The Ely miner., 1908-02-07

thorough and continuing supervision over
the acts of the combination in all its
improper forms of competition, and. in
short, wrongdoing generally. The law
should correct that portion OF the Sher-
man Act which prohibits all combinations
of the character above described, whether
they be reasonable or unreasonable; but
this should be done only as part of a
general scheme to provide for this ef-
fective and thoroughgoing supervision by
the national government of all the oper-
ations of the big interstate business con-
Germs.
l do not know whether 1t is possible,
but If possible, it is certainly desirable,
that in connection with measures to
restrain stock watering and overcapital-
ization there should be meacureS taken
to prevent at least the grosser forms of
gambling in securities and commodities,
such as making large sales of what men
ket. Legitimate purchases of commodi-
ties and of stocks and securities for in
vestment have no connection whatever
with purchases of stocks or other securi-
ties commodities on a margin for
speculative and gambling purposes.
There is no moral difference between
gambling at cards or in lotteries or on
market One method is just as perni-
cious>to the body polite 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 transacted on the
exchanges is not only legitimate, but is
necessary to the working of our modern
industrial system, and extreme care
would have to be taken not to interfere
with this business in doing away with
should study both the successes and the
failures of foreign legislators who, not
ably in Germany, have worked along this
Moreover, there is a special difficulty in
dealing with this matter by the federal
government in a federal republic like
te But + with it is tSs t to
made, even if only in a cautious and
tentative way. 1t would seem that the
federal government could at least act
graph and telephone wires for mere
gambling in stocks and futures, just as
it does in lottery transactions.
Santa Fe President Had
Guilty knowledge of Rebating
by the chief of the bureau of corpora
tions (Appendix d. in answer to certain
statements (Which ! also inclose), made
by and on behalf of the agents of the
and a letter of the encouragement Gap
pend.x 3), containing an answer to GER
tain statements, also inclosed, made by
Company (AppendiX ~. The Standard
Oil corporation and the railway company
have both Been. found guilty by the
been sentenced to pay heavy fines; and
each has issued and published broadcast
these statements, asserting their inno-
cence and denouncing as improper the
action of the courts and jurieS in con-
victing them of guilt. These statements
are very elaborate, are very ingenious,
and are untruthful in important par
ticulars. The following letter and in
closure from Mr.. Heney sufficiently illus
trate the methods of the high officials of
the Santa Fe and show the utter falsity
of their plea of ignorance, the similar
without foundation:
Department of Justice, Office of the
United States Attorney, District of Ore
gon.
"The President. Washington, d. c.
Dear Mr.. President: / understand that
Mr.. Ripley of the Atchison, Topeka &
Santa Fe Railway system, has comment
ed with some severity upon your attitude
toward the payment of rebates by certain
has declared that he personally never
knew anything about any rebates being
granted by his road. I in
close you herewith copy of letter from
Edward Chambers, general freight traffic
manager of the Atchison, Topeka & San
Davidson, auditor of the same company,
dated February q, 1905
This letter does not deal with inter-
state shipments, but the constitution OF
the state of California makes the pay
ment of rebates by railroads a felony,
and Mr. Ripley has apparently not been
above the commission of crime to secure
business. You are at liberty to use
this inclosure in any way that you think
it can be of service to yourself or the
Sincerely yours.
"FRANCIS J.. HENEY,'