The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1907-12-03
age To Congress Stands By His Guns But He Does Pull Any Ne

natlOnal government ny tHe cOnStltu-
ton itself. There must be no halt In
the healthy constructive course of ac-
ton which this nation has elected to
pursue and has steadily pursued dur
ing the last six years. as shown both
in the legislation of the congress and
the administration of the law by the
department of justice.
NATIONAL LICENSE FOR RAIL-
ROADS.
The most vital need Is in connection
with the railroads. As to these. In my
Judgment there should now be either
a national incorporation act or law
licensing railway companies to engage
in 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 ample means should be provided
to enable the commission whenever In
its Judgment 1t is necessary to make II
physical valuation OF any railroad. As
I stated In my message to the congress
a year ago, railroads should be given
power to enter into agreements sub
ject to these agreements being made
public In minute detail and to the con-
sent Of the interstate commerce COM
mission being first obtained. Until
the national government assumes prop
err control of interstate commerce In
the exercise OF the authority II already
possesses It will he impossible either
to give to or to get from the railroads
full justice The railroads and all 9th.
err great corporations VIII do well to
recognize that this control must come.
The only question is as to what gov.
ernmental body can most wisely exer.
else 1t. The courts will determine the
limits within which the federal author
ity can exercise II, and there will still
remain ample work within each state
for the railway commission of that
state, and the national Interstate com.
merce commission will work in har.
mony with the several state commits
sions. each within It's own province, to
achieve the desired end.
THE ANTITRUST LAW.
Moreover, in my judgment. there
should he additional legislation looking
TO the proper control of the great bust
ness concerns engaged in interstate
business. this control to be exercised
for their own benefit and prosperity
no less than for the protection Of in
vestors and of the general public. As
| have repeatedly said in messages to
congress and elsewhere, experience has
definitely shown not merely the unwis-
dom, but the futility. Of endeavoring to
put a stop to all business combinations.
Modern industrial conditions are such
that combination is not only necessary,
but inevitable II is so in the world of
business just as ii is so in the world
of labor, and il Is us idle to desire 10 put
an end to all corporations, to all big
combinations of capital, as to desire to
put an end to 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 it should receive hearty encourage
ment so long as ii is properly managed.
1t is profoundly immoral to put or
keep on the statute books law nomi.
nally in the interest of public morality
that really puts premium upon pub
lie immortality by undertaking TO for
bid honest men from doing what must
be done under modern business condi-
tons so that the law itself provides
that its own infraction must be the
precedent upon business sue
cess. To aim at the accomplishment
Of too much usually means the accom-
plishment Of too little and often the do
ing of positive damage.
NOT REPEAL, BUT AMENDMENT.
The antitrust law should not be re-
pCuicu, Dut IL shOuiu Dt uluuc pV'h
more efficient and more in harmony
with actual conditions. 1t should be
so amended as to forbid only the kind
Of combination which does harm to the
general public, such amendment to be
by or to be an incident Of
a grant Of supervisory power to the
government over these big concerns
engaged in interstate business. This
should be accompanied by provision
FOR the compulsory publication of ac'
counts and the subsection Of books and
papers to the inspection of the gov
eminent officials. A beginning has al.
ready been made for such supervision
BY the establishment of the bureau of
The antitrust law should not prohibit
that do no injustice to
The public, still less those the existence
of which is on the whole of benefit |
70 the public. But even II this feature
If the law were abolished there would |
'emain as an equally Objectionable fea-
:ure the difficulty and delay now Incl
lent to its enforcement. The govern
nent must now submit to irksome and |
'epeated delay before obtaining final
lecision Of the courts upon proceedings
instituted, and even favorable de-
rec may mean an empty victory.
Moreover, to attempt to control these |
corporations by lawsuits means to i'm.
bose upon both the department of |