Morgan County republican. (Versailles, Mo.) 1906-1914, 1910-01-13
able or can be introduced ints the stat

sh tInblutTbUk Nlo1ttlOAiS VI tuo 0hht-
trust law we. ought. Of course, not TO
forget that that law makes unlawful.
methods Of carrying on business which
dence. OF business sagacity and success,
and that they were denounced In this act
not because of their intrinsic immoral
suits toward which they tended, the con-
sent,a'ion q industrial IN nn,r tne
with many. Of the men who have used
the methods condemned by. the statute
for the purpose Of maintaining 2 proht.
change by them in the method OF 90.
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
trade has been greatly Increased.
Asks National Corporation Law.
II therefore recommend the enactment
by congress OF n general law providing
for the formation of corporations to en-
gage In trade and 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
tional 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
pI'y " tHC td5it phlu III vi Nv hoNN
and IL the stock be issued for property.
then at a fair valuation ascertatned un.
der. approval and supervision or federal
authority. after a 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 u is
proposed to issue stock In VINE OF
such property. II should subject the real
and personal property only of such cor
porations to the same taxation IS i'm.
posed by the states within which 81 may
he situated uDDn other similar properly
located therein. ana It should require
such corporations to file full ana com.
plete reports of their operations with the
department. Of 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
with subordinate corporations in different
states which has been such an effective
agency In the creation of the great trusts
and monopolies.
State Laws Conflict.
'If the prohibition OF the antitrust act
against combinations In restraint OF trade
IL to be effectively enforced, II is essen.
tial that the national government shall
provide for the creation OF national cor
porations to carry on "A legitimate bust
ness throughout the United States. The
conflicting laws of the different states OF
the union with respect To- foreign CORPORA
'''iiS !" ~ ''''h''' - 49,
for one corporation to comply with their
requirements 30 as 10 carry on business
In "A number of different states.
T the suggestion that this propose or
federal incorporation for Industrial COM
binations is intended to furnish them o
refuge in which TO s9n,1nI. ,ihdus'r'a,
should be said that the measure contem-
plated does not repeal the Sherman anti.
trust lay and Is not to be framed SO az
II IL the purpose OF that law to prevent.
but only to foster a continuance and ad-
vance OF the highest Industrial efficiency
without permitting industrial abuses.
such a national Incorporation law will
be opposed. first, by those who believe
that trusts should be completely broken
up and their property destroyed; 1t will
the constitutionality Of such federal in
corporation and even IL II is valid, object
to 1t az too great federal Capitalization.
It will be opposed. third, by those who
will insist that a mere voluntary incor-
poration like this will not attract to its
assistance the worst OF the offenders
will Therefore" propose Instead of II n sys-
tom OF compulsory licenses for all fcdcr-
al corporations engaged In interstate
business.
Let us consider these objections In
their order. The government Is now try
Ing u dissolve some OF these %coinbina-
,ions and II il not the intention Of the
government to dcsist in the least degree
in its effort to end these combinations
which are to-day monOpOliZlng the COM
mcrCe OF this country: that where 1t app
pears that the acquisition and conccn-
tratiOn of property. 20 to the extent OF
creating a monopoly OF substantially and
directly restraining interstate commerce.,
1t 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
ernrnen of "A state corporation now viO-
lating the Sherman act, IIut II Is not.
and should not be, the policy Of the gov
~tration of capital which IA necessary to
the economic development OF manufac-
ture, trade and commerce.
May Doubt Constitutionality.
"Second-Thcre are those who doubt the
constitutionality OF such federal incorpor-
alton. The regulation OF interstate and
foreign IL certainly conferred
In the fullest measure upon congress. and
II for the purpose Of securing In the most
thorough manner that kind OF regulation,
congress shall insist that IL may provide
and authorize agencies to carry on that
commerce. II would seem to be within its
power, this has been distinctly affirmed
with respect to railroad companies doing
an interstate business and interstate
bridges. The power of Incorporation has
been exercised by congress and upheld
by the supreme court in this regard.
Why, then, with respect to any other
form OF interstate like the sale
OF goods across state boundaries and into