The enterprise. [volume] (Harlem, Mont.) 1899-1926, 1910-02-23

fulfillment of the platform pledge to
establish postal savings banks. The
people asked for bread and they are
to receive a stone.
Federal Incorporation Act.
Although hailed as the most radical
piece of legislation which has ever
been introduced, and Notwithstanding
that it is a much better piece Of legis-
latiOn than the tentative draft pub.
lished few weeks ago. the federal
incorporation act which has come to
congress from the pen Of Attorney
General Wickersham and with the o..
X. of the administration. is not the
perfect and desirable bin which the
inspired accounts in regard to it's pro-
visions would lead the public to be.
linve 1t to be.
From the comment Of tory senator's
1t is evident they regard the bill as
more drastic than they had reason to
expect. They assert it can never pass
in it's present form. The Progressive
senators regard it as too strongly
favoring great combinations and as
affordng those which have been out
lawed by state and federal courts
refuge from the effect of court de-
cisions so that they can continue their
business without materially changing
their methods
Adequate machinery to put the
measure into effect is not provided.
Adverse comment is aroused by the
tact that the same minds which
evolved the presidents railroad bill
should have regarded a special court
IA necessary to handle appeals from
he interstate commerce commission,
and yet should have decided that a
mere bureau chief in the department
If commerce and labor should handle
all the questions which must arise
With respect to the incorporation of
great interstate commerce combina-
ions, and the regulation OF this
branch Of interstate commerce
Where Measure Is Defective.
Absence of proper means to make
he law effective is attributed by sen
Ators to the inexperience and incom-
potency of the attorney general as a
awnaker They think he did not see
low impractical he was making his
bill when he imposed upon the COM
missioner OF corporations responsible.
ty for everything necessary to EN-.
'orce the law,
One section prohibits corporation
rom holding stock in another corpor-
alton, while another section permits
me corporation to purchase another
outright and to pay for It in stock is
sued Tor the purpose.
There are provisions that make
,rty different from stock paid for in
ash and giving greater privileges to
he former than to the latter There
are provisions for the issuance of
stock to pay for services as we'll as
or property and restrictions upon the
corporations. which might mean
srsat deal were they enforced, but
which may mean very little it an over.
Worked commissioner is to enforce
hem all
In nearly every provision there is
involved also some constitutional
question which will have to be
.hreshed out and decided by the SEN
ate before that body will consent to
give The hOnse a chance at them.
President Tatt's Contention.
President raft maintains that this
measure must be considered with tho
antitrust law. and that violations of
he antitrust law will not he permits.
;ihle If this bill passes any more
han they are without it
The fact that the president pro-
poses that federal Incorporation shall
,e entirely voluntary further compli-
Gates the whole situation, inasmuch as
t is obvious that corporations would
accept it only to escape some form of
prosecution under the antitrust law
Or some state law.
However. there is no hope of pass
| ing the bill at this session The Or
yanization Is against it. In fact, 1t is
80 strongly against it that the Pro-
yressives cannot escape the conclu-
sion that the bill was not introduced
IN good faith-that it was brought in
in it's present form, so distasteful to
the leaders of the Organization, who
Immediately put in objection to it.
solely for its effect upon the public
mind. Senators who favor the gen.
sral proposition and believe that
eventually something along the line
suggested may be evolved to deal
with the corporation problems of the
country. now hesitate to say whethe,
this bill is good or bad. They with
hold their opinion until they can study
IT, At the same time they are quite
tree in expressing the opinion thai
they believe the only effect of this bill
will be that which 1t shall exercise
upon the mind of the public In a pure
" political way
JOHN J. HANNAH.