The Idaho Springs siftings-news., 1907-12-07

-,
e't!'eF 70 give to or to get from the
iatroads fun justice. The railroads
anu an other great CORPORATIONS viii
uo wei! TO recognize that this control
- cone the only question is as to
~hat governmental body can mos,
wisely exercise it The courts yvilt 10
trrH4ne the limits within which ~.
VHerai authority can exercise IL and
Will stIlI remain ample work
NAthlh each state FOR the railway COM
snH OF 'hat state. and the national
interstate commerce commission win
work In harmony with the several s,.,.
toihha!sslons, each within ITS own prov-
ihce' 10 achieve the desired end
Control of Interstnte
business Concerns Urged.
Moreover, In my Judgment th.r. .ho,,,a
De additional legislation looking To the
proper contro! OF the great business con-
Germs engaged IN Interstate business this
Sohtioi 10 be exercised for their own
peheht and prosperity no less than for
the protection OF investors and OF the
general public. AS have repeatedIy
sad IN messages to congress and else
"here' experience has definitely shown
not merely the unWisdon but the ftItilifv
OF ehdeaHorins to put stop to all busi-
ness combinations. Modern Industrial
conditions are such that combination is
not only necessary but Inevitable 1t is
SO IN the world of business Just as IL is
SO IN the world of labor, and II is AS idle
10 desire 10 put end to all corpora
tons. TO all big combinations OF capital
as TO desire to put AN end to combina-
uohs OF labor. Corporation and labor
union alike have come to stay. Each IL
properly managed is a source of good
ana not evil. Whenever in either there
is evil 1t should be promptly held to ac-
count but it should receive hearty en-
couragement long as ii is properly
/ is
put or keep on the statute books a law
nominally in the interest of public moral
lty, that really puts premium upon
public immortality. by undertaking to
FORBID honest men from doing what must
be done under modern business condl-
ions. so that the law itself provides that
Its own infraction must be the condition
precedent upon business success. To aim
at the accomplishment of too much usu-
ally means the accomplishment of too lit
ue' and often the doing of positive dam
age.
The antitrust law should not be re-
pealed. but it should be made both more
eHcient and more in harmony with act
ual 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 accompanied by,
or to be an incident of, "a grant of su-
pervisory power to the government over
these big corporations engaged in inter
state business. This should be accom-
panied by provision for the compulsory
publication of accounts and the subjec-
ton of books and papers to the inspec-
ton OF the government officials. be-
ginning has already been made for such
supervision by the establishment of the
bureau Of corporations
The antitrust law should not prohibit
combinations that do no injustice 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 abolished, there would remain
as an equally Objectionable feature the
difficulty and delay now incident to its
The government must now
submit to irksome and repeated delays
before obtaining a final decision OF the
courts upon proceedings instituted. and
even favorable decree may mean an
empty victory. Moreover. to attempt to
control these corporations by lawsuits
means to impose upon both the depart
ment of Justice and the courts an i'm
possible burden. 1t is not feasible to carry
on more than a limited number of such
suits. Such law to be really effective
must of course be administered by an
executive body. and not merely by means
Of lawsuits. The design should be to
prevent the abuses incident to the crea-
ton of unhealthy and improper combina-
tons. instead of waiting until they
in existence and then attempting to de-
ings.
InvestinE Public should
he Amply safeKunrded.
THE congress has the power to charter
to engage in interstate and
foreign commerce. and a general law
be enacted under the provisions OF which
existing corporations could take out fed
eral charters and new federal corpora
tons could be created. An essential pro-
vision of such a law should be method
Of predetermining by some federal board
or commission whether the applicant for
q federal charter was association or
within the restrictions of the
federal law. Provision should also be
made for complete publicity in all matters
Affecting the public and complete protec-
tion to the investing public and the share
holders in the matter of issuing corporate
II an Incorporation law is not
deemed advisable. a license act for big
Interstate corporations might be enacted:
Or a combination of the two might be
tried. The supervision established might
be analogous to that now exercised over
national banks. At least. the antitrust
act should be supplemented by specific
of the methods which ex-
perience has shown have been OF most
service in enabling monopolistic combina-
lions to crush out competition. The real
owners of a corporation should be COM
PEELED to do business in their own name.
The right to hold stock In other corpora
lions should hereafter be denied to inter-
state corporations. unless on approval by
The proper government officials. and a
to such approval should be
the listing with the government of all
owners and stockholders. both by the
owning such stock and by
he corporations in which such stock is
owned.
ITO confer upon the national govern
nent. in connection with the amendment
advocate in the antitrust law. power OF
over big business concerns
engaged in interstate commerce, would
benefit them as II has benefited the ma
ional banks. In the recent business
,risis 1t is noteworthy that the institu-
ions which failed were institutions