Semi-weekly herald., 1907-12-05

Capitalization in business has already
come and can not be avoided or uiI-
done. and that the public at large can
only protect itself from certain evil
effects of this business Capitalization
by providing better methods for the
exercise and control through the at
thority already centralized in the ma
tfonal government by the constitution
itself. There must be no halt in the
healthy constructive course of action
sue and has steadily pursued. during
the last six years as shown both
in the legislation of the congress and
the administration OF the law by thu
department Of justice. The most vital
need is in connection with the raj.
roads. AS 10 these, in my iudgmen.
there should now be either national
Incorporation act or a law licensing
railway companies to engage in intei.
state commerce upon certain condi
tons. The law should be so framed
DIS W SlNt W lut lulfISidlts
commission power to pass upon the
future ISSUE Of securities. while am
pie means should be provided to er
able the commission. whenever in it
| Judgment 1t is necessary, to make :;
physical valuation of any railroad. A.
| ] Stated in my message to congress :,
year ago. railroads should be given
| power to enter into agreements. sub
| iect to these agreements being made
public in minute detail and to the con
| sent of the interstate commerce com
mission being first obtained. Grti
the national government assumes
| proper control of interterstate com
merce, in the exercise of the authority
! il already possesses. it will do wei
| to recognize that this control mus
| come; the only question is as to wha
| governmental body can most widely
exercise it, The courts will deter
mine the limits within which the fed
eral authority can exercise it. ant
there will still remain ample worl
| within each state for the railway com
mission of that state; and the nation
| al Interstate commerce commission
will work in harmony with the sever
| al state commissions each within il!
own province, TO achieve the desiret
end
Sherman Antitrust law.-Mo"e
over. in my Judgment there should b,
additional Legislation looking TO tn,
proper control OF the great business
concerns engaged in Interstate busi
ness, this control to be exercised 10
their own benefit and prosperity NJ
less than for the protection of inves
tors and OF the general public. AS
have repeatedly said in messages {,
the congress and elsewhere, expert
ence has definitely shown not merel
the unwisdom but the futility Of ei
deavoring to put a stop to all bus
ness combinations. Modern industria
conditions are such that combination
Is not only necessary bW Inevitable
IT. Is SO in the world OF business jus
as it is SO in the world of labor, an,
1t is idle to desire to put an end t,
all corporations, to all big combina
tions of capital, as to desire to pu
an end TO combinations Of labor. Cor
porarion and labor union alike hav.
come TO stay. Each II properly man
| iy -
Whenever in either there is evil, i
should be promptly held to account
but it should receive hearty encourage
ment so long as 1t is properly man
aged. 1t is profoundly immoral to pu
o" keep on the statute books "A law
nominally in the interest of publ,
morality. that really puts premium
upon public immortality, by nndertal
ing TO forbid honest men from doin.
what must he done under moderl
business conditions, SO that the Law
itself provides that its own infractior
must he the condition precedent upol
business success. To aim at the ac
complishment of too much usuall,
means the accomplishment of too lit
tie, and often the doing of positiv,
damage. In my meSsage to the con
eress, year aso, In speaking of thu
antitrust laws, | said;
"The actual working of our law.
has shown that the effort to prohibi
all combination. good or bad. is nox
ious where it is not ineffective. Com
bination of capital, like combination o.
labor. is a necessary element in oul
present industrial system 1t Is moi
possible completely TO prevent It: anc
II it were possible. such complete pre-
Vention would do damage to the body
polite, What We need is not vainly
TO try to prevent all combination. but
to secure such rigorous and adequate
control and supervision OF the COM
binations as to prevent their injurine
the public. or existing in such forms
as inevitably to threaten injury. =
1t is unfortunate that our present
laws should forbid all combinations
1 inst,aad 0f