The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1907-12-06

lection OF investors and of the gem
eral public.
Then the President. after making
pertinent excerpts from his Message
OF last year. says:
The antitrust law should not be
repealed; but IL should be made both
more efficient and more in harmony
with actual conditions. II should be
so amended as TO forbid only the
kind OF combination which does harm
TO the general public, such amend
ment 10 be accompanied by. or 10 be
an incident OF. grant Of supervisory
power TO the Government over these
big concerns engaged in interstate
business. This should be accompan-
led by provision for the compulsory
publication of accounts and the SUBJ
lection of books and papers 10 the
inspection Of the Government officials.
A combination should not be toll
Grated If il abuse the power acquired
by combination to the public detri-
ment. No corporation or association
of any kind should be permitted TO
engage in foreign or interstate COM
merce that is formed for the purpose
of, or whose operations create. a
monopoly or general control of the
production, sale, or distribution OF
any one or more of the prime neces-
stiles of life or articles OF general use
and necessity. Such combinations are
against public policy; they violate
the common law; the doors of the
courts are closed TO those who are
parties to them, and | believe the
Congress can close the channels Of
interstate commerce against them for
its protection.
at should be the prohibition OF un-
healthy competition, such as by rem
dering service at an actual loss for
the purpose of crushing out competi-
ton, the prevention of imitation of
capital, and the prohibition Of a cor
poration's making exclusive trade
with itself condition of having any
trade with itself. Reasonable agree
ments between, or combinations of,
corporations should be permitted,
provided they are first submitted TO
and approved by some appropriate
Government body.
To confer upon the National Gov
ernment, in connection with the
amendment | advocate in the anti
trust law, power Of supervision over
big business concerns engaged in in
terstate commerce would benefit
them as il has benefited the national
banks. In the recent business crisis
it is noteworthy that the institutions
which failed were institutions which
were not under the supervision and
control of the National Government.
Those which were under National
control stood the test.
National control Of the kind above
Il 4 l.. -. q
every well managed railway. From
the standpoint Of the public there is
need for additional tracks. additional
terminals, and improvements in the
actual handling of the railroads, and
all this as rapidly rs possible. Am
pie, safe and speedy transportation
facilities are even more necessary
than cheap transportation. There
fore there is need for the investment
Of money which will provide for all
these things while at the same time
securing as far as is possible better
wages and shorter hours for their
employees Therefore while there
must be just and reasonable regula-
tion Of rates we should be the first to
protest against any arbitrary and un-
thinking movement to cut them down
without the fullest and most careful
consideration of all interests con-
cerned and Of the actual needs OF the
situation. Only a special body Of
men acting for the National Govern
ment under authority conferred upon
IL 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 we'll 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 President urges on Congress
the need of immediate attention to
the currency. He says:
We need n greater elasticity in our
currency; provided, of course, that we
recognize the even greater need OF a
safe and secure currency. There must
always be the most rigid examination
by the National authorities. Provis-
ion should be made for an emergency
currency. The emergency issue
should, Of course. be made with an
effective guaranty, and upon Condi-
tions carefully prescribed by the Gov
ernment. Such emergency issue must
be based on adequate securities APP
proved by the Government, and must
be issued under a heavy tax
After deploring the folly OF those
who indulge in reckless speculation,
thereby exposing the whole business
community TO panic and distress, the
| President states that the income ac-
count of the Nation is in most sat
isfactOry condition. The satisfactory
working Of the present tariff law, he
says, has been chiefly responsible for
this excellent showing.
Nevertheless, there Is an evident
and constantly growing feeling among
our people that the time is rapidly ap-
preaching when our system Of rev.
enue legislation must be revised
THIS country is definitely com
mitted 20 the protective system and
any effort TO uproot IL could not hut
cause widespread industrial disaster.
In other words, the principle of the
present tariff law could not with wis
dom be changed. The question should
, be approached purely from a business
. standpoint: both the time and the
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