Bismarck daily tribune., 1908-12-09

cially the railroads, I can only repeat
what / have already again and again
said In my messages to the congress.
I 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 the
national government alone can exer-
else this right with wisdom and eff
fectiveness so as both to secure justice
from and to do justice to the great
corporations which are the most Inn
portant factors in modern business. I
believe that 1t 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. I strongly
advocate that instead Of an unwise
effort to prohibit all combinations
there shall be substituted a 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 govern
ment full power Of control and super
vision over them. One Of the chief
features of this control should be se>
curing entire publicity in all matters
which the public has right to know
and, furthermore, the power. not by
Judicial, but by executive; action to
prevent or put stop to every form Of
improper favoritism or other wrong
doing. -
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 it
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. The
power to investigate the financial op-
erations and accounts Of the railways
has been one Of the most valuable fea-
lures in recent legislation. Power to
make combinations and traffic agree
ments should be explicitly conferred
upon the railroads, the permission Of
the commission being first gained and
the combination or agreement being
published in all it's details. In the in
terest of the public the representatives
Of the public should have complete
power to see that the railroads do their
duty by the public, and as q matter Of
course this power should also be exer-
cised SO as to see that no injustice is
done to the railroads. The share
holders, the employees and the ship
pers all have interests that must be
guarded. It is to the interest Of all of
them that no swindling stock specula-
ton should be allowed and that there
should be no improper issuance Of Sc
curities. The guiding intelligences nee
essary for the successful building and
successful management Of railroads
should receive ample ton,
but no man should be allowed to make
money In connection with railroads
out Of fraudulent capitalization
and kindred stock gambling perform
ances. There must be no defrauding
Of investors, oppression Of the farmers
and business men who ship freight or
callous disregard of the rights and
needs of the employees. In addition
to this, the interests Of the sharehold-
ers, Of the employees and of the ship
pers should all be guarded as against
one another. To give any one OF them
undue and improper consideration Ifs
to do injustice to the others. Rates
must be made as low as is compatible
with giving proper returns to all the
employees of the railroad, from the
highest to the lowest, and proper re-
turns to the shareholders, but they
must not, for instance, be reduced in
such fashion as to necessitate a cut
In the wages Of the employees or the
abolition Of the proper and legitimate
profits Of honest shareholders. I'D
Telegraph and telephone companies
engaged in interstate business should
be put under the jurisdiction Of the In
terstate commerce commission. "f