The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1908-03-25


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upon the issuance Of an securities
hereafter issued by railroads dong.
an Interstate commerce. bnsiness
A law should be passed providing
IN effect that when q Federal court
1 determines to place a cofnrhOn car
rier or other utility concern under
the control OF q recelYersfiip. the At
tprney General should have the right
70 nominate 1T least one Of the re-
ceiyers; or else in some other way
the interests Of the stockholders
should be consulted, so that the man-
ageInent may not be wholly redeiiv-
cred to the man or men whose fall
ure Of policy may have neces-
lated the creation OF the receiver
I ship, Receiyerships should be used.
/ mot to operate roads but as speedily
as possible 10 pay their debts and re-
turn them 70 The proper owners.
IN addition 70 the reasons have
already urged on your attention, II
has now become important that there
should be an amendment OF the anti
/ trust law, because OF the uncertainty
as 30 how this law affects combina-
tons among labor men and farmers
/ II the combination has any tendency
70 restrict interstate commerce. All
OF these combinations. IL and while
existing for and engaged IN the pro-
notion Of innocent and proper pur-
poses. should be recognized as legal
As / have repeatedly pointed out, this
antitrust law was "a most unwisely
drawn statute.It was perhaps newt
able that in feeling after the right
remedy tlle first attempts 10 provide
such should be crude: and Il was abb
solutely imperative that some legisla-
lion should be passed TO control, IN
the interest OF the public. the business
use OF the enormous aggregations OF
l corporate wealth that are so marked
q feature of the modern Industrial
world, But the present antitrust
law, In It's construction and working.
has exeTnplihed only too well the kind
OF legislation which, under the guise
OF being thoroughgoing IS drawn up
such sweeping form as to become
either ineneetiYe or els nischievous
Modify the Law.
In the modern Industrial world
combinations are absolutely necessary,
they are necessary among business
men, they are necessary among la-
boring men. they are becoming more
and more necessary among farmers.
Some OF these combinations are
among the most powerful of all In
struments for wrongdoing. Others
offer the only effective way of meet
] ing actual business needs. It IS mis-
chievious and unwholesome to keep
upon the statute books unmodified a
law. like the antitrust law. which,
while in practice only partially eff
| fectiye against vicious combinations,
has nevertheless in theory been con-
strued so as sweepingly to prohibit
every combination for the transaction
OF modern business. Some real good
has resulted from this law But the
time has come when 1t Is imperative
1 to modify It. Such modification is
urgently needed for the sake of the
business men of the country, for the
sake of the wage-workers, and for
the sake of the farmers. The Com
gress can not afford to leave It on
the statute books in its present shape.
It has now become uncertain how
far this law may involve all labor
lions, in conflict with the law; or II
we secure compliance with
the law, how far 1t may
result in the destruction of the or
ganizations necessary for the trans
action of modern business, as well as
all labor organizations and farmers
organizations, completely check the
wise movement for securing business
cooperation among farmers, and put
Ii man CENTURY ElL1b pTOkTESS Vi
the movement for the betterment OF
labor A bill has been presented in
the Congress to remedy this situation.
Some such a measure as this bill Is
needed in the interest of all engaged
/ in the Industries which are essential
to the country's well-being. do
not pretend to say the exact shape the
bill should take, and the suggestions
I have to offer are tentative; and my
VfaTua pyOrlH aOr1v anna IN
other measure which would achieve
the desired end. Bearing this In
mind,i would suggest, merely tenta-
lively the following changes in the
law:
Restraint of Trade
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 be declared Illegal; pro-
vlded, however that some proper
governmental authority (such as the
Commissioner of Corporations acting
under the Secretary OF Commerce and
Labor) be allowed to pass on any
such contracts. Probably the best
method of providing for this would
be to enact that any contract, sub
ject to the prohibition contained in
the antitrust law, In which 1t was
desired to enter. might be filed with
the Bureau OF Corporations or other
appropriate eecutIve body. This
would provide publicity. Within.
say, sixty days of the flling-which
period could be extended by order OF
the Department whenever for any
reason 1t did not give the department
sufficient time for a thorough exam
lnation-the executive department
having power might forbid the com
tract, which would then become sub
tect to the provisions OF the antitrust
law, II at all in restraint OF trade.
In Labor's Interest.
II no such prohibition was issued.
the contract would then only be liable
TO attack on the ground that Il con-
stituted an unreasonable restraint Of
trade. Whenever the period of filing
had passed without any such prohi-
bltion, the contracts or combinations
could be disaproved or forbidden
only after notice and hearing with
reasonable provision for summary re-
i VfHVV n a ln1y Ifn nHSa