The Barre daily times. (Barre, Vt.) 1897-1959, 1908-01-31

combinations illegal, although they
may be useful TO the country. On the
other hand, as to some huge comblna-
tions which are both noxious and lille
gal, even II the action undertaken
against them under the law by the
government Is successful the result
may be to work but minimum bene-
at to the public Even though the COM
bination be broken up and a small
measure OF reform thereby produced
the real good aimed at cannot be OBJ
tanned, for such real good can come
only by a thorough and continuing SIT
pervIsion over the acts of the comb
nation ia all It's parts, 50 as to prevent
stock watering, improper forms Of
competition and, In short, wrongdoins
generally The law should correct
that portion Of the Sherman act which
prohibits all combinations Of the char
acter 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 supervi
sion by the national government Of
all the operations 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 safeguards
against the recurrence Of obnoxious
practices and to license those which
afford the public adequate security
against methods calculated to diminish
soIvency and therefore efficiency and
economy iii interstate transportation.
The judge adds that In these matters
"the power Of congress Is ample,
though as yet not fruitful III results. I
1t is very earnestly to be desired that
either along the lines the Judge indi-
Gates or in some other way equally
efticacious the congress may exercise
the power which he holds 1t possesses.
Specifically It may seem that the
laws the passage OF which | herein
again advocate-for / have repeatedly
advocated them before-are not con-
nected. But in reality they are con-
nccted. Each and every one of these
laws, II enacted, would represent part
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 property the
rights Of property they should no less
emphatically make Il evident that they
will exact from property and employer
the duties which should necessarily az
company these rights. and hitherto our
laws have failed III 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 If be uses
that wealth in corporate form, toward
the investor. the wageworker and the
general public. The permanent fail
ure OF the man Of property to fulfil his
obligations would ultimately assure
the Wrestling from him Of the privileges
which he IS entitled to enjoy only if he
recognizes the obligations accompany
ing them. Those who assume or share
the responsibility Cor this failure are
rendering but poor service to the
cause which they believe they cham
pion
Stock Gambling Reprehended.
do not know whether il Is nDssi-
Bile, but a. possible il IS certainly de.
sirable, that 10 connection with meas
ures to restrain stock Watering and
oyercaptalization there should be
measures taken to prevent at least the
grosser forms Of gambling In seeuri
ties and commodities. such as making
large sales Of what men do not possess
and "cornering the market Legiti !
mate purchases OF commodities and Of +
stocks and securities for investment
have no connection whatever with pur
chases OF stocks or other securities Or
on margin for specula /
tive 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 mar
ket. One method is just as pernicious /
to the body polite as the other In kind, 1
and In degree the evil worked Is far
greater. But 1t il a far more difficult I
subject with which to deal. The great 4
bulk Of the business transacted on the /
exchanges is not only legitimate, but Is t
necessary TO the working Of our mod I
arn Industrial system. and extreme
.are would have to be taken not to
with this business in doing
sway with the bucket shop type Of OPP
.ration. We should study both the sue
.esses and the failures Of foreign legis-
ators who notably in Germany. have
worked along this line, so as not TO do
anything harmful Moreover, there Is
special difficulty in dealing with this
natter by the federal government ia a
FEDERAL republic like ours. But If il Is
possible to devise a way TO deal with
/ the effort should be made, even if
,nly In a cautious and tentative way.
/ would seem that the federal govern
nent could at least act by forbldding
he use Of the mails. telegraph and tel
phone wires for mere gambling in
tocks and futures, just as it does in
ottery transactions
/ inclose herewith a statement by the
hief of the bureau Of corporations zap
,endix u in answer TO certain state
nents, which ! also inclose. made by
nd on behalf Of the agents Of the
standard Oil corporation appendix p.
nd a letter OF the attorney general