVER in ITS JUDGMENT !:
1T is NECESSARY TO MAKE A /:
(: PHYSICAL VALUATION OF ANY !:
RAILROAD.
Should Permit Pooling.
AS l stated In my message to the
congress q year ago, railroads. should
be given power to enter into agree
ments. subject 4 these agreements be-
Ing made public In minute detail and
to the consent of the Interstate Com
merce commission being first obtained.
Until the national government as
surneS proper control OF Interstate com
merce. in the exercise of the authority
IT already POSSESSES. il will be impos-
s!bic either to give to or to get from the
railroads full justice.
Sherman Antitrust Law.
Moreover, In my Judgment there
should be additional kgislatiO> look
ing to the proper control OF the great
business concerns nSaged Ia inter-
state business, this control to he ex-
ercised for their own benefit \ pros
perity no less than fo< 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 Il stop to all busi-
ness combinations. Modern industrial
conditions are such that combination
is not only necessary but inevitable. 1t
is SO in the world of business just as
1t is In the world of labor. and 1t is
idle to desire to put an end to all
corporations, TO all big combinations
of capital. as to desire 10 put an end TO
the ~mbinati of labor. Corporation
and labor union alike have come to
stay. Each. If properly managed is a
source of good and not evil. Whenever
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 pro-
foundly immoral to put or keep on the
statute books Il law nOminally Ill the
interest OF public morality. that really
puts a premium upon public immoral
ity, by undertaking to forbid honest
men from doing what must be done I'm
der modern business conditions. SO thai
the law itself provides that Its own in
fraction must be the condition prece-
! dent upon business success. To aim AT
the accomplishment of too much usual
ly means the accomplishment of too
little. and often the doing of positive
! damage.
Forbid the Evil Combination.
IIlere the president cited previous eX-
p%ressions TO the effect that the Sher-
man antitrust act is SO framed that
the business OF the COUNTRY cannot BIZ
conduct without breaking IT'D
The anti! ,rIst law should not
be repealed: but it should be made :
both more. efficient md moro Ii
harmony with actual conditions.
1t should be amended so as to
forbid only the kind of combin-
alton which does harm to the gen
eral public, such amendment to !:
be accompanied by. or to be an I:
incident of, IL grant of supervisory {:
power to the government over :
these big concerns engaged in in !:
terstate business. This should be !:
accompanied by provision for the
compulsory publication of accounts !:
n the subsection of books and
papers to the inspection Of the
has already been made for such
supervision by the establishment
of the bureau of corporations. !:
The antitrust law should not pro-
hibit combinations that do no injustice
10 the public, still less those the ex-
stence of which is on the whole of
benefit to the public. Blu even II this
feature of the law were abolished,
there would remain as an equally OBJ
Jectionable feature the difficulty and
delay 10Y incident to it's enforcement.
h government must now submit to
irksOme and repeated delay before OBJ
tanning Il final decision OF the courts
upon proceedings instituted. and even
IA favorable decree may mean IN empty
victOry. Moreover. to attempt to con
troll these corporations by law suits
means to impose upo both the depart
ment of justice and h courts IN inn
| possible burden: 1t is not feasible to
carry on more han a limited number
| OF such suits. Suc a law to be really
effective of course be admin
istered by az executive body, and not
merely by means of law suits. The de-
| sign should be to prevent the abuses
incident TO the creation Of unhealthy
| md improper combinations. instead of
waiting until they are In existence and
then attempting to destroy them by
civil or criminal proceedings.
Condemns Trusts in Necessities.
A combination should not be- toll 4:
Grated II it abuse the power ac- {:
quired by combination to the pub {:
lie detrimcnt. No corporation or ::
association of any kind should be !:
permitted to engage in foreign Or {:
Interstate Commerce that is formed !:
for the purpose of. or whose OPP !:
erations create. u monopoly or gen. {:
eral control OF the production, sale, {:
OF distribution OF any one or more !:
of the prime necessities of life OF ::
articles of general use and neces- !:
sity. 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 I believe the {:
congress can close the channels of {:
Interstate commerce against them !:
for It's protection. The law should {:
make its prohibitions and permis- /:
sions as clear and definite as pos /:
sib!e. leaving the least possible /:
room for arbitrary action, or al (:
legation of such action, on the part !: