Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1907-12-05
Law Should Be Explicit.

combination to the public dctriment.
No corporation or association OF any
kind should be permitted 10 engage In
foreign or Interstate commerce that IL
| formed for the purpose OF or whose
operations create monopoly or gen
eral control OF the production. sale or
| distribution Of any one or more OF the
prime necessities OF life or articles OF
general use and necessity. Such com
biuations are against public policy.
They violate the common law. The
doors Of the courts are closed to those
who are parties to them. aud l believe
the congress can close the channels OF
interstate commerce against them for
its protection. The law should make
ITS prohibitions and permlssions as
clear and definite rs possible. leaving
the least possible room for arbitrary
action or allegation Of such action on
the part Of the executive or Of diver
gent interpretations by the courts.
Among the points to be aimed ut
should he the prohibition OF unhealthy
competition, such us by rendering serv
Ice at an actual loss for the purpose OF
crushing out competition. the proven
tion Of imitation Of capital and the pro
hibition Of corporations making ex-
elusive trade with itself condition Of
having any trade with itself. Reason
able agreements between or conbina-
lions Of corporations should be per-
mitted provided they are first submit
ted to and approved by some appro-
pirate government body.
Congress Power.
The congress has the power to char
ter corporations to engage in interstate
and foreign commerce. and general
law can be enacted under the provi-
sions Of which existing corporations
could take out federal charters and
new federal corporations could he Gre
ated. An essential provision Of such .
law should be 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 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. If IN in
corporation law is not deemed advlsa-
Bile, license act for big interstate cor
poratiOns might be enacted or a 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 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
lions, 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.
Lessons Of Recent Crisis.
To confer upon the national govern
ment in connection with the amend
ment l advocate in the antitrust law
power of supervision over big business
concerns engaged in interstate COM
merce would benefit them as 1t has
benefited the national banks. In the
recent business crisis it Is noteworthy
that the institutions which failed were
institutions which We're 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 we'll 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 oil
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-
ry 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 special body
Of men acting for the national govern
ment under authority conferred upon 1t
by the congress is competent to pass
judgment on such matter.
Those who fear from any reason the
extension Of federal activity will do
well to study the history not only Of
the national banking act. but Of the
pure food law, and notably the meat
inspection law recently enacted. The
pure food law was opposed so violent
ly that its passage was delayed for a
decade, yet it has worked unmixed and
~ H.. N~~N