Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1908-02-14

tOcc upon the pubic an uuuOCcSSdIy Oul
everlasting tax. while the innocent pur-
chasers OF the stock are also harmed and
only a few spectators are benefited. Such
SM ,ein'gs1tv w ne once acS0mplisne &c can IN Win NY
vented with safety with justice.
When combinations of Interstate railways
must obtain government sanction; when
II IS no longer possible for an interstate
railway to issue stock or bonds, save in
the manner approved by the federal gov
eminent; when that government makes
bond issue go into the Improvement Of
the property and not the enrichment of
some individual or syndicate when.
whenever. it becomes material for guild"
ance I'm the regulative action of the gov
eminent, the physical value OF one OF
these properties is determined and made
railroad securities that element of un-
certainty which lends to them their spec
ulative quality and which has contributed
much to the financial stress OF the recent
past.
I think that the federal government
must also assume q certain measure or
railways in the handling Of Interstate
traffic. The commission now has author
ity to establish through routes and Joint
rates. In order to make this provision
effective and in order to promote In times
or necessity the proper movement OF traf-
fc, l think 1t must also have authority to
shall be interchanged between different
interstate railways. It Is also probable
that the commission should have author
ity. In particular instances. to determine
the schedule upon which perfshable COM
modities shall be moved.
In reference to the Sherman antitrust
law, l repeat the recommendations made
In my message at the opening Of the
present congress-, as well as In my mes
sage 10 the previous congress. The at
tempt In this law TO provide In sweeping
ever character. il technically in restraint
OF trade as such restraint has been de-
fined by the courts, must necessarily be
either futile or mischievous, and some
times both. The present law makes some
combinations illegal. although they may
be useful to the country. On the other
hand. as to some huge combinations which
are both noxious and illegal, even IL the
action undertaken against them under the
law by the government Is successful, the
result may be to work but a minimum
benefit to the public. Even though the
combination be broken UP and a small
measure or reform thereby produced, the
real good aimed at can not be obtained,
for such real good can come only by a
thorough and continuing supervision over
the acts OF the combine tion in all it's
parts, so as 10 prevent stock watering.
improper forms Of competition, and, in
short, wrong doing generally. The law
maj act which prohibits all combinations
OF the character above described. whether
they be reasonable or unreasonable; but
this should be done only as part Of a gem
eral scheme to provide for this effective
and thorough going supervision by the
national government Of all the operations
OF the big interstate business concerns.
Campaign Against Privileges.
Superfcially it may seem that the laws,
the passage of which 1 herein again ad-
vocate-for l have repeatedly advocated
them betore-are not connected. But IN
reality they are connected. Each and
represent part of the campaign against
privilege, part Of the campaign to make
the class of great property holders
realize that property has its duties no
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 VIII exact from property and from
the employer the duties which should
necessarily accompany these rights; and
this point Of enforcing the performance
of duty by the man of property toward
the man who works for him., by the man
Of great wealth, especially If he uses tina
wealth In corporate form, toward the in
weston, the wageworker and the general
public. TIL permanent failure of the man
Of property TO fulfill his obligations would
Ultimately assure the wrestling from him OF
the privileges which he is entitled TO enjoy
only If he recognizes the Obligations ac-
~companying them. Those who assume or
share the responsibility for this failure are
rendering but a poor service to the cause
which they believe they m
l do not know whether 1t is possible,
hut II possible, IL IS certainly desirable,
that in connection with measures 10 re-
strain stock watering and overcapitaliza-
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 dc
not possess and 'cornering' the market.
Legitimate purchases Of commodities and
OF stocks and securities for investment
have no connection whatever with pur-
Ch4GaE nF stocks or nfhar SRnJIrifiau 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 aud gam
bling IN the stock market. Onc method
IS just as perlicious 10 the body polite
as the other in kind, and in degree the
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 the use Of the malls, telegraph
and telephone wires for mere gambling in
stocks and futures. just as 1t does In
lottery transactions.
Letters Show Trust Methods.
I inclose herewith a statement issued by
lI4S NlilC VI LIN oblCod vi COEpDIdlIOU6
IN answer to certain statements (Which l
also .ncloee) made by and 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 Enclosed, made by the president OF
the Santa Fe Railway company. The
Standard Oil corporation and the
railway company have both been
found guilty by the courts of criminal
misconduct; both ave been sentenced to
pay heavy fines; and each has issued and
published broadcast these statements as
sorting their innocence and denouncing as
improper the acton OF the courts and
jur.es in convicting them Of guilt. These
atemen 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
s.ty 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. IL. l9oS.-The Presi-
dent, Washington, d. C.-Dea MIR. Presi-
dent: / understand that Mr.. Ripley. OF
the Atchison. Topeka & Santa Fe railway
system, has commented with some severity
upon your attitude toward the paymen
OF rebates by certain transcontinental
railroads and that he has declared that
he personally never knew anything about
any rebates being granted by his road.
i inclose you herewith copy OF
a letter from Edward Chambers, general
freight traffic manage Of the Atchtson,
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