The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-04-02
both by the deserving and

business community Bit such
stoppnge OF welfare, though 1t
might be severe, would not he last
Ing. sWs Something can be
done by Legislation to help the gem
eral prosperity; but no such help
ofSn permanently beneficial char
acter can be given to the less able h
results OF a policy which inure to
4 the advantage OF all Industrious
and efficient people who act decent
"; and this Is only nno thcr way OF
saying that any benefit which I
comes to tho less able and less for
tunate must OF necessity come even
more to the more able and more
fortunate.
"1f, therefore, tho less fortunate
man Is moved by: envy OF his moro
fortunate brother tossstrike at the
conditions under. which .sistiiey have
both, though ,,nequally prospered, the
result will assuredly be that while
damage may come 10 the one struck
at. It will visit with an even heavier
load the ono who strikes the blow.
Taken as whole. we must oil go
up or go down together.
Supervise Large Fortunes.
ut Is also true that where there
is no governmental restraint or SUI
pervision, some OF the exceptional
men use their energies not in ways
that are for the common good, but
1 in ways which tell against this COM
mon good. The fortunes amassed
4 through corporate organisation are
now so large and vest such powers !.
In those that WELD them, as to mako
It a matter OF necessitySto givc5to the
sovereign-.that Isl, to the govern
ment, which represents the people as
a whole some effective power Of s,,- !
pervision. over their corporate use.I
In order to ensure ia healthy social
and industrial life. every big corpora
ton should be held responsible by,
and be accountable to, some SOW
ereign strong enough to control 1t
conduct. am in no sense hostile to
corporations This Is an age Of COM
binations, and any effort to prevent
all combination will be not only use
less, but in the end vicious, because
Of the contempt for law which the
failure to enforce law inevitably pro-
& duccs. Il III
eve should, moreover, recognize
in cordial and ample fashion the
immense good effected by corpo-
rate agencies in o country such as
ours and the wealth ofintellect,F
energy and fidelity devo ted to their
service. and therefore normally to
the service Of the public. by their
officers and directors. The corpo-
3 ration has come to stay, just as
the trade union has come to stay
Each can do and has done great
good Each should be favored so
long as It does good. n 1; = Our
y steady aim should be by leEisla-a
5tion, cautiously and carefully un-
dertaken, but resolutcly perscvered
Z In, to assert the sovereignty of the
national government by Affirmative
action.
For the Good Of the People.
What is needed is not sweeping
prohibition Of every arrangement,
good or bad, which may tend to-
restrict competition, but such ade-
quato supervision and regulation
~ Is will prevent any restriction Of
competition from being to the
detriment3 Of the public,4 as well as
such supervision and regulation as
will prevent other abuses in no
way connected with restriction of
competition. r s35 IA Il
"Of these abuses pcrha ps the chief,
though by no means the only8one,5
is overcapitalization - generally
itself the result OF dishonest pro-
motion--because OF the myriad
evils it brings In its train; for such
disqualification often means
an imitation that invites business
panic; 1t always conceals the true.
relations OF THE profit earned to
tho capital actually invested, and
1T creates q burden Of interest.
payments which is a fertile cause
OF improper reduction in or limita-4
ton of wages; 1t damages the
small investor, dlscourages thrift,
and encourages gambling and
speculation; while, perhaps, worst
Of all is the thickness and dis
honesty which 1t implies-for harm
to morals Is worse than any posi-
Bile harm to material interests and
the debauchery OF politics and
business by great dishonest COR
porntions Is far worse than any
actual, material evil they do the
public. Unless tho national govern
Gment, in some manner which the
wisdom Of tho Congress- may sug Y
gest, exclHiscs proper control over
the big corr>,rations engaged in In
terstate colnmerce-That is over.
the great majority OF the big cor.
pora tions-it Will beirnpossible to
deal adequately With these evils,
Put a Stop to Agreements.
'"rhe power vested in the gov
eminent to put u stop to agree
mcnts to tho fdetrmcnt Of the pub.
lie should, lnmy judgment, be- uc-
connpanied by power to permit, M
der specified conditions and care
i full supervision. agreements clearly
III the interest Of the public, But,
In my. Judgment. the necessity for
giving this further power is by
no means as great as the necessity
for giving the commission or ad-
mlnistrative body the other powers
& have enumerated above; and 1t
may well be inadylsable to attempt
to vest this particular power IN the
commission or other administrative
body until 1t already possesses and
Is exercising what I regard as by
far the most Important Of all the
powers I rcrommend-as indeed the
vtnlly Important power--that to
FIX given effect, subject to re-
view by the courts. Let
me most earnestly say that these
recommendation arc not made in
any spirit OF hostility tosthe rail-
roads. / believe that on the Wholt
our railroads have done we'll and
not ill;5 hut tho railroad mon who
wish to do We'll shoYld not be
exposed to competitlo/ with those
who have no such desire, and the