The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1908-02-06

EU-c. Nt.A ~ puDtlC an unnecessary OuE
everlasting tax, while the innocent pur-
cnasers or the stock are also harmed and
Only a rev SPECTATORS are benefited. Such
dlfiiculty be undone; but they can be pre-
vented with safety and WITH Justice.
When combinations OF interstate railways
L Is no longer possible for an interstate
ANYWAY TO issue stock or bonds, save In
sre manner approved by the federal gov
sure that the proceeds Of every stock and
pond issue go into the Improvement OF
me property and not the enrichment of
whenever 1t becomes material for guild,
ance In the regulative action of the gov
eEnment the physical value of one OF
known prtHBperues Is determines and made
rallroad securities that element of un-
certainty which lends to them their spec
uiative quaIlty n which has contributed
| past. 49,
think that the federal
mnss Also assume a certain measure Of
IN the handling Of Interstate
ranlc. The commission now has author
ICY 20 establish through routes n Joint
ratea In order to make this provision
eHective and In order to promote in times
OF necessity the proper movement OF traf-
nc, ! mink tt u also have authority to
de1ermlne the conditions upon which cars
shall be interchanged between different
interstate railways. 1t is also probable
n the commission should have author
ity. In particular instances. to determine
the schedule upon which perlshable com
modities shall be moved.
In reference to the Sherman antitrust
law, 4 repeat the recommendations made
IN my message at the opening of the
present congress, as well as in my mes
q TO the previous congress. The at
tempt In this law to provide In sweeping
terms against all combinations Of what
ever character, if Technically In restraint
OF trade as ouch restraint been de-
nned py the courts, must necessarily be
times both. The present law makes some
ombinaton Illegal, although they may
pc useful to the country, On the other
are bot noxious and illegal, even IL the
action undertaken against them under the
law by the government Is successful. the
benefit 10 tho public. Even though the
combination be broken up n O small
measure OF reform thereby produced, the
real good aimed at can not be obtained.
TOT such real good can come only by q
thorough and continuing supervision over
the acts OF the combination in all its
parts; 50 as to prevent stock watering,
improper forms of competition, and, In
snort, wrong doing generally. The law
should correct that portion OF the Sher-
man act which prohibits all combinations
they be reasonable or unreasonable: but
this should be done only as part of a gem
eral scheme to provide for this effective
1AN NuOLOuBu BOlIk bupCEVlSlOn ON the
national government Of ali the operations
or the big interstate business concerns.
Campaign Against Privileges.
specifically it may seem that the laws,
the passage of which / herein again ad-
Xocate-for l have repeatedly advocated
them before-are not connected. But in
reality they are connected. Each and
every one of these laws, II enacted, would
represent part of the campaign against
privilege, part Of the campaign to make
II the CIlEQ nt RrAaf nFnnarfU hn11nRG
realize that property has its duties no
less a its rights. When the courts
guarantee to the employer, as they should,
the rights OF the employer. and to prop
erty the rights of property, they should
no less emphatically make It evident that
they will exact from property and from
the employer the duties which should
necessarily accompany these rights; and
hitherto our laws ave failed in precisely
this point OF enforcing the performance
OF duty by the man OF property toward
OF great wealth, especially II he uses that
wealth In corporate form, toward the in
weston, the wageworker and the general
public. The permanent failure of the mar
Of property to fulfill his obligations would
Ultimately assure the wrestling from him OF
the privileges which he Is entitled to enjoy
I II he ~recognizes the obligations ac-
share the responsibility for this failure are
rendering but a poor service to the cause
which they believe they champion.
= w ANl hilO" "uGlIl III - DOGSlDle,
BIT IL possible, 1t is certainly desirable,
that in connection with measures to re-
strain stock watering and o~vercapitaliza-
ton there should be measures taken to
prevent at least the grosser forms of gam
bling In securities and commodities, such
as making large sales of what men do
not possess and "cornering' the market.
Legitimate purchases of commodities and
OF stocks and securities for investment
have no connection whatever with pur-
chases Of stocks or other securities or
commodities on a margin for speculative
and gambling purposes. There Is no moral
difference between gambling at cards or
in lotteries or on the race track and gam
bling In the stock market. One method
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 work.
ing of our modern Industrial system, and
extreme care would have to be taken
not to interfere with this business In doing
away with the bucket shop" type OF oper-
alton. 1t would seem that the federal
government could at least act by for
bidding h use OF the mails. telegraph
stocks and futures, just as 1t does In
lottery transactions.
Letters Show Trust Methods.
I inclose herewith a statement issued by
| the chief of the bureau Of corporations
In answer TO certain statements (Which i
! also i~nclose) made by n on behalf OF
| the agents of the Standard Oil corporation
and a letter of the attorney general con-
tanning an answer to certain statements,
also inclosed, made by the president of
thu Santa Fe Railway company. The
Standard OH corporation and the
railway company have both been
found guilty by the courts of criminal
misconduct; both nave been sentenced to
pay heavy fines; and each has issued and
published broadcast these statements, as
| sorting their innocence and d~enouncing as
improper the action of the courts and
juries in convicting them of guilt. These
statements are very elaborate, are very
ingenious. and are untruthful in important
| particulars. 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 fall
| hty Of their plea OF ignorance, the similar
plea OF the Standard OIL being equally
without foundation:
Department OF Justice, Office Of the
United States Attorney, District of Ore
! gon, Portland. Jan. II, 190S.-The Presi-
dent, Washington, d. C.-Dear Mr.. Presi-
dent: / understand that Mr.. Ripley, Of
| the Atchison, Topeka g. Santa Fe railway
system, has commented with some severity
upon your attitude toward the payment
Of rebates by certain transcontnental
I ras .~I kAaN In haa Hnnlnrn1 that