The Forrest City times. [volume] (Forrest City, Ark.) 1871-1919, 1910-01-14
,nl. or can be introduced into the stat

able or can be introduced into the stat
ute.
I'm considering violations of the anti
trust law we ought, of course, not 10
forget that that law makes unlawful.
methods Of carrying on business which
before its passage were regarded as evil
dence of business sagacity and success,
and that they were denounced in this act
not because of their intrinsic immoral
ity. but because of the dangerous re-
suits toward which they tended. the con-
centration Of Industrial power in the
hands of the few, leading to oppres-
sion and injustice. In dealing, therefore,
the methods condemned by the statute
for the purpose OF maintaining profit
able business, we may well facilitate
change by them in the method Of do
ing business, and enable them TO bring II
back into the zone of lawfulness, without
losing to the country the economy OF
management by which, in our domestic
trade the cost Of production has been
materially lessened and in competition
with foreign manufacturers our foreign
trade has been greatly increased.
Asks National Corporation Law.
81 therefore recommend the enactment
by congress of n general law providing
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 ma
Uonal auspices, of those abuses which
have arisen under state control Such a
law should provide for the issue of stock
of such corpOrationas to an amount equal
only to the cash paid in on the stock
and If the stock be issued for property,
then at a fair valuation aseertained IN
der approval and supervision Of federal
authority after full and complete dis
closure of all the facts pertaining To the
value of such property and the interest
therein OF the persons to whom IL is
proposed to issue stock in payment of
such property. 1t should subject the real
and personal property only OF such cor
porauons to the same taxation as i'm
posed by the states within which IL may
be situated upon other similar property
located therein, and it should require
plete reports of their operations with tie
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
national auspices, OF the holding company
with subordinate corporations in different
states which has been such effective
agency in the creation of the great trusts
and monopolies.
State Laws Conflict.
eff the prohibition of the antitrust act
against combinations in restraint of trade
is TO he effectively enforced, il is essen
tial that the national government shall
provide for the creation Of national cor
porations to carry on a legitimate BUSH
ness throughout the United States. The
conflicting laws of the different states OK
the union with respect to foreign corpora
tons make 1t difficult If not impossible,
for one corporation to comply with their
requirements so as to carry on business
in a number of different states
ITO the suggestion that this proposal of
federal incorporation for industrial COM
binations is intended to furnish them
refuge in which to continue industrial
business under federal protection II
should be said that the measure corteip-
plated does not repeal the Sherman anti
trust law and is not to be framed SO as
to permit the doing OF the wrongs which
IT is the purpose of that law to prevent.
but only to foster continuance and ad-
vance of the highest Industrial efficiency
without permitting industrial abuses.
Such national Incorporation law Will
be opposed. first, by those who believe
that trusts should be completely broken
up and their property destroyed. 1t will
be opposed. second by those who doubt
the constt ronaity of such federal in
corporation and even If it is valid, object
TO II as too great federal Capitalization
1t will be opposed, third. by those who
Will Insist thar mere voluntary ineor-
poration like this will not attract To its
assistance the worst of the offenders
against the antitrust statute and who
will therefore propose instead Of it sys-
tenn Of compulsory licenses for all feder-
al corporations engaged in interstate
business.
Let us consider these objections in
their order The government is now try
lions and it is not the intention or the
government to desist in the least degree
in It's effort to end these combinations
which are to-day monopohzing the com
mcrce of this country: that where ii APP
pears that the acquisition and eoneen-
tration of property go to the extent Of
creating n 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 a state corporation now vio-
lating the sherman act. But it is not,
and should not be. the policy of the gov
eminent to prevent reasonable concen-
tration of capital which is necessary to
the economic development OF manufac-
ture, trade and commerce.
May Doubt Constitutionality.
"Second-There are those who doubt the
consututionality of such federal incorpor-
alton. The regulation of interstate and
foreign commerce is certainly conferred