Weekly Arizona journal-miner. [volume] (Prescott, Ariz.) 1903-1908, 1907-12-11

ana honest corporations ana
men OF wealth. because they excite
popular anger and distrust from which
from the very nature of the case tends
to include In the sweep OF Us resentment
good and bad alike. From the stand
Islnt Of the public ! can not too earn
estiy say that ~ soon AZ the natural and
proper resentment aroused by thesr
abuses becomes indlscriminate and nm
II also becomes not merely UNI
wise and unfair, but calculated TO defeat
the very ends which those feeling II have
In view. There has been plenty of dis
honest work by corporations In the past.
There will not be the slightest let-up In
the EFFORT To- hunt down and punish every
dishonest man. But the bulk of our bus
mess II honestly done. In the natural
Indignation the people feel over the us
honesty. II II all essential that they
should not lose their heads and get drawn
into an indiscrlminate raid upon al cor
poratiOnr, all people Of wealth, whether
they do well or H. Out Of any such wild
movement gooJ will not come. can not
come, and never has come. ON the con-
trary. the surcst way to invite reaction
IL to follow the lead Of either demagogtie
or visionary In n sweeping assault upon
property values and upon public conf
dcnce. which would work Incaiculablc
damage In the busins ~ world and would
produce such disirust Of the agitators
that In the rcvulsion the distrust would
extend To honest men who in sincere
ana sane fashion, are trying Ia rem@iy
The antitrust law should not be repeal
cd: but II should be- made both more en-
Gent and more In harmony with actual
conditions. u should be 80 amended ~
To forbid only the kind Of combination
which does harm to the general public.
such amendment to be accompa MED by.
or to be an incident Of. "A grant OF super
vIsory power to the Government over
these big concerns engaged In Interstate
business. This should be accompanied
by provision FOR the compulsory publica-
ton Of accounts and the subsection OF
books and papers to the inspection OF
has already been made for such super
vision by the establishment OF the Bur
eau OF Corporations.
The antitrust law should not prohibit
combinations that do no injustice To the
public. still les~ those the existence ~
u ON the whole OF benefit to the public.
l3ut even II this feature OF the law were
abolished there would remain as an
equally Objectionable feature the difficult
~ and delay now incident to Its enforce
ment. The Government must now sub
init 10 irks,ine and repeated delay before
obtaining "A final decision OF the courts
upon proceedings Instituted. and even a
favorable decree may mean an empty
victory. Moreover. to attempt to control
these corporations by lawsuits means to
Impose upon both tina Department Of
justica ana the courts an Impossible
burden. II IN not feasible To carry on
more than u limited number OF such
suits. Such law 10 be really effective
must OF course be administered by an
executive body. and not merely by means
OF lawsuits. The design should be to pre-
vent the abises incident to the creation
OF unhealthy and improper combinations
instead OF waiting until they are In ex-
istence and then attempting to destroy
them BY civil or criminal proceedings.
a combination should not be tolera. I'd
u II abuse the power acquired by COM
binatton to the public detrment No
In af INA
should be permitted to engage In for
eign or Interstate commerce that II form
ed Tor the purpose Of, or whose opera
tons create. II monopoly or general con-
troll OF the production sale, or distribu-
ZION OF any one or nore OF tn. prime
necessities OF life or articles OF general
use and necessity. Such combinations
| are against the putlic policy; they yio-
late the common law: the doors OF the
courts are closed to those who are part
les to them. and I believe the Congress
can close the channels Of interstate com
merce against them for protection. The
law should make its prohibitions and
permissfons as clear and definite M pos
sible. leaving the least possible room for
ARBITRARY action. or allegation OF such
action, ON the part OF the Executive. or
OF divergent interpretations by the
courts Among tn" points to be aimed
| at should be the prohibition OF unhealthy
con- .,etition. such as by rendering SER
vicc at AN actual loss for the purpose of
OF Imitation Of capital. and the prohibit
lion OF a corporations making exclusive
trade with itself "a condition of having
| any trade with Itself. Reasonable agree
ments between. or combinations OF, cor
porations should be permitted, provided
they are first submitted To any approved
by some appropriate Government body.
The Congress has the power to charter
corporations to engage In Interstate and
foreign commerce. and u general law can
De enacted under the provisions OF which
existing corporations could take out Fed
sr., charters ana new Federal corpora
tons could be created. An essential pro-
vision OF such law should be "a method
OF predetermining by some Federal board
or oommisston whether the applicant for
u rMeaai charier was an association or
the Federal law. Provision should also
be made Tor complete publicity In all
matters affecting the public and complete
pro'esaon 10 the investing pubic and
corporate securities. II an incorporn tion
law liz not deemed advisable, a license
oct Tor big Interstate corporations might
De enacted: or a combination OF the two
| iished might be analogous To that now
exercised over national banks. At IeaN
1 me antitrust act should he supplemented
by specific prohibitions Of The mgthods
which experience has shown have been
OF most service In enabling monopoIistjc
combinations 10 crush oir competition
! Ihe real owners OF "a corporation should
be competcd to do business In their own
name The right To hold stock I'm other
corporations should hereafter he denied
! 10 interstate corporations. unless on ap-
| proval by the proper Government ON.
cials. and prerequisite To such npproy-
al should be the listing with the Gov.
.rnment 81 all owners and stockholders
both ny the corporation owning suc,
STOCK ana by the corporation In which
such stock In owned
| To confer apon the National Govern.
| hcnt' IN connection with the amendm.n,
| advocate In the antitrust law power al
| suprNision over big business concerns
engaged In Interstate commerce. wouid
dement, them az IL has benefited the ma.
| uon% banks. In the recent busineFs
crisis II Is noteworthy that the tnstitii.
| IONS which failed were institution,
| winch We're not under the superyisinr
and control OF the National Government
! Ihvs~ winch were under National con.
troll stood the test '"''
National control Of the kind above ad.
No,at'r would be Ia the benefit of ever,
wch-manhged railway From the stand
poiht OF the public there ~ need for adj
abnnal tracks. additional Terminate ana
improvements In the actual handling o.
US riilroads, and all this as RAPIDLY n,
possible Ample safe. and speedy trans.