Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-03-26
PRESIDENTS MESSAGE.
CONTINUED From Page One.)

and engaged in the promotion of lnno-
cent and proper purposes, should be
recognized as legal AS 1 have repeat
edIy pointed out, this antitrust Law
was most unwisely drawn statute. Ii
was perhaps inevitable that in feeling
after the right remedy the first at
tempts to provide such should be crude
and il was absolutely imperative that
some legislation should be passed To
control, in the interest of the public,
the business use of the enormous aS-
greeatiois OF corporate wealth that are
so marked feature Of the modern
Industrial world. But the present anti
trust law. in its construction and work
ing, has exemplihed only too well the
kind OF legislation which, under the
guise of being thOroughgoing. is drawn
I'D in such sweeping form as to be
come either ineffective or else mischiev-
Gus.
In the modern industrial world COM
binatinns are absolutely necessary;
they arr. necessary among business men,
they arc necessary among iaboring
men, they are becoming more ana lnor :
neccssar r. among farmers. Some Of these
combinations are among the most pow
crful ot AL instruments for wrong
doing. Others offer the only effective
way OF meeting actual business needs.
It is mIschirvouS and unwhols some to
keep upon Iii" STATUTE books unnodiiie'i
"a law. like the antitrust law. which.
while in practice only partially effect
We AGAINST vicious combinations, has
nevertheless IN theory been construed
50 as Swecpingly to prohibit every
combination for the Transaction Of mod
.rn business. Some real good has re-
suited from this law. But the time has
come when il is Imperative 10 modify
it. Such modification is urgently need
cd for the sake of the business men Of
the country, for the sake Of the wage
workers ana for the sake of the farm
ers. The Congress cau not afford t"
leave it on the statute books in its
present shape.
IT has now become uncertain now far
this laW may Involve All labor organi-
cations aud farmers organizations. as
well as all business OrEaniZt-
tons, il conflict with the law; or. if
we secure literal compliance with the
law, how far it may result in the de
Structiou of the organizations necessary
for the transaction of modern business
as well as of all labor organizations
and farmers organizations, complete
ly check the wise movement for secur-
ing business cooperation among farm
ers, and put back half a century the
progress of the movemapt for the bet
ternrent of labor. A bin has been pre-
scented in the Congress to remedy this
situation. Some such measure as this
bill is needed in the interest of all en-
gagged in the Industries which are cS-
Scntial to the country'S well-being. /
do not pretend to say the exact shape
that the bill should take, and the sug-
gestions l have to offer are tentative;
and my views would apply equally to
any other measure which would achieve
the desired end. Bearing this in mind.
| would suggest, merely tentatively,
the following changes in the law:
The substantive part of the antitrust
law should remain as at present; that
is, every contract in restraint of trade
or commerce. among the several States
or with foreign nations should continue
to he declared illegal; provided, how
ever. that some proper governmental
authority (such as the Commissioner
of Corporations acting under the Sec
rotary OF Commerce and Labor be al
lowed to pass on any such contracts.
Probably the best method of providing
for this would be to enact that any
contract, subject to the prohibition
contained in the antitrust law, into
which it Was desired to enter, might be
filed with the Bureau of Corporations
or other appropriate executive body.
This would provide publicity. Within.
saw, sixty days of the fling--which pc
rind could be extended by order of the
Department whenever for any reason
It did not give the Department su,ii-
Gent time for a thorough examination
the exc cutive DEPARTMENT having
pow r might forbid the contract, which
would then become subject to the pro-
visions of the antitrust law. if at all
in restraint of trade.
If no such prohibition was issued, the
contract would then only he liable to
attack on the ground that ii constituted
an unreasonable restraint of trade.
Whenever the period of filing had
passed without any such prohibition.
the contracts or combinations could
be disapproved or forbidden only after
notice and hearing with q reasonable
provision for summary review on ap-