The Holly chieftain., 1910-02-25

fulAilment Of the platform pledge -
establish postal savings banks. The
people asked for bread and they are
to receive 4 stone.
FeSerai incorporation Act
AitAengh hsilsA - IL most radical
pieee q leGislatisa which has ever
bsea intrcauosd. and notvtthstaadtns
that It Is . unch bstter piecs e isgis-
lstten thaa ~ tsatsdve dreft Dab.
lisheA . few weeks ego. the federal
incorporatioa set which has como to
congress from the pen a Attorney
General Wickersham and with the o.
X. Of the administratioa. h not the
perfect and desirable bill which the
inspired accounts in regard to its pro-
visions would lead the public to be-
lieve It to be.
From the conment OF tory senators
It Il evident they regard the bill ~
more drastic than they had reason to
expect. They assert 1t can never pass
III its present form. The Progressive
senators regard 1t as too strongly
favoring great combinations and e
ahOrding those which have been out
lawed BY state and federal courts n
refuge from the effect Of court de-
cisions 30 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
fact that the same minds which
evolved the presidents railroad bill
should have regarded special court
as necessary to handle appeals from
the interstate commerce commission,
and yet should have decided that
mere bureau chief in the department
OF commerce and labor should handle
all the questions which must arise
with respect to the Incorporation Of
great interstate commerce combina.
ttons, and the regulation of this
branch Of Interstate commerce.
Where Measure Is Defective.
Absence Of proper means to make
the law effective is attributed by SEN
ators to the tnexperience and incom.
potency of the attorney general as a
lawmaker. They think he did not sec
how impractical he was making his
bill when he imposed upon the com.
missioner of corporations responsible.
ity for everything necessary to en-.
force the law
One section prohibits corporation
from holding stock In another corpor.
alton, while another section permits
one corporation to purchase another
outright and to pay for 1t In stock Is.
sued for the purpose.
There are provisions that make
stock issued for the payment Of prop
erty different from stock paid for 10 /
cash and giving greater privileges ID
the former than to the latter. There
are provisions for the issuance Of
stock to pay for services as well as
for property, and restrictions upon the
corporations. which might mean
great deal were they enforced, but
which may mean very little If an over.
worked commissioner Is to enforce
them all.
In nearly every provision there is
involved also some constitutional
question which will have to be
threshed out and decided by the sen.
ate before that body will consent to
give the house chance at them.
President Taft's Contention.
President Taft maintains that this
measure must be considered with the
antitrust law. and that violations Of
the antitrust Law. will not be permis-
sible II this bill passes any more
than they are without 1t.
The fact that the president pro
poses that federal Incorporation shall
be entirely voluntary further compli.
Gates the whole situation, inasmuch as
IT is obvious that corporations would
accept 1t 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,
ganization Is against 1t. In fact. It is
SO strongly against 1t that the Pro.
gressives cannot escape the conclu-
sion that the bill was not introduced
in good faith-that 1t was brought In
in its present form, so distasteful to
the leaders Of the Organization, who
Immediately put in objection to 1t,
solely for its effect upon the public
mind. Senators who favor the gen.
eral proposition and believe that
eventually something along the line