Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-04

i've ashio Conditions have now 81
wholly changed that the Interstate
commerce by water Is insignifiean
compared with the amount that goei
by land, and almost all big business
concerns are now engaged in inter
state As a result, 1t car
be but partially and imperfectly con
trolled or regulated by h dction o.
any one of the several states; sucf
action inevitably tending to be eitheI
too drastic or else too lax, and II
either Ease ineffective for purposes oil
justice. Only the rational govetfn'
ment can i'm thoroughgoing fashion
exercise the needed control. This
does not mean that there should be
n extension Of federal authority, foi
such authority already exists under
the constitution in amplest and mos
far-reaching form, but IL does mean
that there should be an extension of
federal activity. This is not adybcat-
ing Capitalization. IL is merely look
ing facts in the face, and realizing
that Capitalization in business has al
ready come and can not be avoided
or undone, and that the public at
large can only protect itself from
certain evil effects of this business
Capitalization by providing better
methods for the exercise of control
through the authority already centra-
lied in the national government by
the constitution itself. There mus
be- no halt in the healthy constructive
course of action whivh this nation has
elected to pursue, N has steadily
pursued, during the last six years, as
shown both in the legislation of the
congress and the administration OF
the law by the department of justice.
The most vital need is in connection
with the railroads. As to these, in
my Judgment there should now be
nHthap "a aaffnnaI pannnots4ffa not nr
a law licensing railroad companies TO
engage in interstate commerce upon
certain conditions. The law should
be so framed as to give the interstate
commerce commission power To rass
upon the future issue of securities,
while ample means should be pro-
Vided to enable the commission,
whenever i'm its judgment IL is neces-
sary. TO make a physical valuation Of
any railroad. As | stated In my mes
sage a yea ago. the railroads should
be given power to enter into agree
ments, subject to these agreements he
ing made public in minute detail n
to the consent of the Interstate COM
merce commission being first obtain
ed. Until the national government
assumes proper control Of Interstate
commerce. In the exercise Of the au-
thority IL already possesses, II VIII
be impossible either to give or to get
from the railroads full justice. The
railroads and other great corporations
will do well to recognize that this
control must come; the only question
is as to what governmental body can
most wisely exercise IL. The courts
will determine the limits In which the
federal authority can exercise IL. m
there will still remain ample wOr
within each state for the railway COM
mission of that state; and the national
nIafGIn re anNNF - aVaa m lEEtArN AllI
work in harmony with the several
state commissions, each within It's
province, to achieve ,he desired
end.
sherman Anto-Trust Law.
Moreover, in my judgment there
should be additional legislation look
ing to the proper control of the great
business concerns engaged in inter-
state business. this control to be eX-
for their own benefit and
prosperity no less than for the pro-
lection of investors and OF the general
public. As l have repeatedly said in
to the congress and else
where. experience has definitely
shown not merely the unwisdom but
the futility of endeavoring to put a
stop to all business combinations.
Modern industrial conditions are such
combination is not G1iy neces-
sary but inevitable. IL Is so in the
of business just as Il Is so in the
world OF labor, and IL is as idle to de-
sire to put an end to all corporations.
to all big combinations of capital, as
to desire to put an end to combina-
of labor. Corporations and la
Dor unions have come to stay.
II properly managed Is
A source OF good and not evil.
Whenever IN either there is evil, IL
uhAtall hn Arnraa ufIxr hold IN nnpnaanta I
IL should receive hearty encou-
so long as 1t is properly
managed. II Is profoundly immoral
TO put or keep on the statute books a
nominally In the interest of pub
lie morality. that really puts a prem
upon public immortality
by undertaking to forbid hon
be done under modern business
so that the law itself pro-
vides that It's own infractiOn must be
The condition precedent upon business
success. To aim at the accomplish
Of too much usually means the
accomplishment OF too little, n Of
ten the doing OF positive damage. In
my message to the congress a year
ago. In speaking OF the antitrust
laws. | said:
THE actual working OF our laws
has shown that the EFFORT to prohi-
bit all combination. good or bad. Is
lOxious where IL Is not ineffective.
Of capital, like combina-
of labor. Is a necessary element
IN our present industrial system. IL
IS not possible completely to prevent
Il: and II u were possible, such COM
plete prevention would do damage to
The body polite. What we nee Is
not vainly TO try to prevent all cOmbi-
but TO secure such vigorous
adequate controly and supervision
n the combinations as TO prevent
heir injuring the public. or existing
such forms as inevitably to threat
IN injury. II IL unfortunate hat our
present laws should forbid all combi-
instead OF sharply discrimi-
hating between those combinations
which do good and those combina-
ions which do evil. often railroads
like to combine for the pur-
pose of preventing a big shipper from
maintaining improper advantages 1T
expense Of small shippers and Of
general public. such "a combina-
ion. instead OF being forbidden by
aw. should be favored II D. a public
Evil to have on the statute books a
incapable Of full enforcement. be
IA both Judges y luries realize
hat IT, full enforcement would des-
roy the business Of the country. for
he resul r. to make decent men Vi
llators Of the Law against their viii.
20 put a premium on the beha-
-ior of the wiilful wrOngdoeIs. Such
4 result In turn tends to throw the
man and the wiilful Nrongdoer
ne. TH.unw amaaaausHnm arH - 49, -