The Miller sun. (Miller, Hand County, S.D.) 190?-19??, 1907-12-07

Upon THE FUTURE ISSUE OF
SECIyRITIEs WHILE AMPLE
MEANS SHOULD BE PROVIDED
TO ENABLE THE COMMISSION,
WHENEVER IN IT'S JUDGMENI
: 1T IS NECESSARY TO MAKE q.
: PHYSICAL VALUATION OF ANY
/: RAILROAD.
. 49, - = - - = -
Should Permit Pooling.
AS I stated In my message to the
congress q year ago, railroads snoula
be given power TO enter into agree
ments. subject to these agreements pc
ing made public In minute detali ano
to the consent Of the Interstate com
merce commission being first obtalneu.
Until the national government as
sumes proper control OF interstate com
merce. in the exercise of the authority
IL already Possesses, it will be lmpos-
sible either to give TO or to get from the
railroads full Justice
Sherman Anti-Trus Law.
Moreover, In my judgment there
should be additional legislation look
ing to the proper control of the great
business concerns engaged IN inter
state business, this control 10 pc eA-
ercised for their own benefit and pros
perity no less than for the protectioh
of investors and OF the general pupilc'
AS 1 have repeatedly SAID IN messages
to the congress and elsewhere, expert
ence has definitely shown not merely
the unwisdom but the futility OF en-
deavoring to put q stop to all Dust
ness combinations. Modern lnauslrldl
conditions are such that comolnatioi
is not only necessary but lneVitapie' At
is so in the world of business just as
1t Is in the world of labo ana IL Is
idle TO desire to put an END 10 an
90 oil htCr RI
of capital, as TO desire to put an END 70
the combinations of labor. Corporation
and labor union alike have come 10
stay. Each, if properly managed Is
source of good and not evil. whenever
in either there is evil, 1t should pc
promptly held to account; but IL shouiu
receive hearty encouragement SO long
as it is properly managed. 1t Is pro-
foundly immoral to put or keep on the
statute books a law, nominally in the
interest of public morality, that really
puts a premium upon public immoral
ity, by undertaking to forbid honest
men from doing what must be done I'M
der modern business conditions. so tnat
the law itself provides that its own IN
fraction must be the condition prece-
dent upon business success. To aim at
the accomplishment OF too much usual
ly means the accomplishment of too
little, and often the doing of positive
Forbid the Evil Combination.
(Here the president cited previous ex-
pressions to the effect that the Sher-
man antitrust act is so framed that
the business of the country cannot be
conduct without breaking it,
........-.......- ....-.
The antil- trust law should not !:
/: be repealed: but it should be made !:
both more efficient and more in ::
: harmony with actual conditions. ::
1t should be amended so as to ::
: forbid only the kind of combin- ::
!: alton which does harm to the gen. ::
eral public. such amendment to ::
be accompanied by, or to be an ::
incident of, a grant of supervisory ::
power to the government over ::
/: these big concerns engaged in in :
terstate business. This should be ::
accompanied by provision for the ::
compulsory publication of accounts ::
and the subsection of books and :
papers to the inspection of the :
government officials. beginning ::
has already been made for such !:
supervision by the establishment ::
: OF the bureau of corporations. ::
-....'-.-.. .-'..
The antitrust law should not pro-
hibit combinations that do no injustice
to the public, still less those the ex-
istence of which is on the whole of
benefit to the public. But even il this
feature of the law were abolished,
there would remain as an equally OBJ
jectionable feature the difficulty and
delay now incident to it's enforcement.
The government must now submit to
irksome and repeated delay before OBJ
tanning final decision of the courts
upon proceedings instituted, and even
favorable decree may mean an empty
yA.lAxa E. Etft N.VNf
troll these corporations by law suits
means to impose upon both the depart
ment of justice and the courts an i'm
possible burden; 1t is not feasible to
carry on more than limited number
of such suits. Such law to be really
effective must of course be admin
istered by an executive body, and not
merely by means of law suits. The de-
sign should be to prevent the abuses
incident to the creation of unhealthy
and improper combinations, instead of
waiting until they are in existence and
then attempting to destroy them by
civil or criminal proceedings.
Condemns Trusts in Necessities.
..............
A combination should not be toll I:
Grated IL it abuse the power ac- !:
quired by combination to the pub ::
lie detriment. No corporation or ::
doSOCldllOI VI ally hIuu SuOulQ De !.
permitted to engage in foreign or !:
interstate commerce that Is formed ::
for the purpose of, or whose op- ::
erations create. a monopoly or gem !:
eral control os the production, sale, !:
or distribution of any one or more !:
OF the prime necessities of life or ::
articles of general use and neces- !:
sity. Such combinations are |:
+: against public policy: they violate !:
the common law: the doors of the ::
courts are closed to those who are !:
parties to them, and believe the !:
congress can close the channels of !:
interstate commerce against them ::
for it's protection. The law should I:
make It's prohibitions and permis- I:
sions as clear and definite as pos !:
sible, leaving the least possible !:
room for arbitrary action. or al
legation OF such action. on the part /:
Il Of the executive or of divergent