The Caucasian. (Clinton, N.C.) 188?-1913, 1907-12-05

iE EAlO1b F4AdI fIetu II
connection with the railroads. AS to
these, in my judgment there should
now be either a national incorpora-
ton act or a law licening railway
companies 10 engage III Interstate
commerce upon certain conditions.
The law should be so framed as to
give to the Interstate Commerce
Commission power to pass upon the
future issue Of securities, while am
pie means should be provided to Ell
able the Commission, whenever IL
its judgment it is necessary, to make
physical valuation of any railroad.
As | stated in my Message to the
Congress year ago, railroads should
be given power TO enter into agree
ments, subject to these agreements
being made public in minute detail
and TO the consent of the Interstate
Commerce Commission being first
obtained. Until the National Gov
ernment assumes proper control of
interstate commerce, in the exercise
of the authority it already possesses,
it will be impossible either to give
to or. to get from the railroads full
Justice. The railroads and all other
great corporations will do well to
recognize that this control must come
the only question is as to what gov
ernmental body can most wisely ex-
ercise it. The courts Will determine
the limits within which the Federal
authority can exercise it. and there
will still remain ample Work within
each State for the railway commits
sion of that State: and the National
Interstate Commerce Commission vii,
work in harmony with the several
State commissions. each within its
own province, TO achieve the desired
end.
Income Tax.
Reference is here made to the diff
Guilty Of framing a law that will with
stand the test of the courts. The
argument is made by the President
that such a tax is not tax on thrift
or industry. The German law is Civ
en- as Gn interesting example.
Sherman Antitrust 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 to be ex-
ercised for their own benefit and
prosperity no less than for the pro-
lection of investors and Of the gen
eral public. As I have repeatedly
said in Messages to the Congress and
elsewhere, experience has definitely
shown not merely the rnwisdom but
the futiiity of endeavoring to put q
stop to all business combinations
Modern industrial conditions arc
such that combination is not only
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 to all big combinations
of capital, as to desire to put an end
to combination of labor. Corporation
and labor union alike have come to
stay. Each if properly managed Is
a source of good and not evil. When
ever 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, nominaliy'
in the interest of public morality.
that really puts premium upon
public immortality, by undertaking t.
forbid honest men from doing what
must be done under modern business
conditions, so that the law itself pro-
vides that its own infraction must
be the condition precedent upon busl-
ness success. To aim at the accom-
plishment of too much usually means
the accomplishment of too little, and
often the doing of positive damage.
The antitrust law should not be re.
pealed; but it should be made both
more efficient and more In harmony
with actual conditions. 1t should DC
so amended as to forbid only the
kind of combination which does harm
to the general public, such amend
ment to be accompanied by, or to be
an incident of, grant Of supervl-
sorry power to the Government over
these big concerns engaged in inter
state business. This should be ac-
companied by provision for the COM
pulsory publication of accounts and
the subiection of books and papers
to the inspection of the Government
officials. A 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 injus-
tice to the public, still less those the
existence of which is on the whole
of benefit to the public. But even II
this feature of the law were abolish
ed, there would remain as an equally
Objectionable feature the difficulty
and delay now incident to its en-
forcement. The Government naust
now submit to irksome and repeated
delay before obtaining final decls-
ion of the courts upon proceedings
instituted, and even favorable. de-
cree may mean an empty victory.