The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1908-02-07

their stock in good faith. The usual re-
suit suit OF such imitation is therefore to i'm
everlasting tax. while the Innocent pnr-
chasers of the stock are also harmed and
only q rev SPECTATORS are benefited. Such
difficulty be undone; but they can be pre-
When combinations of Interstate railways
1t IS no longer possible for an Interstate
railway to issue stock or tonds. save in
the manner approved by the federal gov
sure that the proceeds of every stock and
bond issue go into the Improvement of
the property and not the enrichment Of
whenever 1t becomes material for guild
ance In the regulative action of he gov
eminent. the physical value of one Of
knoW.,.there win be eliminated from
railroad securities that element of UNI
ulative quality and which a contributed
much to the financial stress OF the recent
past.
must also assume a certain measure of
railways IN the %handling Of interstate
ity to establish through routes and joint
rates, In order to make this provision
effective and in order to promote in times
fic. l think 1t must also have authority to
determine the conditions upon which cars
shall be interchanged between different
that the commission should have author
ity, in particular instances. to determine
m rne nsesd shsn upon Pc m wnish perishable COM
In reference to the Sherman antitrust
!aw. 1 repeat the recommendations made
In my. message at the opening of the
sage to the previous congress. The at
tempt in this law to provide in sweeping
terms against all combinations of what
ChAY0NfnW ~ tnohS l~ ~-k--f-
Of trade As such restraint has been de-
fined by the courts, must necessarily be
either futile or mischievous. and some
combinations illegal, although they may
be useful to the country. On the other
hand. as to some huge combinations which
action undertaken against them under the
law by the government is successful. the
result may be to work but q minimum
combination be broken up and a small
measure OF reform thereby produced, the
real good aimed at can not be obtained.
thorough and Continuing supervision over
the acts of the combination in all its
parts. so as to prevent stock watering.
short. wrong doing generally. The law
should correct that portion Of the sher-
man act which prohibits all combinations
they DO reasonable or u~nreasonable: but
this should be done only as part of a gem
era! scheme to provide for this effective
national government Of ali the operations
OF the big interstate business concerns.
Campaign Against Privileges.
.Superficially II may seem that the laws,
the passage of which l herein again adj
y,ocate-for I have repeatedly advocated
every one of these laws, If enacted, would
represent part Of the campaign against
realize that property has its duties no
than its rights; When the courts
the rights OF the employer. and to prop
erty the rights Of property, they should
no less ~emphatically make II evident that
they Will exact from property and from
the employer the duties which should
hitherto our laws have failed in precisely
of duty by. the man Of property toward
the man who works for him.. by the man
of great wealth. especially II he uses tina
the wageworker and the general
public. The permanent failure of the man
Of property to fulfil his obligations would
the privileges which he Is entitled to enjoy
only IL he recognizes the obligations ac-
companying them; Those who assume or
which they believe they champion.
l do not know whether 1t is possible,
but n possible, 1t is certainly desirable,
strain stock watering and overcapitaliza-
ton there should be measures taken to
prevent at least the grosser forms of gam
bling in securities and commodities, such
making large sales Of what men do
possess and "cornering'' the market.
legitimate purchases Of commodities and
have no connection whatever with pur-
chases OF stocks or other securities or
commodities on a margin for speculative
difference between gambling at cards or
IN lotteries or on the race track and gam
bling IN the stock market. One method
as the other in kind. and in degree the
evil worked is far greater. But 1t is a
far more difficult subject with which to
deal. The great bulk Of the business
but Is necessary to the work
Of our modern industrial system, and
extreme care would have to be taken
away with the bucket shop type of oper-
alton. 1t would seem that the FEDERAL
government could at least act by for
and telephone wires for mere gambling in
and futures. just as 1t does in
lottery transactions.
Letters Show Trust Methods.
I inclose herewith a statement issued by
the chief OF the bureau of corporations
in answer to certain statements (Which /
also i%nclosel. made by, and on behalf Of
the agents Of the Standard Oil corporation
and a letter of the attorney general con-
an answer to certain statements.
also inclosed. made by the president OF
the Santa Fe Railway company. The
Standard Oil corporation and the
railway company. have both been
found guilty by the courts Of criminal
misconduct: both have been sentenced to
pay heavy fnes; and each has Issued and
published broadcast these statements. as
serting their innocence and denouncinE as
improper the acton of the courts and
juries In convicting them OF guilt. These
statements are very elaborate, are very
and are untruthful In important
particulars. The following letter and In
closure from Mr.. Heney sufficiently Illus
trate the methods of tho high officials
Of the Santa Fe and show the utter fall
s.ty Of their plea OF Ignorance. the similar
plea Of the Standard OIL being equally
without foundations:
Department Of Justice, Office of the
United States Attorney, District OF Ore
gon Portland. q II, 190s.-The Presi-
dent, Washington. D. C.-Dear Mr.. Presi-
I understand that Mr.. Ripley, of
the Atchison. Topeka & Santa Fe railway
system. has commented with some severity
of rebates by certain t-ranscontinental
and hat he q declared that
he personally never knew anything about
any rebates being granted by his road.