The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1907-12-05

OF labor. and 1t 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 combinations OK LABOR.
CORPORATION and labor union alike have
come to stay. Each If properly man.
aged is a source Of good and not evil.
Whenever III either there is evil II
should be promptly held to account,
but I, should receive hearty encourage
ment 50 long as it is properly managed.
II is profoundly immoral to put or
keep on the statute books law noml-
naIly In the interest Of public morality
that really puts premium upon pup
lie immortality by undertaking TO Tor
bid honest men from doing what must
be done under modern business condi-
ticns Sc that the law itself provides
that its own infraction must be the
condition precedent upon business sue
cess. To aim at the accomplishment
Of too much usually means the accom-
plishment CT too little and often the do
ing Of positive damage.
Not Repeal, but Amendment.
The antitrust law should not be re-
Dealed, but il should be made both
more efficient and more in harmony
with actual conditions. 1t should be
so amended as 70 forbid only the kind
Of combinat ton which does harm to the
general pubic. such amendment TO De
accompanied by or to he an incident or
8 grant Of supervisory power to the
government over these big concerns
ENGAGED III interstate business. This
sh0uil be accompanied by provision
()r Re compulsory publication of ac-
counts aid the subsection Of books and
Uaurrs 10 Ii. inspection Of the gov.
erilIIent officials 4 beginning has al.
ready been made for such supervision
By the establishment of the bureau OF
corporations
i .Ie antitrust law should not prohibit
combinations that do no injustice to
the public, still less those the existence
Ct which Is on the whole Of benefit
to tie public But even If this feature
of tie law were abolished there would
remain as an equally Objectionable fea-
tIre the difficulty and delay now Incl
dent 10 its enforcement. The govern
Il
repeated delay before obtaining final
dee sion OF TIE courts upon proceedings
instituted, and even q favorable de-
cree may mean an empty victory.
Mo cover to attempt to control these
coEporatiOns by lawsuits means to I'm.
poe upon both the department OF
justice and the courts an impossible
to- lnf TO n n
more than limited number of such
suits Such law to be really effec-
tive must Of course be administered
by an executive body and not merely
by means Of lawsuits. The design
should be TO prevent the abuses Incl
dent 10 the creation Of unhealthy and
improper combinations instead of wait
Ing until they are in existence and
teen attempting to destroy them by
civil or criminal proceedings.
Law Should Be Explicit.
A combination should not be tolerat-
c1 If it abuse the power acquired by
combination to the public detriment.
No corporation or association Of any
/ 4 should be permitted to engage In
formed for the purpose Of or whose
operations create monopoly or gen.
eral csntroi of the production. sale or
| distribution Of any one or more OF the
prime necessities of life or articles of
! general use and necessity. Such CON-
! tinatiOns are against public policy.
| They violate the common law. The
| doors of the courts are closed to those
who are parties to them. and l believe
| the congress can close the channels OF
| interstate commerce against them for
its protection. The law should make
| Its prohibitions and permissiOns as
! clear and definite as possible, leaving
the least possible room for arbitrary
action or allegation Of such action on
the part of the executive or 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 serv-
ice at an actual loss for the purpose Of
crushing out competition, the proven
ton of initiation of capital and the pro-
bibition of a corporations making eX-
elusive trade with itself a condition of
having any trade with itself. Reason
able agreements between or combina.
lions of corporations should be per-
mitted provided they are first submit
ted to and approved by some appro-
PIRATE government body.
Congress- Power.
The congress has the power to char
ter corporations to engage in interstate
and foreign commerce, and a general
law can be enacted under the provi-
sions of which existing corporations
could take out federal charters and
new federal corporations could be Gre
ated An essential provision Of such q
law should be a method of predeter-
| mining by some federal board or com.
mission whether the applicant for q
fedora! charter was au association or
combination within the restrictions of
the fedora! law. Provision should also
oe made for complete publicity in all
matters affecting the public and com.
riete protection TO the Investing public
and the shareholders in the matter of
issuing corporate securities. II an In
corporation law is not deemed advisa-
Ne. license act for big interstate cor
rorat;ons might be enacted or a com.
btnatioE Of the two might be tried
The supervision established might be
analogous 20 that now exercised over
Laaona! hanks .At least the anti.
trust act should be supplemented by
specific prohibitions Q: the methods
which experience mas shown have been
OF most service in enabling monopolis-
tic combinations 10 crush out competi-
ton.
The real owners of corporation
should be compelled il 60 business In
their own name The right to hold
stock in other corporations should here.
after be denied to interstate corpora.
lions, unless on approval by the proper
government officials, and prerequisite
to such approval should be the listing
| with the government of all owners and