The Plymouth tribune. (Plymouth, Ind.) 1901-1911, 1907-12-12
ernmental body can most wisely exer


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
IN the unwiSdom but thu futility of en-
de-. vOring TO put STOP to all business
con binatiOns. Modern industrial eondi-
tons are such that combination Is not
only necessary but inevitable. 1t IS 50
in the world of business just as it is 50
in the world of labor, and it is as idle TO
desire to put an end to all corporations
II all big Combina tons of capital. rs 10
desire TO put an end 10 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 1t should
receive hearty encouragement so long as
Ii is properly managed. 1t Is profoundly
immoral to put or keep on the statute
books a law, nOminaly in the interest OF
public morality that really puts pre-
MUM upon public immortality, by under
taking TO forbid honest men from doing
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 1T should be made both more eff
cient and more in harmony with actual con
ditions 1t should be SO amended rs 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, a grant of supervisory pow
er TO the government over these big con-
Germs engaged in Interstate business. This
should be accompanied by provision for the
compulsory publication Of accounts and the
subsection OF books and papers 10 the in
spection of the government officials. A be
ginning has already been made for such SUI
pervision by the establishment of the Blu
reau of Corporations. The design should be
to prevent the abuses incident to the crea-
tion of unhealthy and improper combina-
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 clear and definite as possible,
leaving the least possible room for arbi-
trary action, or allegation of such action.
on the part of the executive, 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 competi-
ton. the prevention of imitation of capital.
and the prohibition OF u corporations max
ing exclusive trade with itself a condition
of having any trade with itself. Reas0na-
Bile agreements between, or combinations
of. corporations should be permitted. pro-
yided they are first submitted TO and APP
proved by some appropriate government
body. TO confer upon the national govern
ment, in connection with the amendment i
advocate in the antitrust law, power of SUI
peryision over big business concerns en-
gagged in Interstate commerce, would bene-
fit them il has benefited the national
- L.
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
eracted.
Pure Food LAW.
nc,ce,tally, in the passage of the pure
food law the action of the various State
food and dairy commissioners showed In
striking fashion how much good for the
whole people results from the hearty CO
operation of the Federal and State officials
in securing a given reform.
Currency.
III my message to the Congress n year
ago / called your attention to the condi-
ton of our currency laws. The national
bank act has ably served a great purpose
in aiding the enormous business develop
ment OF the country, and within ten year
there has been an Increase in circulation
per capita from S21.4l 10 $33.OS. For
several years evidence has been accumulat L
ing that additional legislation Is needed.
sizes the defects Of the present laws. There
must soon be a revision. of them, because
to leave them as they are means to incur
liability of business disaster There Is
Of Aha no. m fol y hnu
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. l do not press any especial
plan, but l 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
crniZe the even greater need Of a safe and
sec Ire 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
must be issued under heavy tax. This
would permit currency being issued when
the demand for IL was urgent, while secur-
ing its retirement as the demand fell of.
We must also remember that even the wis
cOmpish u certain amount. No legislation
can by any possibility guarantee the bust
ness community against the results of spec
ulative folly any more than IL can guar
antee an individual against the results of
his extravaganza. When an individual mort
cages his house TO buy an automobile he
invites disaster and when wealthy men,
or men who pose as such, or are unscrupu-
lousiy or foolishiy eager to oecomesuch. in
dulge in reckless peculation-cspecially III
IL Is accompanied by dshonesty-they
jeopardize not only their own 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 a
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 of the postal
revenues and expenditures, were. in round
numbers, revenues, S3.465, 600. 900, and ex-
pepditures, $3,275 10000 The net excess
Of income over expenditures. including In
tn latter the fifty millions expended for
tn. Danama canal. was one hundred and
ninety million dollars for the six years, an
average of about thirty one millions n year.
This represents an approximation between
income and outgo which il would be hard
to improve. The satisfactory working of
the present tariff law has been chiefly re-
sponsible for this excellent showing. Ney-
ertheless, there is an evident and constant
j. rowing feeling among our people that
che time is rapidly approaching when our
system of revenue legislation must be re
vised.
The Tariff.
This country is definitely committed to
the protective system and any effort to up
roe. 10 could not but cause widespread in
custrial disaster In other words the prin-
ciple of the present tariff law could not
with wisdom be changed. But i'm n coun-
try of such phenomenal growth as ours it
is probably well that every dozen years or
so the tariff laws should be carefully soru-
tinized so as TO see that no excessive or
improper benefits conferred thereby.
that proper revenue is provided, and that
our foreign trade Is encouraged. There
must always be as n minimum tariff
which will not only allow for the collection
OF an ample revenue but which Will at least
make good the difference In cost of produc-
ti0r here and abroad; that is, the differ
ence in the labor cost here and abroad. for
the being of the wage-worker must
ever be a cardinal point of American pol
Icy. The question should be approached
purely from a business standpoint both
the time and the manner of the change be-
ing such as TO arouse the minimum Of agi-
tation and disturbance i'm the business
world, and to give the least play for selfish
and fractional motives The sole considera-