, 1907-12-03
MESSAGE IS SENT TO
SIXTIETH CONGRESS
(Continued on Page ~

(Continued on Page ~
business, this control to be exercised
for their own benefit and prosperity M
less than for The protection OF invest
ors 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 endea'
combinations. Modern Industrial con
ditions are such that combination js
not only necessary but inevitable. u
Is so in the world Of business just as II
is 80 In the world Of labor, and 1t 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.
Source Of Good and Not Evil.
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.
1t should be promptly held to account;
but 1t should receive hearty encouc-
agement so long as it is properly man
aged. 1t is profoundly immoral to put
or keep on the statute books a law,
nominally in the interest of public
morality, that really puts a premium
upon public immortality, by undertaking
to forbid honest men from doing what
must be done under modern business
conditions. SO that the law itself pro-
the condition precedent upon business
success. To aim at the accomplish
ment of too much usually means the
accomplishment Of too little, and often
the doing of positive damage.
@ Law Should Be Amended.
The antitrust law should not be re-
pealed; 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 70
tbs general public, such amendment
to be accompanied by, or to be an in
cident of, a grant of supervisory pow,
er to the government over these big
concerns engaged in interstate bus;-
ness. This should be accompanied by
provision for the compulsory publ.
cation of accounts and the subsection
of books and papers to the inspection
of the government officials. A begin
ming has already been made for sucn
supervision by the establishment of
the bureau of corporations.
Some Good Combinations.
The antitrust law should not pro-
hibit combinations that do no injus.
tice to the public, still less those the
existence of wh'vh is on the whole of
benefit to the public. But even if this
feature of the law was abolished, there
would remain as an equally objection
able feature the difficulty and delay
now incident to its enforcement. The
government must now submit to irk-
some and repeated delay before obtain.
ing a final decision of the courts upon
proceedings instituted, and even a ia
vorable decree may lei an empty
victory. Moreover, to attempt to con-
trql these corporations by lawsuits
means to impose upon both the depart
ment of justice and the courts an i'm
possible burden; it is not feasible to
carry on more than limited number
of such suits.
Should Prevent Abuse.
Such a law to be really effective
p,,,ct 0f f,op,rva bo o1pnipiSfnrod INV Qn
executive body, and not merely by
means of lawsuits. The design should
be to prevent the abuses incident to
the creation Of unhealthy and improper
combinations, instead of waiting until
they are in existence and then attempt
ing to destroy them by civil or crimi-
nal proceedings.
Monopolistic Combinations.
A combination should not be toler-
ated if it abuses the power acquired
by combination to the public detri-
ment. No corporation or association
OF any kind should be permitted to en-
gage in foreign or interstate commerce
that Is formed for the purpose of, CT
whose operations create, a monopoly or
general control of the production, sale
or distribution of any one or Of
the prime necessities of life or 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 l believe the
congress can close the channels of in.
ter-state. commerce against them for its
protection.
Little Room for Arbitrary Action.
The law should make its prohibitions
and permissions as clear and definite
as possible, leaving the least possible
room for arbitrary action, or allegation
OF such action, on the part of the execu'
tive, or of divergent interpretations by
the courts. Among the points to be
aimed at should be the prohibition of
unhealthy competition, such as by rem.
dering service at an actual loss for
the purpose of crushing out competi-
ton, the prevention of imitation Of CAPT
tai, and the prohibition of a corpora
TONS making exclusive trade with II
self a condition of having any trade
with itself.
Should Approve Agreements.
Reasonable agreements between, or