Golden Valley chronicle. (Beach, Billings County, N.D.) 1905-1916, 1907-12-12
protection.
PRnhfhak HImhAo1th., N~--><sHs~~

ice at an actual loss for the purpose Of
crushing out competition, the prevention
ct imitation of capital. and the prohibi-
trade with itself a condition of having
any trade with itself. Reasonable agree
ments between, or combinations of, cor
norations should be permitted, provided
they are first submitted to and approved
by some appropriate government body.
The congress has the power to charter
corporations to engage In interstate and
foreign commerce, and a general law
which existing corporations could take
out federal charters and new federal
corporations could be created. An es:
sential provision of such a law should
federal board or commission whether the
applicant for federal charter was an
association or combination within the re-
strictions of the federal law. Provision
ltcity in all matters affecting the public
and complete protection to the investing
public and tho shareholders in the mat
ter OF issuing corporate securities. IT an
BILE. license act for big Interstate cor
porations might be enacted: or a COM
bination OF the two might he tried. The
supervision established might be analo.
gous to that now exercised over national
should be supplemented by snecific pro-
hibitions Of the methods which expert
ence has shown have been of most serv-
ice in enabling monopolistic combinations
to crush out competition. The real own
ers of corporation should be compelled
to do business in their own name.
ITO confer upon the national govern
ment. in connection with the amendment
l advocate in the antitrust law. power
of supervision over big business concerns
engaged in interstate commerce would
benefit them as it has benefited the ma
crisis it is noteworthy that the institu-
tinns which failed were institutions which
We're not under the supervision and con-
troll of the national government. Those
which were under national control stood
the test.
Would Benent All.
National control of the kind advocated
would be to the benefit Of every we'll
managed railway. From the standpoint
of the public there is need for additional
tracks. additional terminals and improve
roads. and all this as RAPIDLY as possible.
Ample, safe and speedy Transportation
facilities are even more necessary than
cheap transportation. Therefore there Is
need for the Investment of money which which
at the same time securing. as far as pos
sible, better wages and shorter hours for
their employees. Therefore. while there
must be just and reasonable regulation
of rates, we should be the first to protest
against any arbitrary and unthinking
movement to cut them down without thu
fullest and most careful consideration or
all interests concerned and of the actual
needs of the situation. Only a special
eminent under authority conferred upon
it by the congress is competent to pass
judgment on such a matter.
Those who fear. from any reason the
extension of federal activity will do well
to study the history not only of the ne,
tional banking act but of the pure food
law. and notably the meat inspection law
recently enacted. The pure food law
was delayed for a decade. yet it has
worked unmixed and immediate good
The meat inspection law was even more
assailed. Two years have not
dent that the great benefit the law con-
fers upon the public is accompanied nv
an equal benefit to the reputable packing
establishments. The latter are better on
under the law than they were without II.
The benefit to interstate common carriers
and business concerns from the legisla-
ton I advocate would be equally mark
ed
Pure Food Law.
Incidentally in the passage of the
state food and dairy commissioners show
ed in striking fashion how much good for
the whole people results from the nearly
Of the federal and state Of
primarily to this action of these state
that we owe the enact
ment of this law, for they aroused the
people, first to demand the enactment and
ject, and then the enactment of the fed
eral law, without which the state laws
were largely ineffective. There must pe
the closest cooperation between the ma
tional and state governments IN aom'n-
istering these laws"
Currency Laws.
The president again calls attention to
the condition Of our currency laws anu
urges on congress the need of immediate
attention to this matter. He SAYS:
curre n Y:ep provided. 'e Of course that We
recognize the even greater need OF safe
and secure currency. There must always
he the most rigid examination by the ma "a
made for an emergency currency. The
emergency issue should. of course. be
made with an effective guaranty. ana
upon conditions carefully prescribed ;s. by
must be based on adequate securities ap-
proved by the government, and must be
issued under a heavy tax. This would
demand for it was urgent. while secur-
ing its retirement as the demand fell off.
II. is worth investigating to determine
whether officers and directors Of national
Trust companies should be
subject to the same supervision as banks:
legislation to this effect should be enacted
for the District OF Columbia and the teri
yet we must also remember that even
the wisest legislation on the subject can
only accomplish certain amount. No
antee the business community against the
results of speculative folly any more than
t can guarantee an individual against
the results of his extravagance."'
a most satisfactory condition. Neverthe-
less. the president says, there is an evil
dent and constantly growing feeling
idly approaching when our system Of
revenue legislation must be revised.
The Tariff.
This country is definitely committed to
the protective system and any effort to
Industrial DISASTER In others ss Words the
of the present tariff law could
not with wisdom be changed. But in a
of such phenomenal growth as
1t Is well that every dozen
carefully scrutinized SO as to see that no
excessive or improper benefits are con-
[erred thereby, that proper revenue is
and H. that our foreign trade is
minimum a tariff which will not only al
low for the collection Of an ample rev.
enue but which will at least make good
md abroad.
The question should be approached
purely from a business standpoint: both
the time and the manner of the change
being such as to arouse the minimum Of
agitation and disturbance in the business
world. and to give the least play for sell
fish and factional motives. The sole con-
sideration should be to see that the sum
total Of changes represents the public
good. This means that the subject can
not with wisdom be dealt with in the
year preceding presidential election.
because as q matter Of fact experience
time 1t is impossible to get men to treat
it from the standpoint OF the public good.
In my Judgment the wise time to deal
such election
Income Tax and Inheritance Tax.
when our tax laws are revised the