The Washington herald., 1908-02-01

public highways must be recognized. and |
| they must be open 10 the Whole public !
| upon equal terms and upon reasonable |
/ terms.
Modification Of Antitrust Law.
In reference to the Sherman antitrust |
| law. / repeat the recommendations made /
/ in my message at the opening Of the |
/ present Congress, as we'll as in my mes |
/ sage to the previous Congress- The at |
tempt in this law to provide In sweeping
terms against all combinations Of what !
ever character. if technically in restraint |
/ Of trade as such restraint has been de
/ fined by the courts, must necessarily be
either futile or mischievous and some
/ times both The present law makes
some combinations illegal, although they
may be useful to the country. ON the
other hand, as TO some huge combina-
tions which are both noXious and illegal,
/ even if the action undertaken against
them under the law by the government IS
/ successful the result may be 10 Work
/ but q minimum benefit 20 the pubic.
/ Even though the combination be broken
/ up and a small measure OF reform there
/ by produced, the real good aimed At
cannot be obtained for such real good
can come only by a thorough and contin-
/ uiug supervision over the acts OF the
combination in all its parts so as TO pre-
l
/ competition, and, I'm short, Wrongdolhs
! generally. The law should correct that
portion OF the sherman act Wllch pro-
hibtS all combinations of the character
above described, whether they be reason
able or unreasona BILE; but this should be
done only as part of general scheme
! to provide for this effective ana thorough
| going supervision by the national govern
ment of all the operations of the big in
terstate business concerns. Judge Hough
OF New York In his recent decision IN the
Hartman case, states that the Congress
possesses the .pOWeT 90 limit the inter
| state operations of corporations not com
plyiug with Federal safeguards against
the recurrence of obnoxious practices ana
/ to license those which AFFORD the puhilc
/ adequate security against meIhods cal
Culated TO diminish solNency, ana thefe-
fore efficiency and economy IN interstate
TRANSPORTATION The judge adds that In
these matters "the power OF congress is
Iample though as yet not fruitful ln re-
suits II rs very earnestly 10 DE dt-
sired that either along the line the Judge
indicates, OF in some other way equally
lefflcaCiOuS, the Congress may exercise
the power which he holds il pOssesSes.
Superficially IL may seem that the laws,
the passage of which / herein again adj
vocate-fOr l have repeatedly adVocdt-
ed them before-are not connected But
in reality they are connected. Each and
every one of these laws If enacted, would
trepresent part Of the campaign against
the class of great property holders realize
that property has its duties no less than
its rights. When the courts guarantee %
the employer as they should, the rights
of the employer, and 20 property the
rights of property, they should no less
lemphatcally make 10 evident that they
viii exact from property and from the
employer the duties which should ueces-
sarily accompany these rights: and hith-
eTto 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 ln-
VestOr. the Wage-WOrker, and the gen
eral public. The permanent failure of
the man OF property 10 iulull his ubllga-
tious would ultimately assure the wrest-
ing from him of the privileges which he
is entitled 20 enjoy only 81 he recognizes
the obligations ACCOMPANYING them.
Those who assume OF share the RESPONSE
bility for this failure are rendering but
poor service TO the cause which they be-
iieve they champion.
Prohibition Of stock Gambling.
do not know whether it is possible.
but if possible. it is certainly desirable.
that in connection with measures To- re-
strain stock watering and OvercapitaliZs-
, tion there should be measures taken 20
prevent al least the grosser forms OF
gambling IN securities and commodities,
such as making large sales of what men
do not possess and ''c0rneriug'' the mar
keU Legitimate purchases OF c0mWpdI-
! ties and OF stocks and securities for in
! Ve5tment have no connection whatever
! with purchases of stock or other Securi-
! ties or commodities on "a margin for spec
d ulatlVe and gambling purposes. There Is
: no moral difference between gambling
, at cards or In lotteries or on the race
track and gambling lu tho stock market
[ one method Is just as perniciouS To the
body polite as the other In kind. and in
y degree the evil worked is far greater
But it Is a far more difficult subject with
( which 10 deal The great bulk Of the
! business transacted on the exchanges is
! not only legitimate, but IS necessary to
d the working OF our modern industrial SyS-
- TEN, and extreme care would have % De
- taken not 10 interfere with this business
! i'm doing away with the bucket shop
/ type of operation. We should study both
the successes ard the failures of foreign
legislators who, notably I'm Germany,
have worked along this line. so as not
20 do anything harmful Moreover. there
T is "a special difficulty In dealing with this
, matter by the Federal government iu a
Federal republic like ours But if IL Is
possible to devise "a way 10 deal with 10
q the effort should be made. even if only
70 in a cautious and tentative way. IL
e would seem that the Federal government
- could al least act by fOrbddiug the use
e of the mails. telegraph. and telephone
S wires for mere gambling in stocks and
o futures, just as il does in lottery JTansaC-
L tiOns.
d Corporations Pleas Denounced.
hi ] inclose herewith a statement issued
e by the Chief of the Bureau Of Corpora
! tiOns appendix j. in answer to certain
{ statements (Which I also inclose) made
- by and on behalf of the agents of the
4 Standard Oil Corporation (AppenGx ,
d and a letter Of the Attorney General CAP
d pendiX - containing an answer to certain
G statements, also luclOSed, made by the
n president Of the Santa Fe Railway Com
d pany (AppendiE a. The Standard oil
q corporation and the railway company
o have both been found guilty by the
ID courts or criminal misconduct, both
S have been sentenced TO pay heavy
- fines. and each has issued and published
j. broadcast these statements, asserting
v their innocence and deuOunCing as inn
- proper the action or the courts and luTies
$ In convictins them of guilt. These state
I. ments are very elaborate, are very in
- ] geniOuS, and are untruthfUl i'm important
e particulars. The following letter and in
d / closure from Mr. HeneV sufficiently IL
q lustrate the methods of the high officials
n Of the Santa Fe and show the utter
o falsity Of their plea of ignorance, the sim
liar plea OF the Standard Oh being equally
e without foundation:
s Department. Of Justice
s Office Of the United States Attorney.
II District Of Oregon.
Portland January H. 1908.
d The President Washington, D. c.
IS Dear Mr.. President: I understand that Mr.. Rip
l. ley. Of the Atchisou, Topeka and Santa Fe RAILWAY
IL system, has commented with some severity upoF
n your attitude toward the payment Of rebates by Ger
e tain tansc0ntnental railroads and that he has de
cared that he personally knew anything about
= ans rebates being granted by his road.
inclose you herewith copy Of a letter from EiwaTt
e Chambers, general freight traffic manager Of II,