Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1910-01-14
able or can be ,~atroduced into the stat

I'm considerirn violations CT the anti
trust law we ought. of course, not to
forget that that law makes unlawful.
methods of carrying on business which
before its passage were regarded as eVl-
dence of business Sag&city and success,
and that they were denounced in this act
not because of their intrinsic immoral
suits toward which they tended. the con-
centration of industrial power IN the
sion and Injustice. In dealing, therefore,
with many of the men who nave useo
the methods condemned by the statute
able business, we may well facilitate a
change by them in the method of do
ing business, and enable them to bring it
back into the zone of lawfulness. without
losing to the country the economy OF
management by which,, in our domestic
materially lessened, and in competition
with foreign manufacturers our foreign
Asks National Corporation Law.
"I therefore recommend the enactment
by congress of a general law proVldlng
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
have arisen under state control. Such q
law should provide for the issue of stock
and if the stock be issued for property,
then at a 1alr VdludCOn aScoECdlnoO II"
authority after a full and complete dis
closure of all the facts pertaining to the
value of such property and the interest
proposed to issue stock in payment Of
such property. 1t should subject the real
and personal property only Of such cor
~porations to the same taxation as i'm
posed by the states within which it may
located therein, and it should require
such corporations to file full and COM
department. of m and labor at
regular intervals. Corporations organized
acquiring and holding stock in other cor
poratiOns Except for special reasons upon
approval by the proper federal author
national auspices, of the holding company
with subordinate corporations in different
states which has been such ar effective
agency in the creation Of the great trusts
and monopoiies.
State Laws Conflict.
'If the prohibition Of the antitrust act
against combinations in restraint of trade
is to be effectively enforced, it is essen
tial that the national government shall
provide for the creation of national cor
hess Throughout the United States. The
conflicting laws of the different states Of
tions make it difficult. if not impossible.
for one corporation to comply with their
requirements 50 50 as to carry on business
T the suggestion that this proposal OF
federal Incorporation for industrial COM
binations is intended to furnish them a
refuge in which to continue industrial
business under federal protection. 1t
should be said hat the measure contem-
trust law and is not to be framed so 40
to permit the doing Of the wrongs which
it is 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. It will
the cOnstitutionality of such federal in
corporation and even if it is valid, object
to it as too great federal Capitalization.
1t will be opposed, third, by those who
will insist that a mere voluntary incor-
assistance the worst of the offenders
against the antitrust statute and who
tenn of compulsory licenses for all feder-
business.
Let US consider these objections in
their order. The government is now try
ing to dissolve some of these combina-
tions and it is not the intention of the
government to desist in the least degree
in it's effort to end these combinations
merce Of this country; that Where it ap-
pears that the acquisition and concen-
tration of property go to. the extent Of
directly restraining interstate commerce,
it is not the intention of the government
federal Incorporation or to transfer to
the protecting wing of the federal gov
ernmen of a state corporation now VIC
and should not be, the policy of the gov
eminent to prevent reasonable concen-
the economic development of manufac-
ture, trade and commerce.
May Doubt ConstitutionaIity.
"Second-There are those who doubt the
constitutiOnality of such federal incOrpOr-
alton. The regulation of interstate and
foreign is certainly conferred
in the fullest measure upon congress-, and
if for the purpose of securing in the most
thorough manner that kind of regulation,
congress shall insist that it may provide
and authorize agencies to carry on that
it would seem to be within it's
power, this has been distinctly affirmed
an interstate business and Interstate
ridges. The power of ncornoration has
been exercised by congress and upheld
by the supreme court in this regard.
form of interstate m like the sale
of goods across state boundaries and into
not be asserted? Indeed, it is the very
fact that they carry on interstate COM
merce that makes these great industrial
concerns subject to federal prosecution
and control. How far as incidental to
the carrying on of that commerce it may
be within the power of the federal gov
rnmen to authorize the manufacturer Of
goods, is perhaps more open to discus
question in the Affirmative.
The third objection, that the worst Of
tenders will not accept federal incorpora-
ton, is easily answered. The DEGREES of
injunction recently adopted in prosecu-
lions under the antitrust law are SO
thorough and sweeping that the corpora
tions affected by them have but three
courses before them:
First. they must resolve themselves
into their component parts in the differ
ent states, with a consequent loss to
themselves of capital and effective organ
ization and to the country of concen-
trated energy and enterprises; or second,
in defiance of the law and under some
secret trust they must attempt to con-
tinue their business in violation of the
federal statute, and thus incur the pen
alties of contempt and bring on an in
eyitable criminal prosecution of the indi-
SociateS; or
Third. they. must ~reorganize and &C
cept in good faith the federal charter I
suEges a federal compulsory license law,