The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1907-12-06

ated. An essential provision Of such q
law should be a method of predeter-
mining by some federal board or COM
mission whether the applicant for a
federal charter was an association or
combination within the restrictions or
the federal law. Provision should also.
| be made for complete publicity in ak
matters affecting the public and COM
plete protection to the investing publ :
and the shareholders in the matter or
issuing corporate securities. If SD IN
corporation law is not deemed advisa-
bic. license act for big interstate cor
porations might De enacted or a com
hination 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 monopo.iS-
tie combinations to crush out competi-
ton.
The real owners of corporations
should be compelled 70 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 prerequisites
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
Lessons 81 Recent Crisis.
TO confer upon the national govern,
ment in connection with the amend
ment / advocate in the antitrust law
power of supervision over big business
concerns engaged In iDterstate com
merce would benefit tban az st. has
benefited the national hanks. In the
recent business crisis it is uote worthy
that the Institutions which failed were
Institutions which we're not under The
supervision aud 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 we'll managed railway. From
the standpoint Of the public there Is
need for additional tracks. additional
terminals and improvements In the ac-
tual handling of the railroads, and All
this as rapidly as possible. Ample
safe and speedy Transports ton facils-
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 jiIst aud reasOna-
BILE regulation of rates, we should be
the first TO protest against any arhitra-
ry and unthinking movement to cut
them down without the fullest and
most careful consideration of all tpter>
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 upon iE
by the congress is competent to pass
judgment on such a matter.
Those who fear from any reason the
extension of federal activity wiz DO
we'll to study the history not only %
the national banking act, but Of the
pure food law, and notably the meat
inspection law recently enacted. Tbs=
pure food law was opposed so vioIenE-
ly that its passage was delayed for a
decade, yet it has worked unmixed and
immediate good. The meat inspection
law was even more violently asSailed.
and the same men who now denoHnee
the attitude OF the national govern
ment in seeking TO oversee and cOBtrO3
the workings of interstate common ear
riers and business concerns then as
serted that we were "discreditfng and
running a great American industry"
Two years have not elapsed, and al
ready it has become evident thSk the
great benefit the law cOnfers upO8 tAe
public is accompanied by an equal fez1-
eft to the reputa BILE packing esta bi5sEs-
ments. The latter are better of under
the law than they were without il
The benefit to interstate cOmmon ear
riers and business concerns from the
legislation / advocate would be equal
ly marked.
Pure Food Law.
Incidentally in the passage or the
pure food law the action OF the var5-
ons 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 i'm securing
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 the subject ans
then the enactment OF the federal law,
without which the state laws were
largely Ineffective. There must be the
closest cooperation between the na-
tional and state governments in adj
ministering these laws.