The Carlisle independent., 1910-01-13
,ble or can be introduced into the stat

able or can be introduced into the stat
 ''in considering violations of the anti trust law we ought, or course, not tp methods of carrying on business which before it's passage were regarded as eVl- @ dence of business sagacity ana success, and that they were denounced Tn thls aJt not because of their intrinsic lmmoral- ity, but because of the dangerous re suits toward which they tended, the con con centraton of Industrial power in the hands of the few, leading to oppres- sion and injustice. In dealing, therefore, | with many. of the men Wno nave tS'ta tS9e | for the purpose of maintaining proHt- able business, we may well faclhtate change by them in the method i,,e 0i 13t # | back into the zone of laWfuiness, WltIioue | losing to the country the economy or
 by EhGnd nroddct,on m our bag been l materially lessened, and in competition | with foreign manufacturers our foreign | trade has been greatly increased.
 Asks National Corporation Law. q therefore recommend the enactment | by congress of a general law pr provldlns VI a1s | for the formation of corporations to en- | gage in trade and commerce among the | states and with foreign nations, protect | ing them from undue interference by the | states and regulating their activities so | as to prevent the recurrence, under na- | tional auspices, of those abuses which | have arisen under state control Such l law should provide for the issue of stock | of such corporationas to an amount equal | only to the cash paid in on the stoch' | and if the stock be issued for property, | then at a fair valuation ascertained un- | der approval and supervision of federal authority after a full and complete dis 1 closure of all the facts pertaining to the | value of such property and the Interest | therein of the persons to whom It IS | proposed to issue stock in payment or | such property. It should subject the real l and personal property only of such cor porations to the same taxation as lm- | posed by the states within which 1t may | be situated upon other similar property | located therein, and it should require | such corporations to file full and com | plete reports of their operations With the ] department of commerce and labor at regular intervals. Corporations organized under this act should be prohibited from acquiring and holding stock in other cor | porations (except for special reasons upon | approval by the proper federal author | ity), thus avoiding the creation, under l national auspices, of the holding company ! with subordinate corporations in different i states which has been such an effective l agency in the creation of the great trusts 1 and monopolies.
 State Laws Conflict.
 l eff the prohibition of the antitrust act | against combinations in restraint of trade | is to be effectively enforced, 1t is essen. i tial that the national government shall l provide for the creation or nallOEdl CUT ! porations to carry on legitimate busl- 1 ness throughout the United States. The i conflicting laws of the different states Of 1 the union with respect to foreign corpora 1 tions make 1t difficult, if not impossible, l for one corporation to comply with their i requirements so as to carry on business l in a number of different states
 | "To the suggestion that this proposal Of 1 federal incorporation for industrial com
 binations is intended to furnish them ! refuge in which to continue industrial 1 business under federal protection It | should be said that the measure contep ! plated does not repeal the sherman anti l to permit the doing of the wrongs which l 1t is the purpose of that law to prevent,
 but only to foster a continuance and ad- l vance of the highest industrial efficiency | without permitting industrial abuses. Such national incorporation law will be opposed, first, by those who belt7ve
 that trusts should be completely 9ro-en, be opposed. second. by those who doubt the constitutonality of such federal in- corporation and even if it is valid, object to it as too great federal centralization. Ii will be opposed, third, by those who will insist that mere voluntary ineor- poration like this will not attract to it's assistance the worst of the offenders against the antitrust statute and who will therefore propose instead of 1t a sys- tenn of compulsory licenses for all feder- al corporations engaged in interstate business.
 Let us consider these objections in tnelr oFQeF. he SoNeIiliIltht ls HOW, tlS- ing to dissolve some of these combina- tions and it is not the intention of the government to desist in the least degree
 in its effort to end these combinations which are to-day monopolizing the com
 merce of this country; that where 1t ap- pears that the acquisition and concen-
 tration of property go to the extent of creating a monopoly of substantially and directly restraining interstate commerce, it is not the intention of the government to permit this monopoly to exist under federal incorporation or to transfer to
 the protecting wing of the federal gov ernmen of state corporation now vio- , lating the Sherman act. But it is not, and should not be, the policy of the gov ernment to prevent reasonable concen- tration of capital which is necessary to
 the economic development Of manufac- ture, trade and commerce.
 May Doubt ConstitutionaIity.