Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1910-01-08

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trade has been greatly increased.
Through all our considerations of
this grave question however, we
must insist that the suppression OF
competition, the controlling Of pric-
es, and the monopoly or attempt to
monopolize, in interstate commerce
and business, are not only unlawful,
but contrary to the public good, and
that they must be restrained and
punished until ended.
I therefore recommend the enact
ment by congress of a general law
providing for the formation of cor
porations to engage in trade and
commerce among the states and with
foreign nations, protecting them
from undue interference by the
states and regulating their activities,
so as to prevent the recurrence, un-
der national auspices, of those abus-
es, which have arisen under state
control. Such law should provide
for the issue of stock Of such cor
porations, to an amount equal only
to the cash paid in on the stock; and
if the stock be issued for property,
then at a. fair valuation, ascertained
under approval and supervision Of
federal authority, after full and
complete disclosure of all the facts
pertaining to the value of such prop
erty and the interest therein of the
persons to whom it is proposed to
issue stock in payment of such prop
erty. 1t should subject the real and
personal property only Of such cor
porations to the same taxation as is
imposed by the states within which
it may be situated upon other SINH
lar property located therein, and it
should require such corporations to
file full and complete reports of their
operations with the department of
commerce and labor at regular in
tervals. Corporations organized un-
der this act should be prohibited
from acquiring and holding stock in
other corporations except for spec
ial reasons upon approval by the
proper federal authority thus avoid
ing the creation under national aus
pieces, of the holding company with
corporations in different
states, which has been such an eff
fective agency in the creation of the
great trusts and monopolies.
II the prohibition of the anti
trust act against combinations in re.
straint of trade is to be effectually
enforced, it is essential that the ma
tional government shall provide for
the creation Of national corporations
to carry on a legitimate business
throughout the United States. The
laws of the different
states of the union with respect to
foreign corporations make it diff
cult, if not impossible, for one cor
poration to comply with their re-
quirements so as to carry on bust
ness in a number of different states.
To the suggestion that this pro-
posal of federal Incorporation for
industrial combinations is intended
to furnish them refuge in which
to continue industrial abuses under
federal protection, it should be said
that the measure contemplated does
not repeal the Sherman antitrust
law and is not to be framed so as to
permit the doing of the wrongs
which it is the purpose of that law
to prevent, but only to foster con-
tinuance and advance of the highest
industrial efficiency without permit
ting industrial abuses.
Such a national incorporation law
will be opposed, first, by those who
believe that trusts should be COM
pletely broken up and their property
destroyed. 1t will be opposed, Sec
ond, by those who doubt the consti-
tutionality of such federal incorpor-
alton, and even if it is valid, object
to it as too great federal centraliza-
ton. It will be opposed, third, by
those who will insist that a more
voluntary incorporation like
this will not attract to it's
acceptance the worst of the Of
tenders against tie antitrust stat
ute and who will therefore propose
instead of it a system of compulsory
licenses for all federal corporation
engaged in Interstate business.
Let us consider these objections
in their order. The government is
now trying to dissolve some of these
combinations, and it is not the in
tention of the government to desist
in the least degree in it's effort to
end those combinations which are to-
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