Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-12-09
CORPORATIONS

As regards the great corporations engaged in
interstate business, and especially the rail-
roads, can only repeat what / have already
again and again said in my messages to the
congress. / believe that under the interstate
clause of the Constitution the United states
has complete and paramount right 10 control
all agencies of interstate commerce. ana pc
Iieve that the national government alone can
exercise this right with wisdom and effective
ness so as both to secure justice from ana 10
do Justice to the great corporations which are
the most important factors IN MODERN puhi-
ness | believe that It is worse than folly
to attempt 70 prohibit all combinations as Is
done by the Sherman antitrust law, because
such law can be enforced only iinpe[Iectty
and unequally, and its enforcement works al
most as much hardship as good. strongly
advocate that instead Of an unwise effort to
prohibit all combinations there shall be SUD
stftuted law which shall expressly permit
combinations which are in the interest Of the
public but shall at the same time give 10
some agency OF the national government IulI
power of control and supervision over them.
One of the chief features Of this control
should be securing entire publicity in all mat
tiers which the public has a right TO Know
and furthermore the power not by Judicial
but by executive action, to prevent or put
stop to every form OF improper IaVoritlsh
or other wrongdoing.
The railways Of the country should be put
completely under the interstate commerce
commission and removed from the domain OF
mission should be made thoroughgoing, so
that il could exercise complete supervision and
control over the issue of securities as well as
over the raising and lowering of rates As
regards rates, at least this power should be
summary, The power to investigate the
financial operations and accounts OF the rail-
ways has been one of the most valuable fea-
lures in recent legislation. Power to make
combinations and traffic agreements should
be explicitly conferred upon the railroads, the
permission of the commission being first
gained and the combination or agreement De
ing published in all its 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 a matter Of course this power should also
be exercised so as to see that no injustice
is done to the railroads. The shareholders
the employees and the shippers all have in
terests that must be guarded. 1t is to the
interest of all of them that no swindltng
stock speculation should be allowed and that
there should be no improper issuance of Sc
curities. The guiding tnteligences necessary
for the successful building and successful man
agernent OF railroads should receive ample re-
inuneration, but no man should be allowed to
make money in connection with railroads out
of fraudulent decentralization ana kindred
stock grabbing performances; there must De
no defrauding Of investors, oppression Of the
farmers and business men who ship freight
or caiIous disregard Of the rights and needs
OF the employees. In addition to this the IN
terests OF the shareholders, of the en-
uloyes and OF the shippers should all be
s.iaaYded as against one another To give any
one Of them undue and improper consldera-
ton is to do injustice to the others, Rates
must be made as low is compatible with
giving proper returns to all the employees of
the railroad, from the highest TO the low
est and proper returns 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 share
holders.
Telegraph and telephone companies en-
gagged In Interstate business should be put un-
der the jurisdiction Of the interstate commerce
commission.