Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-02-01


lions of the big interstate business
concerns. Judge Hough, of New
York, in his recent decision in the
Hartman case, states that the Con-
gress possesses the power to limit the
interstate operations of corporations
not complying with Federal SAFE
guards against the recurrence of
obnoxious practices, and to license
those which afford the public adequate
security against methods calculated to
diminish solvency, and therefore
efficiency and economy in interstate
transportation. The judge adds that
in these matters the power of Con-
gress is ample, though as Yet not
fruitful in results" 1t is very
earnestly 10 be desired that either
along the lines the judge indicates. or
in some other way equally efficacious.
the Congress may exercise the power
which he holds it possesses.
Specifically it may seem that the
laws, the passage of which I herein
again advocate-for I have repeatedly
advocated them before-are not con-
nected But in reality they are con-
nected. Each and every one of these
laws. II eI1dCleu, "oulo POI I
Of the campaign against privilege, part
of the campaign to make the class of
great property holders realize that
property has it's duties no less than its
rights. When the courts guarantee to
the employer as they should, the
rights Of the employer, and to prop
erty the rights Of property, they
should no less emphatically make it
evident that they will exact from
property and from the employer the
duties which should necessarily az
company these rights, and hitherto
our laws have failed in precisely this
point of enforcing the performance OF
duty by the man Of property toward
! the man who works for him, by the
man of great wealth, especially II he
uses that wealth in corporate form,
toward the investor, the wage-worker,
and the general public. The per-
manent failure of the man OF property
| to fulfill his obligations would
| ultimately assure the wrestling from
him of the privileges which he IS
| entitled to enjoy only if he recognizes
the obligations accompanying them.
| Those who assume or share the
| responsibility for this failure are
rendering but poor service to the
cause which they believe they
champion.
! do not know whether it Is possible,
| but II possible, it is certainly de-
| sirable. that in connection WIN
measures to restrain stock watering
and overcap!taliZation there should DC
| measures taken to prevent at least the
erosser forms of gambling III
securities and commodities, such as
making large sales of what men &c
not possess and 'cornering the
market Legitimate purchases Oh
commodities and of stocks ana
securities for investment have nc
connection whatever with purchases
of stocks or other securities or COM
,nodities on a margin for speculative
and gambling purposes. There Is re
moral difference between gambling al
cards or X lotteries or on the race
track and gambling in the stock
| market. One method is just as
pernicious to the body polite as tine
, other in kind. and in degree the eVll
worked is far greater But it is faI
more difficult subject with which TIC
| tCal. Inc great JUN vi liiS
transacted on the exchanges is not
only legitimate. but is necessary &c
the working of our modern lnduStrld
! system. and extreme care would nave
| to be taken not to interfere with TINS
business in doing away with the
bucket shop" type of operation. we
should study both the successes and
| the failures of foreign legislators VINO
notably in Germany, have worked
along this line. so as not to do any
| thing harmful. Moreover there Is d
special difficulty in dealing with tins
matter by the Federal Government II
| n Federal Republic like ours. But Ii
| it is possible to devise way to dea
| with it 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
forbdding the use of the mails. tele-
graph and telephone wires for mcr,
gambling in stocks and futures, just
as it does in lottery transactions.
I inclose herewith a statement is
sued by the Chief of the Bureau oi
Corporations (Appendix - in answer
to certain statements (Which l also
| lnc1OSeD u1dOe DS anu oeiidii Va YIN
agents of the Standard Oil Corpora
ton (Appendix % and n letter of the
Attorney General (Appendix - con-
tanning an answer to certain state
ments. also inclosed. made by the
president Of the Santa Fe Railway
Company (Appendix A. The Stand
ard Oil Corporation and the railway
company have both been found guilty
by the courts of criminal misconduct
both have been sentenced to pay
heavy fines; and each has issued ano
published broadcast these statements
asserting their innocence and de-
nouncing as improper the action OF me
courts and juries in convicting them
Of guilt. These statements are very
elaborate. are very ingenious, and are
untruthful in important particulars
The following letter and Enclosure
from Mr.. Heney sufficiently illustrate
the methods of the high officials OF the
| Santa Fee and show the utter falsltS
of their plea Of ignorance. the similar
plea of the Standard Oil being equally
| without foundation:
| DnDortrpapt of JuStice