The Tupelo journal. (Tupelo, Miss.) 1876-1924, 1907-12-06

work in harmony with the several state
commissions. each within its own prov
ince, to achieve the desired end.
Control of Interstate
business Concerns Urged.
Moreover, In my Judgment there should
be additional legislation looking to the
proper control of the great business con-
Germs engaged In Interstate business, this
control to be exercised for their own
benefit and prosperity no less than for
the protection OF investors and of the
general public. AZ / have repeatedly
SAID In messages to congress and else
where. experience has definitely shown
not merely the unwisdom but the futility
OF endeayoring to put stop to all bust
ness combinations. Modern Industrial
conditions are such that combination is
not only necessary but inevitable. 1t is
SO In the world of business just as it is
so In the world of labor, and 1t is as idle
to desire to put an end to all corpora
lions, to all big combinations of capital,
as TO desire to put an end to combina-
lions or labor. Corporation and labor
union alike have come to stay Each II
properly managed is a source Of good
and not evil Whenever in either there
Is evil, 1t should be promptly held to ac-
count; but it should receive hearty en-
managed. 1t is profoundly immoral to
put or keep on the statute books a law,
nomfnally in the interest of public moral
~, that really puts premium upon
public immortality, by undertaking to
forbid honest men from doing what must
De done under modern business condi-
tons, so that the law itself provides that
It's own fnfraction must be the condition
precedent upon business success. To aim
ACCOMPLISHMENTS M
ally means the accomplishment of too lit
tie, and often the doing of positive dam
age.
The antitrust law should not be re-
pealed; but 1t should be made both more
efficient and more in harmony with act
ual conditions. 1t should be so amended
as 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 a grant of SUI
perVisory power to the government over
THESE big corporations engaged in inter-
state business. This should be accom-
panied by provision for the compulsory
publication of accounts and the subjec-
ton of books and papers to the inspec-
uon or the government officials. A be-
ginning has already 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 were abolished, there would remain
as an equally Objectionable feature the
dif1iculty and delay now incident to its
enforcement. The government must now
submit to irksome and repeated delays
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 the depart
ment of justice and the courts an i'm
possible BURDEN it is not feasible to carry
on more than limited number of such
suits. Such law to be really effective
must or course be administered by an
executive body. and not merely by means
or lawsuits. The design should be to
prevent the abuses incident to the crea-
ton of unhealthy and improper combina-
tons, instead of waiting until they are
In existence and then attempting to de-
stroy them by civil or criminal proceed
ingS.
Investing Public Should
Be Amply Safeguarded.
1.-THE congress has the power to charter
corporations to engage in interstate and
foreign commerce, and a general law can
be enacted under the provisions of which
existing corporations could take out fed
eral charters and new federal corpora
tons could be created. An essential pro-
vision of such a law should be a method
of predetermining by some federal board
or commission 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 complete protec-
ton to the investing public and the share
holders in the matter of issuing corporate
securities. If an incorporation law is not
deemed advisable, a license act for big
interstate corporations might be enacted
or a 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 ex-
perience has shown have been of most
service in enabling monopolistic combina-
tons to crush out competition. The real
owners of corporation should be COM
PEELED to do business in their own name.
The right to hold stock in other corpora
tons should hereafter be denied to inter-
state corporations, unless on approval by
the proper government officials, and a
the listing with the government of all
owners and stockholders, both by the
corporation owning such stock and by
the corporations in which such stock is
owned.
ITO confer upon the national govern
ment. in connection with the amendment
] advocate in the antitrust law power of
supervision over big business concerns
engaged in interstate commerce, would
hon oft thny, = hos
tional banks. In the recent business
crisis it is noteworthy that the institu-
tons which failed We're institutions
which were not under the supervision and
control of the national government.
Those which were under national con-
troll stood the test.
National control Of the kind above ad-
vocated would be to the benefit of eyery
well-managed railway. From the stand
point of the public there is need for ad-
ditiona1 tracks, additional terminals. and
improvements in the actual handling of
the railroads, and all this as rapidly as
possible. Ample, safe, and speedy trans
portation facilities are even more neces-
sary than cheap transported ton. There
fore, there is need for the Investment Of
money which will provide for all these
things while at the same time securing as
fas as is possible better wages and
siorler hours LOT tnelr employees. There
fore, while there must be just and rea-
sonable regulation of rates, we should be
the first to protest against any arbitrary
and unthinking movement to cut them
down without the fullest and most care
full consideration of all interests con-
cerned and of the actual needs of the
situation. Only a special body of men
acting for the national government un-
der authority conferred upon it by the
congress is competent to pass judgment
on such a matter.
Greater Elasticity I'm -
Curreucy Ia Ur~ad