Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-02-14
Not Refuse. But Remedy.


[Boston Herald,l
Any discussion OF prospective federal
legislation concerning corporations
should be prefaced by recognition of
the fact that the Sherman antitrust
Law viii not be repealed. Starting with
ihas in mind it IS very easy 10 see that
congress can not pass law permitting
corporations TO do what existing law
says they shall not do. except existing
law is repealed. So that in all fairness
the administrations corporation chart
er bill can not be accused of affording
means Of evading the Sherman law. In
the original tables OF Law there are
Thou Shafts" and Thou -Shalt-Nots.
To the Thou -Shali-Not' of the
Sherman law it is now proposed TO add
the Complementary Thou shalt" 1t is
refuge" for the corporations only
so far as 1t points out more definitely
than heretofore has been pointed out
in law the pathway Of business con-
sclidation and marks its limitations
with certain established lines. The
necessity at the present time is for
sharper definition of the rights and
wrongs of business methods. Better
enforcement of the law is needed and
better definition by law will be cans
to that end.
II IS admitted that except by specific
repeal congress can not grant immunity
from the Sherman act. We do not see
how in any way it can grant immunity
from the statutes of any state 1t is
beyond the power of congress to grant
a refuge for law breaking corporations.
II may bring business order out of
chaos by giving formal approval to
certain law abiding forms Of combin-
alton. When Judge Sanborns opinion
was rendered in the Standard Oil case,
The Herald pointed TO a paragraph
which, seemingly contradictory of other
conclusions drawn, suggested the Eye
of the Needle~ in the statutory wall,
thru which business combination could
pass. If we interpret 1t rightly, the
purpose of the corporation bill offered
by the administration is TO define that
Eye OF the Needle between the mar
row lines Of which the necessities Of
business enterprise can be met and the
laws against coercion of competition
and trade Will not be transgressed. 1t
is to be Complementary TO existing law.
Altho there are some signs of oppo-
sition to this measure from the larger
Industrial and commercial combina-
lions of the country, the necessity of
restoring order in The business world
will compel recognition from this
quarter of the Importance of the presi-
dents recommendation. The co-opera-
ton of the other element Of power.
whether expressed in public opinion or
in congressional votes, bids fair to- be
less easy to secure. There will be jeal-
Gus defense Of state rights, which need
rot be interfered with under this bill.
There will be declarations that the fed
eral charter is only a dodge to esca pc
the penalties CT the Sherman law,
which is not and can not be fact.
And there will be fears. many of them
honest, that such law Will put an end
TO prosecutions. and VIII mean more
privileges and less enforcement of the
law. 1t will be necessary to show the
people that there are teeth in this law.
Forfeiture clauses have been added
since the first draft Of the bill was
made public. Violation Of the restric-
tons OF the Sherman law or of any
other federal law is sufficient reason
for forfeiture Of the charter. Congress
may revoke a charter. But the meas
ure is somewhat indistinct in it's pro-
vision of means for instituting pro-
CsGQlngS In QGIenSe anu maintenance
Of individual rights against corporate
power, and il win not be surprising if.
in its course thru congress. an effort
is made to specifically point out the
means of redress afforded the individ
ual as a balance to the protection af-
fcrded the corporation
There is ample degree Of supervision
required III the measure. The regmla-
ton Of capital methods is drastic and
will undoubtedly excite opposition. The
limitation of the federal charter privilege
to corporations with 100000 capifal IS
certain to meet with opposition, for
what is sauce for the big corpora ton
is sauce for his smaller competitor.
There are other details which will need
to be perfected, but as the groundwork
of system by means of which the
present chaotic condition OF business
can be Strengthened out and certainty
be subs tituted for the present uncer-
tainty, the act should be welcomed and
given immediate consideration by coz
gress. Whether or not such a corpor-
alton act was promised IN the republic
can platform, it is the important duty
before congress. The business Of the
country should not forever be In court
and litigation. The supreme court and
congress should cooperate to give bus
mess rest at the earliest possible
date.