The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1907-12-11

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 a general
law can be enacted under the provi-
sions Of which existing corporations
could take out federal charters and
new federal corporations could be ere.
ated. An essential provision OF such a
law should he 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 an in
corporation law Is not deemed advisa.
bic, license act for big interstate cor.
porations might be enacted or 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 Nethods
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.
tions, unless on approval by the proper
government oflcials, and a 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.
Lsssons Of Recent Crisis.
TO confer upon the national govern
ment In connection with the amend.
ment advocate III the antitrust law
power Of supervision, over big business
concerts engaged Id interstate com.
merce would beheBt 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 we'll managed railway. From
the standpoiht Of the public there is
need for additional tracks, additional
terminals and improvements In the &C:
tual handling Of the railroads. aud 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
IS u possible better wages and shorter
hours for their employees. Therefore.
while there must be Just and reasona-
BILE regulation Of rates. we should be
the flrst 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 q special body
Of men acting for the national govern.
ment under authority conferred upon 1t
by the congress Is competent to pass
judgment OH 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. aud notably the meat
inspection law recently enncted. The
pure food law was opposed 40 violent
ly that Its passage was delayed for Il
decade. yet 1t has worked unmixed and
immediate 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
tAS WI hiusS VI iulcISlulc car
riers and business concerns then as
serted that we were "discrediting and
running great American industry"
Two years have not elapsed, and al
ready II 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
ments. The latter are better off under
the law than they were without it.
The benefit t. interstate common car
riers and business concerns from the
legislation ! advocate would be equal
ly marked.
PursFood 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