Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1910-01-07
TIE ROCK ISLAND ARGUS. FRIDAY. JANUARY Z 1910.

IN restraint OF trade held at common
law to be reasonable. does not exist.
The opinions of the supreme court ca
clude from the operation of the act
contracts affecting interstate trade IN
but small and incidental way and ap-
ply the statute only TO the real evil
aimed at by congress. The statutes
have been on the statute book now for
two decades and the supreme court in
more tina ma dozen opinions, has con-
strued 1t in its application to the vari-
GUS phases of business combination
and In reference to various subjects
matter. The value of a statute which is
rendered more and more certain in it's
meaning by series of decisions of the
supreme court, furnishes a strong
reason for leaving the act as it is TO
accomplish its useful purpose.
1t is the duty and purpose of the exc
cutive to direct an investigation by tho
department of justice, through the
grand jury or otherwise, into the his.
tory, origin and purposes of all the in
dustrial companies with respect to
which there is any reasonable ground
for suspicion that they have been or.
gantzed for purpose and are conduct
ing business on a plan which is in vic
lation of the antitrust law. But such
an investigation and possible prosecu.
ton OF corporations whose prosperity
or destruction affects the comforts, not
only OF stockholders, but of millions of
wage earners, employees and asso.
ciated tradesmen, must necessarily
tend to disturb the confidence of the
business community to dry up the now
flowing sources Of capital from it's
place OF boarding and produce a hal,
in our present prosperity that will
cause suffering and strained circum.
stances among the innocent many fol
the faults of the guilty few.
Federal Charter Justified.
Generally in the industrial combtna-
ton called trusts the principal bust
ness is in the sale of goods in many
states and in foreign markets-in other
words, the interstate and foreign bust
ness done In any one state. This fact
Will Justify the federal government In
granting federal charter to such a
combination to make and sell in inter
state and foreign commerce the pro-
ducts of useful manufacture under such
limitations as will secure a compliance
with the Antitrust law. 1t is possible
so to frame a statute that, while il
offers protection to federal company
against harmful vexations and un.
necessary invasion by the states, IL
shall subject it to reasonable taxation
and control by the states with respect
to purely local business. Many people
conducting great business have cher
ished hope and belief that in some
way or other a line may be drawn be-
tween good trusts" and bad trusts"
The public, and especially the business
public, ought to rid themselves of the
idea that such a distinction is practi-
cable or can be introduced into the
statute Certainly under the present
Antitrust law no such distinction
exists. 1t has been proposed, however.
that the word reasonable" should be
made part of the statute and then
that it should be left to the court to say
what is reasonable restraint of trade,
what is a reasonable suppression of
competition; what is a reasonable mo-
nopoly. 1 venture to think that this is
to put into the hands of the court a
power impossible to exercise on any
consistent people.
In considering violations of the anti
trust law we ought, of course, not to
forget that law makes H. unlawful
methods Of carrying on business which
before its passage were regarded as
evidence of business sagacity and sue
cess and that they were denounced in
this act, not because of their immor-
atty, but because of the dangerous re-
suits toward which they tended, the
of industrial power in
the hands of che few, leading to oppres-
sion and injustice.
Through all our consideration of this
grave question, however, we must in
sist that the suppression of the compe-
tftion, the controlling of prices and the
or attempt to monopOlize in
commerce and business are
not only unlawful, but contrary to the
public good. and that they must be re-
strained and punished until ended.
National Corporation '.aw.
I. therefore, recommend the enact
ment by congress of general law pro-
viding for the formation of corpora
tons to engage in trade and commerce
among the states and with foreign na-
tons, protecting them from undue in
reference by the states and regulating
their activities so as 10 prevent the re-
currence under national auspices of
those abuses which have arisen under
The state control. Such a law should
provide for the issue of stock of such /
20 an amount equal only
to the cash paid in on the stock and
f the stock be issued for property, /
hen at a fair valuation ascertained /
Inder approval and supervision of
federal authority, after full and com
1lete disclosure of all the facts pertain |
ng to the value of such property and /
he interest therein of the persons to /
whom it is proposed to issue stock in /
payment of such property. 1t should /
subject the real and personal prop
arty only of such corporations to /
he same taxation as is imposed by the |
states within which it may be situated /
lpon other similar property located 4
herein and IL should reot1ira S11pb cor