Arizona republican., 1908-12-09

have been taken off; there has been
 a reduction of taxation.
 Corporate Combinations.
 As regards the great corporations
 engaged in interstate business, and
 especially the railroads, I can only
 repeat what I have already again
 and again said in my messages to
 the congress. I believe that under
 the interstate clause of the COntitu-
 tion the United States has the com
 plete and paramount right to control
 all agencies of interstate commerce,
 and I believe that the national gov
 ernment alone can exercise this right
 with wisdom and effectiveness so as
 both tc secure justice from, and to do
 justice to. the great corporations which are the most important factors
 ia modern business. I believe that
 it is worse than folly to attempt to prohibit all combinations as is done by the Sherman antitrust law. be- cause such a law can be enforced only imperfectly and unequally, and
 it's 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 combi
 nations which are in the interest of the public. but shall at the same time give to some agency of the na- tional government full power of con troI and supervision over them One Of the chief featIres of this control should be securing entire publicity in all matters which the public has a right to know, and furthermore, the power, not by judicial but by execu- tive action, to prevent or put stop to every form of improper favoritism or other wrongdoing.
 Additional Regulation.
 The railways of the country should be put completely under the inter state commerce commission and re- moved from the domain of the anti trust law The power of the com mission should be made thorough going, so that it could exercise com plete 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 railways has been one of the most valuable fea lures of 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 interest of the public the repre- sentatives of the public should have complete power to see that the rail- roads do their duty by the public, and as a matter of course this power should also be exercised to see that no injustice is done to the railroads. The shareholders, the employees and the shippers al have interests that must be guarded. It is to the interest of all of them that no swindling stock speculation should be allowed, and that there should be no improper issuance of securities. The guiding necessary for the sue cessful building and successful man agement of railroads should receive ample remuneration; but no plan should be allowed to make money in with railroads out of over-capitaliZatiOn and kindred stock gambling performances; there must be no defrauding of in- vestors. 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 share holders. of the employees, and of the shippers should all be guarded as against one another To give any one of them undue and improper con is 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 low est, and proper returns to the share holders; but they must not, for in stance, be reduced in such fashion as to pecessitate a cut in wages of the employees or the abolition of the