El Paso herald. (El Paso, Tex.) 1901-1931, 1910-01-07

ent principle which will insure the uni
fOrmity of decision essential to just
judgment
What the Law Says.
In considering Violate of the anti
trust law, we must not forget that the
law makes unlawful methods of carry
ing on business, which, before its pas
sage. were regarded as evidence of
business sagaeity and success. and that
that they were denounced in this act,
not because of their intrinsic morality
but because of the dangerous results
toward which they tended
In dealing with the men who have
used the methods condemned by the
statute, we may we'll facilitate a change
by them in the method Of doing bust
ness and enable them to bring it back
into the zone of lawfulness without
losing to the country the economy of
management by which cost of produc-
ton has been materially lessened and
our foreign trade greatly increased.
Imposed New Law.
1 therefore recommend the enactment
by congress of a general law providing
Tor the formation of corporations to ell
gage in trade and commerce among
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
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 in for the
stock land. if the stock be issued for
property, then for a fair valuation. as
certalned under approval and supervision
of federal authority
1t should subject the real and per-
sonal property only of such corpora
tons to the same taxation as is imposed
by the states within which it may be sit
uated upon other similar properly To-
Gated therein and it should require such
corporations TO file full and complete
reports of their operations with ;he de-
partment of commerce and labor at
regular intervals
Corporations organized under IL act
should be prohibited from acquiring
and holding stock in other corporarions
tcXcept for special reasons upon APPROX
al by the proper federal authorities.
To Create National CoraorafE,ns.
II the prohibition of the antitrust acr
against combinations in restrain of
trade is to be effectively enforced. il is
essential that the national government,
shall provide for the creation of nation
al corporations TO carry on legitimate
business throughout the United States.
The conflicting laws of ne different
states of the union with raspec. to for
eign corporations, make i. diffi-ult if
not impossible for one corporation TO
comply with all their requirements so as
to carry on business in a number OF diff
ferent states
Does Not Repeal Sherman Law.
= The measure contemplated does not
repeal the Sherman anti-trus- law and
is not TO be so framed as 10 permit the
wrongs which 1t is the purpose of that
law TO prevent, but'only TO foster a con-
tinuance and advance of the highest in
dustrial efficiency without permitting
Industrial abuses.
The government is now trying TO dis
solve some of these combinations and it
is not the intention of the governments
to desist in the least degree in its eff
fort to end these combinations which
are today monopolizing the commerce of
this country. Il is not the intention Of
the government TO permit monopoly TO
exist under federal interpretations or
TO transfer to the protecting wing of the
federal government, the state corpora
ton noWs-vioiating the Sherman act.
But il is not and should not be the
policy of the government 10 prevent rea-
sonable concentration of capital which
is necessary to the economic develop |
ment OF trade.
Believes 1t Constitutional
1herp are InOSS WHO doubt the con- |
Of such federal incorpora- |
ton. The regulation of the Interstate |
and foreign commerce is certainly con- |
firrned in the fullest measure upon !
congress and if the purpose of securing |
in the most thorough manner that kind /
of regulation, congress shall insist that |
Il may provide and authorize certain /
agencies to carry or that commerce it [
would seem ID he within its power.
Even those WHO are willing 10 con- |
cede that the supreme court may sustain
such federal incorporation are inclined |
10 oppose it on the ground of its ten |
dency to the enlargement of the federal !
power at the expense of the power of the |
states. It is sufficient answer to this
argument to say that no other method |
can be suggested which offers federal !
protection on the one hand and close
federal supervision on the other hand |
Of these great corporations that are as
wide as the country and are entirely I'M
limited in their business by state lines.
Only Course Open.
The objection that the worst Offend
ars will not accept federal Incorporation
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