The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1908-03-27
WILMINGTON NC, MARCH ~ 1908


the attorney general should have the
right TO nominate at least one OF the
receivers: or else In some other way
the interests OF the stockholders
should be consulted, 80 that the man
agement may not be wholly deitV-
cred to the man or men the failure
of whose policy may have necessitat-
ed the creation of the receiyership
Receiverships should be used, not TO
operate roads, but as speedily as
possible to pay their debts and re-
turn them TO the proper owners
/ In addition to the reasons / have
already urged on your attention it
, has now become important that there
should be an amendment OF the anti
trust law, because OF the uncertainty
as 10 how this law affects combina-
! tions among labor men and farmers,
: If the combination had any tendency
; 10 restrict interstate commerce. All
OF thCse combinations, if and while
existing for and engaged in the pro-
motion of innocent and proper pur-
poses, should be recognized as legal
: As | have repeatedly pointed out,
this antitrust law was a most un-
wisely drawn statute. 1t was perhaps
! inevitable that in feeling after the
! right remedy the first attempts to
provide such should be crude; and it
was absolutely imperative that some
; legislation should be passed to con-
| troll, in the interest Of the public,
/ the business use Of the enormous ag-
gregation Of corporate wealth that
are SO marked a feature Of the mod
ern industrial world. But the present
antitrust law, in its construction
and working, has exemplifled only
too we'll the kind Of legislation which
under the guise of being thorough
going, is drawn up in such sweeping
form as to become either ineffective
Or else mischievous.
In the modern industrial world
combinations are absolutely neceS-
sary; they are necessary among bust
ness men, they are necessary among
laboring men, they are becoming
more and more necessary among
farmers Some of these combinations
are among the most powerful Of all
instruments for Wrongdoing. Others
offer the only effective way of meet
ing actual business needs. 1t is mis-
chievous and unwholesome to keep
law, like the antitrust law, which,
while in practice is only partially ef-
fective against vicious combinations
has nevertheless in theory been con-
strued so sweeping to prohibit
every combination for the transac-
|tion of modern business. Some real
good has resulted from this law. But
the time has come when it is impera-
4
is urgently needed for the sake of the
business mon of the country, for the
sake of the wage workers, and for
the sake of the farmers. The congress
can not afford to leave it on the
statute books in it's present shape.
1t has now become uncertain how
far this law may involve all LABOR
Organization and farmers organiza
tiOnS, as well as ali business organ
| izations, in conflict with the law; Or,
if we secure literal compliance with
the law, how far it may result in the
destruction Of the organizations
necessary for the transaction of mod
ern business, as we'll as of all labor
organizations and farmers organiZa-
tions, completely check the wise
movement for securing business CO.
operation among farmers, and put
back half century the progress of
the movement for the beIterment of
labor. A bill has been presented in
the congress to remedy this situation.
Some such measure as this bill IS
needed in the interest Of all engaged
in the industries which are essential
to the country's well-being I do not
pretent to say the exact shape that
the bill should take. and the sugges-
tions | 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, l would suggest, merely ten
tatively, the following changes in the
law:
The substantive part of the anti
trust law should remain as at pre-
sent; that is, every contract in re-
straint Of trade Or commerce among
the several states or with foreign ma
tions should continue to be declared
illegal; provided, however, that some
proper governmental authority (such
as tn. con missioner Of corporatiors
acting under the secretary of COM
merce 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,
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. With
in, say, sixty days of the filing
which period could be extended by
order of the department whenever
for any reason it did not give the
department sufficient time for
thorough examination-the executive
department havin g power might for
bid the contract, which would then
become subject to the provisions of
the antitrust law, IL at all In res
traint of trade
If no such prohibition was issued.
the contract would then only be liza
BILE to attack on the ground that RI