The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1907-12-11

It's judgmentft Is necessary to make a
physical valuation OF any railroad. AS
| stated In my message to the congress
year ago. railroads should be given
power to enter into agreements sub
ject TO these agreements being made
public In minute detail and to the con-
sent Of the interstate commerce CON-
mission being first obtained. Until
the national government assumes prop
er control of interstate commerce In
the exercise Of the authority 1t already
possesses It will be impossible eith~e
tn give to or to get from the railroads
full justice. The railroads and all 9TH
er great corporations Will do well to
recognize that this control mnst come.
The only question Is as to what gov
ernmental body can most wisely exer-
else 1t. The courts will determine the
limits within which the federal author.
ity can exercise II, and there will still
remain ample work within each state
for the railway commission Of that
state. and the national interstate CON-
merce commission will work In har.
mony with the several state commits
sions. each within its own province. to
achieve the desired end.
The Antitrust Law.
Moreover. In my judgment. there
should be additional legislation looking
to the proper control of the great busi-
ness concerns engaged In interstate
business. this control to be exercised
for their own benefit and prosperity
no less than for the protection Of In
vestors and Of the general public. As
! have repeatedly said In messages to
congress and elsewhere, experience has
definitely shown not merely the unwis-
dom, but the futuity, Of endeavoring to
Pot stop to all business combinations.
Modern industrial conditions are such
thrt combination h not only necessary,
but inevitable. 1t II 90 In the world Of
business Just as II Il 20 IN the world
Of labor, and It IL as Idle to desire to put
an end to all corporat TONS to all big
combinations Of capital, ~ to desire to
put an end to combinations OF labor.
Corporation and labor union alike have
como to stay. Each II properly man.
aged is q source Of good and not evil.
Whenever in sithef there is evil It
should be promptly held 70 account,
but It should receive hearty encourage.
mcnt 10 long as Il ID properly managed.
It u profoundly immoral to put or
keep on the, statute books q law norti.
naily In the interest Of public morality
that really puts premium upon pub
lie immorality by undertaking to for
bid honest men from doing what must
b done under modern business condl.
tons % that the law itself provides
that its own infraction must be the
condition precedent upon business sue.
cesA TO aim at the accomplishment
Of too much usually means the accom-
plishment Of too little and otter the do
ING Of positive damnge.
; Nst Repeal, but Amendment.
The ahdtrust law should not be- re-
psalsd, bat Il should be made both
more encient and more In harmony
with actual conditions. Il skouId be
60 amended a. to forbid only tie kind
Of combination which docs harm TO the
general public. such amendment to be
acecmpanied BY or to be an Incident Of
. grant Of Supervisory power TO the
govetument over these big concerns
engaged In interstate business. This
should be accompanied by prov isiop
for the compulsory publication Of ac-
counts and the subsection Of books and
papers to the inspection Q. the gov
ernment o0icials. A beginning has al.
ready been made for such supervision
BY the estabiishment 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 fea.
ture the dificulty and delay now Incl.
dent to its enforcement. The govern.
ment must now submit to irksome and
repeated delay before obtaining a fnal
decision OF the courts upon proceedings
instituted. and even favorable de.
cree may mean an empty victory.
Moreover. to attempt to control these
corporations by lawsuits means to Inn.
pose upon both the department of
justice and the courts an impossible
burden. 1t Is not feasible to carry on
more than a limited number of such
suits. Such law to be. really efrec.
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
tnen attempting to destroy them by
civil or criminal proceedings.
Law Should Bs Explicit.
A combination should not be tolerat.
ed II II abuse the power acquired by