Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1907-12-10
ernmentaI body can most wisely excl
else it.

| Germs engaged IN interstate business, lnlS
control to be exercised for their own bene-
| fit and prosperity no less than for the
protection OF investors and of the general
! public As | have repeatedly said IN
messages to the Congress and elsewhere,
experience has definitely shown not mere
/ ly the unwisdom but the futility of en-
| deavoring 10 put stop to all business
combinations. Modern industrial condi-
tons are such that combination is not
on.y necessary but inevitable. 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,
ID all big combinations of capital, as to
desire 10 put an end to combinations of
labor. Corporation and labor union alike
have come to stay. Each If properly man
aged is a source of good and not evil.
| Whenever in either there is evil, it should
be promptly held to account; but it should
receive hearty encouragement so long as
| it is properly managed. 1t is profoundly
immoral TO put or keep on the statute
books law, nominally in the interest or
public morality, that really puts pre-
nium upon public immortality, by under
taking to forbid honest men from doing
1 what must be done under modern business
conditions, so that the law itself provides
that its own infraction must be the con-
dition precedent upon business success.
|
| To aim at the accomplishment of too
much usually means the accomplishment
Of too little, and often the doing of posi-
tive damage.
The antitrust law should not be repeal
] ed but II should be made both more eff
cient and more in harmony with actual con-
| ditions 1t should be so amended as TO
forbid only the kind of combination which
| does harm to the general public, such
amendment TO be accompanied by, or to be
| an incident OF, grant of supervisory pow
/ az to the government over these big con-
| Germs engaged in interstate business. Inls
| should be accompanied by provision for the
| compulsory publication of accounts and the
| subsection of books and papers to the In
| spection of the government officials. be-
| ginning has already been made for such SUI
| pervision by the establishment of the Bu-
| reau Of Corporations The design should be
| TO prevent the abuses incident to the crea-
| ton of unhealthy and improper com0ina-
| tions, instead of waiting until they are in
existence and then attempting to destroy
/ them by civil or criminal proceedings. The
law should make Its prohibitions and per-
missions as clear and definite as possible,
| leaving the least possible room for arbi-
| trary action, or allegation of such action,
1 on the part of the executive, or of diver
| gent interpretations by the courts. Among
| the points to be aimed at should be the
| prohibition of unhealthy competition, such
as by rendering service at an actual loss
| for the purpose of crushing out eompeti-
| ton, the prevention of imitation of capital
aud the prohibition of corporations max
| ing exclusive trade with itself condition
1 of having any trade with itself. Reasona-
| Bile agreements between or combinations
| of. corporations should be permitted, pro
| vided they are first submitted to and ap-
proved by some appropriate government
| body. To confer upon the national govern
/ ment, in connection with the amendment
| advocate in the antitrust law, power of SUI
| pervision over big business concerns en-
| in Inf 70 wOuId bpup-
| fit them as il has benefited the national
| banks In the recent business crisis 1t 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
| Those who fear. from any reason, the ex-
| tension 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.
Pure Food Law.
Incidentally, in the passage of the pure
F., food law the action of the various State
| food and dairy commissioners showed in
| striking fashion how mucn good for the
whole people results from the hearty CO
| operation of the Federal and State officials
in securing a given reform.
Currency.
| In my message to the Congress year
| ago | called your attention to the condi-
| ton of currency laws. Inc nuIlOndl
| bank act has ably served great purpose
| in aiding the enormous business develop
ment of the country. and within ten years
/ there has been an Increase In circulation
| per capita from S21.41 TO $330S. For
| several years evidence has been accumulat
/ ing that additional legislation Is needed.
| The recurrence of each crop season empha-
| sizes the defects of the present laws. There
| must soon be revision of them, because
to leave them as they are means to incur
| liability of business disaster. There is
| need of a change. Unfortunately, however,
| many of the proposed changes must be
| ruled from consideration because they are
| complicated. are not easy of comprehen-
| sion and tend to disturb existing rights
| and interests. | do not press any especial
| plan, but | again urge on the Congress the
| need Of immediate attention to this mat
| ter. We need greater elasticity in our
| currency provided, of course, that we rec
| ognize the even greater need OF safe and
| secure currency. There must always be
| the most rigid examination by the national
| authorities Provision should be made for
| an emergency currency. The emergency is
| sue should, of course, be made with an eff
fective guaranty, and upon conditions care
| fully prescribed by the government. Such
! emergency issue must be based on adequate
| securities approved by the government and
1 must be issued under heavy tax This
/ would permit currency being issued when
| the demand for 1t was urgent, while secur-
| ing its retirement as the demand fell OF
/ We must also remember that even the wis
/ est legislation on the subject can only ac
| complish a certain amount No legislation
/ can by any possibility guarantee the bust
ness community against the results of spec
| ulative folly any more than it guar
| antee an individual against the results of
| his extraVagance, When an individual mort
| CAGES his house to buy automobile he
| invites disaster: and when wealthy men,
or men who pose as such, or are unscrupu
| lousy or foolishly eager to oecomesuch. In
| duige in reckless speeua tioar--especially if
| IL is accompanied 10y dishonesty-they
| jeopardize not only their future but
| the future of all their innocent fellow-citi-
zens. for they expose the whole business
community to panic and distress.
Revenue.
The income account OF the nation is In
| most satisfactory condition. For the six
fiscal years ending with the LIST of July last
the total expenditures and revenues of the
national government. exclusive o! the postal
| revenues and expenditures, were, in round
numbers, revenues. S3.465.o00.0Oo, and ex-
| penditures, S3.2T5.oooOoO. The net excess
| OF income over expenditures. including in
the latter the nifty millions expended for
the Panama canal was one hundred and
| ninety million dollars for the six years. an
average OF about th.rty-one millions year.
| This represents an approximation between
| income and outgo which IL would lie hard
10 improve. The satisfactory working OF
the present tariff law has been chiefly re-
| Sponslble for this excellent showing. New.
| ertheieSS. there Is an evident and constant
| " growing feeling among our people that
the time is rapidly approaching when our
! system OF revenue legislation must be re-
vised.
The TarrR.
This country is definitely committed TO
/ the protective system and any effort TO up
| root IL eOsld not but cause widespread in
| duStrial disaster In other words. the prin-
| ciple OF the present tariff law could not
| With wisdom be changed But in 4 coun-
| try Of such phenomenal growth ours Il
| Is probably well that every dozen years or
50 the tariff laws should be carefully scru-
tiuixed 80 As 90 see that excessive or
improper benefits are conferred thereby.
that proper revenue is provided, aud that
| our foreign trade is encouraged. There
must always be as minimum 2 tariff
I which will not only allow for the collection
| OF an ample revenue but which win AT leSst
make good the difference in COST Of pa due
ticr here and abroad; that is. the differ
ence In fhe labor cost here and abroad. for
the well heinz Of the wage-worker must
ever be Il cardinal point Of American pol
icy. The question should be approached