The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1907-12-06

ated. An essential provision Of such a
law should be method Of predeter-
mining by some federal board or CON-
mission whether the applicant for
federal charter was IN association or
combination within the restrictions of
the federal law. Provision should also
Be made for complete publicity in all
matters affecting the public and com.
plete protection to the Investing public
and the shareholders In the matter of
issuing corporate securities. II an in
corporation Law Il not deemed advisa.
bic, a license act for big interstate cor
po1ations might be enacted az com.
bination Of the. two might be tried.
The supervision established might be
analogous to 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-
tic combinations to crush out competi-
ton. -
The real owners of a corporation
should be compelled to do business In
their own name The right to hold
stock in other corporations should here
after be denied to interstate corpora
tons. unless on approval by the proper
government officials, and prerequisite
to such approval should be the listing
with the government of all owners and
stockholders. both by the corporation
owning such stock and by the corpora
ton in which such stock is owned.
Lesson. Of Recent Crisis.
To confer upon the national govern
ment in connection with the amend
ment I advocate in the antitrust law
power Of supervision over big business
concerns engaged in interstate COM
MERGE would benefit them as it has
benefited the national banks. In the
recent business crisis it 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 be 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 facili-
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-
bic regulation of rates, we should be
the first to protest against any arbitra'
~ and unthinking movement to cut
them down without the fullest and
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 uponiit
by the congress IS competent to pass
Judgment on such matter. @''- Q
Those who fear from any reason the
extension Of federal activity will 10
well to study the history not only of
the national banking act but Ut the
pure food law, nnd notably the meat
inspection law recently enacted. The
pure food law was opposed so violent
~ that its passage was, delayed for a
decade, yet it has worked unmixed and
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 and business concerns then as
serted that we were ''dtscreditins and
running q great American industry"
Two years have not elapsed. and al
ready it has become evident that the
great benefit the law confers upon the
public is accompanied by an equal ben
eft to the reputable packing establish
0lSuLSs LIZ AS4SSoA 0AV USSSVA VI uA<A<A
the law than they were without It.
The benefit to interstate common car
riers and business concerns from the
legislation I advocate would be equal
~ marked. .%..:
Pure Food Law.
Incidentally In the passage Of the
pure food law the action OF the vari-
Gus state food and dairy commission
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
q 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 tho subject an!
then the enactment Of the federal Law.
without which, the state laws we're
largely ineffective. There must be the
closest cooperation between the na-
tional and state governments In ad-
these laws.
> CURRENCY leoistation Needed,