Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1910-01-08

TO be reasonable does not exist
The opinions of the supreme court
exclude from the operation Of the acr
contracts affecting Interstate trade in
but small and Incidental way and
apply the statute only to the real evil
aimed at by congress.
The statute has been on the statute
book now for two decades. and the
supreme court in more than dozen
opinions has construed 1t 10 applica-
ton to various phases of business COM
blnations and in reference TO various
subjects matter. The value Of a
statute which is rendered more and
more certain In its meaning by Sc
ries of decisions Of the supreme court
furnishes a strong reason for leaving
the act as it is TO accomplish its useful
purpose.
1t is the duty and the purpose of the
executive TO direct an investigation by
the department of Justice through the
grand jury or otherwise into the his
tory, organization and purposes of all
the Industrial companies with respect
to which there Is any reasonable
ground for suspicion that they have
been organized for purpose and are
conducting business on a plan which
is in violation of the antitrust law.
But such an investigation and posi-
BILE prosecution of corporations whose
prosperity or destruction affects the
comfort not only of stockholders, but
of millions of wage earners. employees
and associated tradesmen. must neces-
sarily tend TO disturb the confidence of
the business community. to dry up the
now flowing sources of capital from
Its places of boarding and produce a
halt In our present prosperity that will
cause suffering and strained circum-
stances among the innocent many for
the faults of the guilty few.
Federal Charter Justified.
Generally in the Industrial combina-
tions called trusts" the principal busi-
ness is the sale of goods In many
states and in foreign markets-in other
words. the interstate and foreign bust
ness far exceeds the business done In
any one state. This fact will justify
the federal government - granting a
federal charter to such combination
to make and sell In interstate and for
eign commerce the products of useful
manufacture under such limitations as
will secure compliance with the anti
trust law. 1t is possible so to frame a
statute that, while 1t offers protection
to a federal company against harmful,
vexatlous and unnecessary invasion by
the states, 1t shall subject it to reason
able taxation and control by the states
with respect to purely local business.
Many people conducting great busi-
uesses have cherished hope and
belief that in some way or other line
may be drawn between good trusts"
and dad trusts The public, and es-
pecially the business public. ought to
rid themselves of the idea that such
distinction is practicable or can be in
troduced into the statute Certainly
under the present antitrust law no
such distinction exists. 1t has been
proposed. however. that the word "rea-
sonable' should be made a part of the
statute and then that it should be left
to the court to say what is a reasonable
restraint of trade. what is a reasonable
suppression of competition. what is a
reasonable monopoly. | venture to
think that this is to put into the hands
of the court power impossible to exer-
else on any consistent principle.
In considering violations of the anti
trust law we ought. of course. not to
methods of carrying on business which
before its passage were regarded as
evidence of business sagacity and sue
cess and that they were denounced in
this act not because of their intrinsic
immortality, but because of the danger
Gus results toward which they tended.
the concentration of industrial power
in the hands of the few. leading to
oppression and injustice
Through all our consideration of this
grave question. however we must in
sist that the suppression Of competi-
ton. the controlling Of prices aud the
monopoly or attempt to mouopoize in
| Interstate cplDlDeICc anu DuSintH~ dlt
not only unlawful. but contrary to the
| public good. and that they must be re-
strained and punished until ended.
National Incorporation Law.
! therefore recommend the enactment
by congress of a general law providing
! for the formation of corporations TO
engage in trade and commerce among
the states and with foreign nations,
protecting them from undue interfer-
ence by the states and regulating their
activities, so as to prevent the recur-
renee under national auspices of those
abuses which have arisen under state
control Such a law should provide
for the issue of stock of such corpo-
rations to an amount equal only TO the
cash paid In on the stock, and ii the
stock be issued for property then at a
fair valuation. ascertained under APP
prevail and supervision of federal au-
thority. after a full and complete dis
closure of all the facts pertaining to
the value of such property and the in
terest therein of the persons TO whom