Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1908-02-07

lgood can come only by thorough and
continuing supervision over the acts
of the combination in all its parts, SO
as to prevent stock watering. improp-
er forms of competition, and In short
wrongdoing generally. The law should
correct that portion of the Sherman act
which prohibits all combinations Of the
character above described, whether
they be reasonable or unreasonable;
but this should be done only as part
of general scheme to provide for this
effective and thoroughgoing supervision
by the national government Of all the
operations of the big interstate busi-
mess concerns. Judge Hough Of New
York, in his recent decision in the Har-
riman case, states that the congress
possesses the power to limit the inter-
state operations of corporations not
complying with Federal safeguards
against the recurrence Of obnoxious
practices, and to license those which
lafford the public adequate security
against methods calculated to diminish
solvency, and therefore efflcientcy and
economy in interstate transportation.
The Judge adds that in these matters,
"the power of congress is ample, though
as yet not fruitful in results" 1t is
very earnestly to be desired that either
along the lines the judge indicates, or
in some other way equally efticacious,
the congress may exercise the power
which he holds it possesses.
l do not know whether it is possible,
but if possible it is certainly desirable,
that in connection with measures to
restrain stock watering and overcapi-
talization there should be measures
taken to prevent at least the grosser
forms of gambling in securities and
commodities, such as making large
sales of what men do not possess and
"cOrnering" the market. Legitimate
purchases Of commodities and Of stocks
and securities for investment have no
connection whatever with purchases Of
stocks or other securities or commod-
tiles on a margin for speculative and
gambling purposes. There is no moral
difference between gambling at cards
or in lotteries or on the race track and
gambling in the stock market. One
method is just as pernicious to the body
polite as the other kind, and in de-
gree the evil worked is far greater.
But it is far more difficult subject with
which to deal The great bulk Of the
business transacted on the exchanges
is not only legitimate, but is necessary
to the working of our modern industrial
system, and extreme care would have
to be taken not to interfere with this
business in doing away with the
bucket shop" type Of operation. We
should study both the successes and
| the failures of foreign legislators who,
notably in Germany have worked along
this line, so as not to do anything
harmful. Moreover, there is a special
difficulty in dealing with this matter by
the Federal government in a Federal
republic like ours. But If it is possi-
BILE to devise a way to deal with 1t the
effort should be made. even If only in
cautious and tentative way. 1t would
seem that the Federal government could
at least act by forbidding the use OF the
mails, telegraph and telephone wires
for mere gambling in stocks and fu-
lures, Just as it does in lottery transac-
tions
The attacks by these great corpora
tions on the administrations actions
have been given wide circulation
throughout the country, in the news
papers and otherwise, by those writer's
and speakers who, consciously or un-
consciously, act as the representatives
of predatory wealtlI--of the wealth ac-
cumulated on giant scale by all
forms of iniquity, ranging from the op-
preston Of wage workers to unfair and
unwholesome methods Of crushing out
competition, and to defrauding the pub
lie by stock jobbing and the manipula-
tion Of securities. Certain wealthy men
of this stamp, whose conduct should be
abhorrent to every man Of ordinarily
decent conscience, and who commit the
men that phenomenal business success
must ordinarily be based on dishonesty,
have during the last few months made
| it apparent that they have banded to-
gether to work for a reaction. Their
endeavor is to overthrow and discredit
all who honestly administer the law, to
prevent any additional legislation which
would check and restrain them, and to
secure if possible a freedom from all
restraint which will permit every un-
scrupulous wrongdoer to do what he
wishes unchecked provided he has
enough money. The only way to coun-
teract the movement in which these
men are engaged is to make clear to
the public just what they have done In
the past and just what they are seek
ing to accomplish in the present.
There are ample material rewards for
those who serve with fidelity the man.
mon Of unrighteousness, but they are
dearly paid for by the people who per-
nit their representatives, whether in
public life, in the press, or in the COL
leges where their young men are
taught, to preach and to practice that
there is one law for the rich and an
other for the poor. The amount OF
money representatives Of certain
great moneyed interests are willing to
spend can he gauged by their recent
publication broadcast throughout the
papers Of the country from the Atlantic
to the Pacific. of huge advertisements
attacking with envenomed bitterness
the administrations policy Of warning
against successful dishonesty, and by
their circulation Of pamphlets and
books prepared with the same object;
while they likewise push the circua-
ton of writings and speeches Of men
who, whether because they are misled,
or because, seeing the light they yet
are willing ito sin against the light,
| SAUNA +ba;r mo ctarc of great wealth TO