The Denison review. [volume] (Denison, Iowa) 1867-current, 1908-04-29

bic results, especially since it was
strengthened by the Hepburn law two
years ago .s'he antitrust law, though
is better than anarchy and complete
absence of regulation, nevertheless ! as
proved in many respects not merely
inadequate bat mischievoHs.
Twenty years ago the misuse o.,
corporate power had produced almost
every conceivable form Of abuse, and
had worked the graveSt injury to rsi-
ness morality and the public en-
science. For long time fet,eral reg
ulation of Interstate commerce had
been purely negative, tie national
judiciary merely acting in Isolated
cases to restrain the states from en-
e.ting power which it was clear un-
them to exercise, but which neverthc-
less the national government itself
failed to exercise.
Thus the corporations moncpolizing
commerce made the law for them
selves. state power and common law
being inadequate to accomplish any
effective regulation. and the natirn nal
power not yet having been put forth.
The result was mschievous III the en-
IRENE, and only shortsighted and ut
Ter failure to appreciate the grossness
of the evils to which the lack of regu-
lation gave rise can excuse the well
meaning persons who now desire to
abolish tho met Low {,;,rl,
to amend it by simply condemning
unreasonable" combinations.
Power should unqucstion:bly be
lodged somewhere in the executive
branch of the government to permit
combinations which will further the
public interests, but 1t must always
be remembered that as regards the
great and wealthy combinations
through which most of the interstate
business of today is done the burden
OF proof should be on them to show
that they have right to exist. No
judicial tribunal has the knowledge or
the experience to determine in the
first place whether a given combina-
ton is advisable or necessary in the
interest of the public. Some body.
whether commission, OF bureau un-
der the department of commerce and
labor. should be gwen this power.
My personal belief is that ultimate
~ we shall have to adopt national
incorporation law, though l am well
aware that this may be impossible at
present. Over the actions of the
executive body in which the power is
placed the courts should possess mere
ly power of review analogous TO
that obtaining in connection with the
work of the interstate commerce COM
mission at present. To confer this
power would not be leap in the dark:
it would merely be to carry still fur
tf.er the theory CT effective govern
mental control of corporations which
was responsible for the creation 9.
the interstate commerce commission
and for the enlargement of its powers:
and for the creation Of the bureau of
corporations.
The interstate commerce legislation
has worked admirably. 1t has bene-
fitted the public: it has benefited hon
estly-managed and wiscly-conducteri
railroads: and in spite of the fact that
the business OF the country has enor.
mously increased the value of this fed
e-al legislation has been shown BY
the way in which it has enabled the
federal government to correct the
most pronounced of the great and
varied abuses which existed in the
business world twenty years ago
while the many abuses that still re.
main emphasize the need of furthc,
and more thoroughgoing legislation
Similarly the bureau of corporations
has amply justified it's creation.
in other words. 1t is clear that the
principles employed to remedy tn,
great evils in the business wo Id have
worked well, and they can now he EN-.
ployed to correct the evils that further
commercial growth has brought more
prominently to the surface. The pow
ers and scope of the interstate com
nerce commission, and of any simila.
body-shcll as the bureau of corpora
tions--which has to deal with The mat
ter in hand. should be greatly enlarged
so as to meet the requirements of the
present day.