Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1908-12-11
Corporations.

l mere has been a reduction az raxa-
ton.
Corporations.
AS regards the great corporations en-
gagged In interstate business. and espe-
ciaIly the railroads, | can only repeat
what l have already again and again
said In my messages 10 the congress
believe that under the interstate
clause OF the constitution the United
states has complete and paramount
right to control all agencies of inter
state commerce, and believe that thu,
national government alone can exer-
else this right with wisdom and eff
fectireness SO as both to secure Justice
from and to do justice to the great
corporations which are the most I'M
portant factors in modern business. [
believe that it Is worse than folly to
attempt to prohibit all combinations.
as is done by the Sherman antitrust
law, because such law can be en-
forced only imperfectly and UNEQUAL
ly, and its enforcement works almost
as much hardship as good | strongly
advocate that instead of an unwise
effort to prohibit all combinations there
Shall be substituted law which shall
expressly permit combinations which
are In the interest of the public, but
shall at the same time give to some
agency Of the national government full
power of control and supervision over
them. One of the chief features Of
this control should be securing entire
publicity in all matters which the pub
lie has 4 right to know and, further
more, the power not by judicial, but
by executive, action to prevent or put
a stop to every form Of improper ia
voritism sr other wrougdoing,
The railways Of the country should
be put completely under the interstate
commerce commission and removed |
from the domain of the antitrust law.
The power of the commission should |
be made thoroughgoing, so that 1t |
could exercise complete supervision |
and control over the issue of securities
as well as over the raising and lower
Ing of rates. AS regards rates. at least
this power should be summary Pow.
ar to make combinations and traffic
agreements should be explicitly con.
'erred upon the railroads, the permits
sion Of the commission being first
gained and the combination or agree
nent being published in all its de-
ails. The interests of the sharehold-
rs, Of the employees and Of the ship
oers shooid all be guarded as against
me another. To give any one Of them
Undue and improper consideration is
o do injustice to the others. Rates
must be made as dow as is compatible
With giving proper returns to all the
Employees of the railroad, from the
highest to the lowest, and proper re-
urns to the shareholders. but they
must not. for Instance. be reduced in
UGH fashion as to necessitate cut
n the wages Of the employees or the
BOLTON Of the proper and legitimate
rofits of honest shareholders.
Telegraph and telephone companies
ngaged in interstate business should
e put under the jurisdiction Of the In.
arstate commerce commission.
Ample Rewards For Intelligence.
1t is to the interest of all of us that I
here should be a premium put upon +
ldividual initiative and individual ca I
acity and an ample reward for the ,
reat directing intelligences alone COM |
etent to manage the great business t
perations Of today. 1t is we'll to keep
| mind that exactly as the anarchist
the worst enemy of liberty and the
dictionary the worst enemy Of order '
, the men who defend the rights of &
roperty have most to fear from the |
'rongdoers Of great wealth, and the '
len who are championing popular L
gifts have most to fear from the I
who In the name Of popu- c
r rights would do wrong to and OPP '
ress honest business men, honest men d
: wealth. for the success of either II
re Of vrongdoer necessarily invites
violent reaction against the cause e
,e wrongdoer nominally uphods.