The Daily Missoulian., 1910-01-08

poSfu, however. tnat the word rea-
sonabfe" should be made a part Of the
statute and then it should be left to
the court to say what is reasonable
restraint of trade. what is reasonable
suppression of competition. what is a
reasonable monopoly.
Burden Upon Court.
/ ] venture to think this is to put
| into the hands of the court a power
| impossible to exercise on any consist
ent principle which will insure uni
formity of decision essential to just
Judgment. 1t is to thrust upon the
courts burden that they have no
precedents to enable them to carry. and
to give them a power approaching the
arbitrary, the use of which might In
yolve our whole judicial system in DIS
aster s.s
In considering violations OF antitrust
law. we ought. Of course. not to forget
that law makes unlawful methods OF
carrying on business which, before its
passage, were regarded as evidence of
business sagacity and success and that
they were denounced in this act, not
because of their intrinsic immortality.
but because. OF the dangerous results
toward which, they tended. the concen-
tration Of Industrial power in the
hands of the few. leading to oppres-
sion and injustice. In dealing. how
ever. with many of the men who have
used the methods condemned by the
statute for the purpose of maintaining
a profitable business. we may well fa-
cilitate change by them in the meth
cd of doing business and enable them
to bring II back into the zone of law
fulness. without losing to the country
the economy of management by which.
In our domestic trade. the cost of pro-
duction has been materially lessened
and in competition with foreign manu-
facturers our foreign trade has been
greatly increased.
Must Be Restrained.
Through all our consideration of this |
grave question, however. we must in t
sist that the suppression of competi-
tion. the controlling of prices 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 re-
strained and punished until ended
therefore recommend the enact
for the formation of corpor-
ations to engage i'm trade and com
merce among the states and with for
eign nations. protecting them from un-
due interference by the states and reg
their activities so as to pre-
vent the recurrence. under national
auspices, of those abuses which have
arisen under state control. Such a law
should provide for the issue of stock of
such corporations to an amount equal
only to the cash paid i'm the stock: and
4 the stock be issued for property.
hen at a fair valuation ascertaiped
1nder approval and supervision of fed
sral authority after full and COM
olete disclosure of all the facts per-
aiming to the value of such property
md the interests therein Of the per-
ions to whom 1t is proposed to issue
stock in payment OF such property
'nly of such corporations to the same
axation as is imposed by the states.
within which it may be situated, upon
'thsr similar property located therein
md II should require such. corporations
0 file FUR and complete reports of
heir operations with the department ,
u commerce and labor at regular in. |
ervals.
Holding Company. ,
Corporations organized under this 4
Ct should be prohibited from acauir.
nG and holding stock in other ccr- !
orations Except for special reasons
pom approval by the proper federal
thus avoiding the creation. !
nder national auspices of the holding !
ompany with subordinate corporations G
difterent states, which has been !
ueh an effective agency in the crea- |
ion OF the great trusts and monopo-
es. 1
Ii the problem Of antitrust legisla- c
on against combinations in restraint I
| trade is to be effectively enforced Y
Is essential that the national gov q
rnment shall provide for the creation y
NATIONAL corporations to carry on q y
'gitiamte business throughout the Il
nited States. The conflicting laws of {
he different states of the union with Z
sspect 70 foreign corporations make II n
ltticuit, II not impossible. for one cor
oration to comply with their require 9
tents SO as to carry on a business in
number of different states.
10 the suggestion that this proposal a
federal Incorporation for Industrial c
is intended to furnish
lem refuge in which to continue in
nstrial abuses under federal protec-
no. IT should be said that the meas
re contemplated does not repeal the
herman antitrust law. and is not TO ~
framed SO as to permit the doing /,
the wrongs which II is the purpose a
that law to prevent. but only TO =,
ster continuance and advance OF 81
e highest industrial efficiency with a.
y permitting industrial abuses. =.
viii Be Opposed. lie
Such national incorporation law will y,
opposed. first. by those who believe =,
g trusts should be completely broken ~
and their property destroyed. 1t r
III be opposed. second. by those who =
ubt the constitutionality of such fed -
q incorporation and even If it is val =
object To il as to great federal cen
iiization. 1t will be opposed. third.
those who will insist that a mere bl
iuntary Incorporation like this will II
{ attract TO its acceptance the worst he
the offenders against the antitrust fr
ituta and Nf1n will he ('C