The midland journal. (Rising Sun, Md.) 1885-1947, 1907-12-06

healthy competition, such as by rem
dering service at an actual loss for
the purpose of crushing out COMPETE
ton, the prevention of imitation of
/ capital, and the prohibition of cor
poration's making exclusive trade
/ with itself a 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.
The Congress has the power to
charter corporations to engage in in
terstate and foreign commerce, and
general law can be enacted under the
| provisions of which existing corpor-
ations could take out Federal char
tiers and new Federal corporations
| could be created. Provision should
also be made for complete publicity
in all matters affecting the public
and complete protection to the in
vesting public and the shareholders
in the matter of issuing corporate
securities. If an Incorporation law is
not deemed advisable, license act
for big interstate corporations might
be enacted, or 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
| prohibitions of the methods which
experience has shown have been of
| most service in enabling monopolistic
combinations to crush out competi-
ton. The real owners of a corpora
| ton should be compelled to do bust
ness in their own name.
| To confer upon the National Gov
eminent, 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 it 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
| 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
| actual handling of the railroads, and
| all this as rapidly as 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-
ton 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 special body of
! men acting for the National Govern
ment under authority conferred upon
| it 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
/ violently that its passage was de-
layed for decade; yet it has worked
unmixed and immediate good. The
meat inspection law was even more
violently assailed; and the same men
| who now denounce the attitude of the
| National Government in seeking to
| oversee and control the workings of
| interstate common carriers and BUSH
ness concerns, then asserted that we
| were @discrediting and running a
| great American industry" Two years
have not elapsed, and already it has
become evident that the great benefit
the law confers upon the public is
| accompanied by an equal benefit to
/ the reputable packing establishments.
The latter are better off under the
/ law than they were without it. The
| benefit to interstate common carriers
and business concerns from the legis-
lation I advocate would be equally
marked.
The President urges on Congress
the need of immediate attention to
the currency. He says:
We need 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-
lions carefully prescribed by the Gov
eminent. Such emergency issue must
be based on adequate securities APP
proved by the Government, and must
be issued under 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 a 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
l..l 49,. 49, L.. L. - =