Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1907-12-04
f-ISb6r and Il Is rs iTlle, 10 desire 10 put

VI laDor, ana IL is us lule 10 ueSlie W put
an end to all corporations, to all big
combinations of capital, as to desire to
put an end to combinations of labor.
Corporation and labor union alike have
come to stay Each IL properly man
aged is 4 source of good and not evil
Whenever in either there is evil it
should be promptly held to account |
but it should receive hearty encourage
Eaent so long as it is properly managed.
1t is profoundly immoral to put OF
keep on the statute books law nomi- |
nally i'll the interest of public morality
that really puts premium upon pub
lie immortality by undertaking to for
bid honest men from doing what must
be done under modern business condi-
tons so that the law itself provides
that its own infraction must be the
condition precedent upon business sue
cess. TO aim ut the accomplishment
of too much usually means the accom-
plishment of too little and often the do
ing of positive damage.
Not Repeal, but Amendment.
The antitrust law should not be re-
pealed, but 1t should be made both
more efficient and more in harmony
with actual conditions. 1t should be
SO amended us 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
n grant of supervisory power to the
government over these big concerns
engaged in interstate business. This
should be accompanied by provision
for the compulsory publication of ac-
counts and the subsection of books and
papers to the inspection of the gov
eminent officials. A beginning has al
ready 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 If this feature
of the law We're abolished there would
remain as an equally Objectionable fea.
ture the difficulty and delay now incl
dent to Its enforcement The govern.
mcnt must now submit to irksome and
repeated 1iay before obtaining final
decision o.the courts upon proceedings
instituted, and even a favorable de-
cree may mean an empty victory
Moreover, to attempt to control these
corporations by lawsuits means to i'm
pose upon both the department of
justice and the courts an impossible
k,,,,1 ia, sI,I.
more than Il limited number of such
suits. Such a law to be really effec-
tive must of course be administered
by an executive body and not merely
by means of lawsuits. The design
should be to prevent the abuses Incl
dent to the creation of unhealthy and
improper combinations instead Of wait
ing until they are in existence and
then attempting to destroy them by
civil or criminal proceedings.
Law Should Be Explicit.
A combination should not be tolerat-
ed If 1t abuse the power acquired by
combination to the public detriment.
No corporation or association of any
| kind should be permitted to engage in
foreign or interstate commerce that is
formed for the purpose of or whose
! operations create n monopoly or gen.
eral control of the production, sale or
distribution of any one or more of the
prime necessities of life or articles of
general use and necessity. Such COM
| binations 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 congres1 can close the channels of
Interstate smmerce against them for
its protect h. The law should make
Its prohil lions and permissions as
clear and definite as possible, leaving
the least possible room for arbitrary
| action or allegation of such action on
the part of the executive or of diver
gent interpretations by the courts.
Among The points to be aimed ut
should he the prohibition of unhealthy
competition. such as by rendering serv-
Ice at an actual loss for the purpose of
crushing out competition. the proven
ton of initiation of capital and the pro-
hibition of a corporations making ex-
elusive trade with itself,a condition of
having any trade with itself. Reason
| tons of corporations should be per-
mitted provided they are first submit
ted to and approved by some appro-
pirate government body.
Congress- Power.
The congress has the power to char.
tor f,Dr ,nt To, IL, f,,&o
| ana foreign commerce, and general
law can be- enacted under the provi-
sions of which existing corporations
could take out federal charters and
new federal corporations could be ere.
ated- An essential provision of such u
law should be method of predeter-
mining by some federal board or com.
mission whether the applicant for
federal charter was an association or
combination within the, restrictions of
the federal law. Provision should also
be made for complete publicity In all
matters affecting the public and com
plete protection to the investing public
and the shareholders In the matter of
issuing corporate securities. If an in
corporation law is not deemed adyisa
bic, Il 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
which experience has shown have been
of most service in enabling monopolis-
tic combinations to crush out competi-
ton.
The real owners of a corporation
should be 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
stockholders, both by the corporation
owning such stock and by the corpora.
w ctr f,