The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1907-12-03

/. nificant compared with the amount
that goes by land, and almost all big
i business concerns are now engaged IN
! Interstate commerce. AS result it can
be but partially and imperfectly con-
trolled or regulated by the action of
any one of the several states, such ac-
| ton inevitably tending to be either
| too drastic or else too lax and in either
| case Ineffective for purposes of justice.
| Only the national government can in
thoroughgoing fashion exercise the
needed control This does not mean
| that there should be any extension of
| federal authority, for such authority
| already exists under the constitution
| In amplest and most far reaching form,
| but it does mean that there should be
| an extension of federal activity. This
Is not advocating Capitalization. 1t is
merely looking facts In the face and
realizing that Capitalization In business
has already come and cannot be avoid
ed or undone and that the public at
large can only protect itself from GER
tain evil effects of this business cen
tralfzation by providing better methods
for the exercise of control through the
authority already centralized in the
national government by the conStitu-
ton itself There must be no halt In
the healthy constructive course of ac-
ton which this nation has elected to
pursue and has steadily pursued dur
ing the last six years, as shown both
in the legislation Of the congress and
the administration of the law by the
department of justice.
National License For Railroads.
H.,
with the railroads. AS to these, In my
judgment, there should now be either
national Incorporation act or a law
licensing railway companies to engage
in interstate commerce upon certain
conditions. 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 judgment it is necessary to make
physical valuation of any railroad. AS
l stated In my message to the congress
a year ago, railroads should be given
power to enter into agreements sub
ject to these agreements being made
public in minute detail and to the con-
sent of the interstate comm erce com
LAISSlOh DclhS hISl obldihOu- nun
the national government assumes prop
er control If interstate commerce in
the exercise of the authority it already
possesses 1t will be impossible either
to give to or to get from the railroads
full justice. The railroads and all 9th
er great corporations will do well 10
recognize that this control must come
The only question is as to what gov
ernmental body can most wisely exer-
else it. The courts Will determine the
limits within which the federal author
ity can exercise it, and there will still
remain ample work within each state
for the railway commission of that
state, and the national interstate COM
merce commission will work in har-
mony with the several state commits
sions, each within its own province, to
achieve the desired end.
The Antitrust Law.
Moreover, in my judgment, there
should be additional legislation looking
to the proper control of the great busi-
ness concerns engaged in interstate
business, this control to be exercised
for their own benefit and prosperity
no less than for the protection of Ill
veStorS and of the general public. As
/ have repeatedly said In messages to
congress and elsewhere, experience has
definitely shown not merely the unwiS-
dom, but the futility, of endeaVoring to
put a stop to all business combinat tionS.
Modern Industrial conditions are such
that com bination is not only necessary,
but inevita BILE. 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 man
aged is source of good and not evil.
Whenever in either there is evil 1t
should be promptly held to account.
but it should receive hearty encourage
ment so long as 1t is properly managed.
1t is profoundly immoral to put or
keep on the statute books law nomi
nalIy in the interest of public morality
that really puts a premium upon pub
lie immortality by undertaking to for
bid honest men from doing what must
be done under modern business condi-
tions so that the law itself provides
that its own infractton must be the
condition precedent upon business sue
cess. TO aim at the accomplishment
of too much usually means the accom-
plishment of too little and often the do
ing of positive damage
Not Repeal, but Amendment.
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 com bination which does harm to the
general public, such amendment to be
accompanied by or to be an incident of
grant of supervisory power to the
government over these big concerns
engaged In interstate business. This
should be accompanied by prov ision
for the compulsory publication of ac-
counts and the subsection of books and
papers to the inspection of the gov
ernment officials. a beginning has al
ready been made for such supervision
by the establishment of the bureau of
corporations.
The antitrust law should not prohibit
combination that do no injustice to