The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1907-12-04

lte0. An eSSeutldl provision OF sucn a
law should he method Of predeter-
mining by some federal board or com.
mission whether the applicant for a
federal charter was an association or
combination within tile restrictions of
the federal law. Provision should also
he made for complete publicity in all
matters affecting the public and com.
plete protection TO the investing public
aud the shareholders in the matter Of
Issuing corporate securities. If an in
corporation law Is not deemed advisa-
bile. q license act for big interstate cor
porations might be enacted or com
bination OF the two might be tried.
The supervision established might be
analogous to that now exercised over
national banks At least the anti
trust act should be supplemented by
specific prohibitions Of the methods
Of most service in enabling monopolis-
tic com biaations to crush out competi-
ton.
The real owners Of a corporation
should Do compelled to do business in
their own name. The right TO hold
stock in other corporations should here
after be denied to Interstate corpora
tons. unless on approval by the proper
government officials, and prerequisite
to such approval should be the listing
with the government OF all owners and
stock holders. both by the corporation
owning such stock and by the corpora
ton Ia which such stock is owned.
Lessons Of Recent Crisis.
To confer upon the national govern
ment in connection with the amend
ment | advocate in the antitrust law
power Of supervision over big business
concerns engaged in interstate COM
merce would benefit them as it has
benefited the national banks. In the
recent business crisis ii is noteworthy
that the Institutions which failed were
institutions which were not under the
supervision and control OF the national
government Those which We're under
national control stood the test.
National control OF the kind above
advocated would be to the benefit of
every well managed railway. From
the standpoint Of the public there is
need for additional tracks, additional
terminals and Improvements In the ac-
tual handling OF the railroads. and all
this AZ rapidly as possible. Ample.
safe and speedy transportation facili-
ties are even more necessary than
,h. Frharnfnrn fhnra
is need for the investment OF money
which will provide for all these things
while at the same time securing rs far
as is possible better wages and shorter
hours for their employees. Therefore.
while there must be just and reasona-
BILE regulation Of rates. we should be
the first to protest against any arbitra-
ry and unthinking movement to cut
them down without the fullest and
most careful consideration OF all inter
ests concerned and Of the actual needs
Of the situation. Only a special body
OF men acting for the national govern
ment under authority conferred upon /;
by the congress is competent to pass
Judgment on such a matter.
Those who fear from any reason the
extension OF federal activity will do
well to study The history not only of
the national banking act, but OF the
pure food law, and notably the meat
inspection law recently enacted. The
pure food law was opposed so violent
ly that its passage was delayed for
decade. yet 4 has worked unmiSed and
immediate good. The meat inspection
Law was even more violently asSailed,
and i he same men who now denounce
the attitude OF The national govern
ment in seeking to oversee and control
the workings Of interstate common car
rieps and business concerns then as
serted that ee were "diScredHing and
running great American industry.
Two years have not elapsed. aud al
ready II nas become evident that the
great bsncrt The law conrcrs upon the
public is accompanied by an equal ben
EFT IN the reputable packing establish
Inents. The Latter are better of under
the law than they were without IT.
The benefit to interstate common car
rieIS and business concerns from the
Legislation | advocate would be equal
~ marked.
Pure Food Law.
Incidentally In the passage OF the
pore food law the action Of the vari-
ous state food and dairy commission
ess showed ia striking fashion how
much good for the whole people results
from the hearty cooperation OF the
federal ami state officials In securing
a given reform. IL IL primarily To the
action Of these state commissioners
that We owe The enactment OF this
law. for they aroused the people. first
10 demsnd the enactment and enforce
nnent OF state laws On the subject and
then the enactment Of the federal law,
without which the state laws were
largely Ineffective. There must be the
closest cooperation between the na.
tional and state governments IN ad-
minlstertng these laws.
Currency Legislation Needed.
again urge on the congress the
need Of inm edists attention TO this
,natfsr W. need a prpa tap elasticity