Fair play., 1910-01-15
STE GENEvIEvE, MISSOURI, SATURDAY, JANUARY 15 1910
able or can be introduced into the stat


"ln considering violations OF tho anti
trust law we ought. of course, not 10
forget that that law makes unlaWlul,
methods of carrying on business Whch
before it's passage were regarded as evil
dcnce OF business sagaCity and success,
and that they were denounced in TINS Uyl
not because Of their intrinsic immoral
ity. but because Of the dangerous rec
suits toward which they tended, the con-
centratiou OF industrial power In the
hands of the few, leading To opprcs-
sion and injustice, In dealing, therefore.
with many of the men who have used
the methods condemned by the statute
for the purpose ef maint ming a prunt-
able business, we may well facilitate "A
change by them in the method OF co
ing business. ana enable them TO bring "
back into IN" zone OF law ulness. without
losing to tho country the economy OF
management by which, in our domestic
trade the cost Of production nus been
materially lessened, ana IN competition
with foreign manufacturers our foreign
trade has been greatly increased.
Asks National Corporation Law.
81 therefore recommend the enactment
by congress Of a 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
tional auspices. OF those abuses which
have arisen under state control Such
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 fair valuation ascertained un.
der approval and supervision of 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 IL is
proposed to issue stock in payment of
such property. 1t should subject the real
and personal property only of such cor
posed by the states within which IL may
be situated upon other similar property
located therein, and 1t should require
pete reports of their operations with the
department of commerce and labor at
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 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
Is to be effectively enforced. II is essen
| tial that the national government shall
provide for the creation of national cor
| porations to carry on legitimate busi-
| ness throughout the United States, The
| conflicting laws of the different states of
| the union with respect to foreign corpora
| tions make 1t difficult, IL not impossible,
| for one corporation to comply with their
| requirements so as to carry on business
| in n number of different states.
'To 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 that the measure COntem-
| 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
| /. lY to vraVNf
| but only to foster a continuance and ad-
vance of the highest industrial efficiency
without permitting industrial abuses.
such national Incorporation law will
| that trusts should be completely broken
| up and their property destroyed. 1t Will
| be opposed, second by those who doubt
| the constitutionalty of such federal in
| corporation and even II 1t is valid, object
| to 1t as too great federal Capitalization.
| 1t 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
against the antitrust statute and who
| will therefore propose instead of II 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
! Ing to dissolve some of these combina-
| tons and IL Is not the intention of the
| government to desst in the least degree
| in its effort to end these combinations
| which are to-day monopolizng the com
| mcrce of this country. that where IL ap-
| pears that the acquisition and concen-
| tration of property go to the extent of
| creating 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
| crnmen of a state corporation now Vio-
! lating the Sherman act. But IL Is not,
| and should not be, the policy of the gov
| ernment to prevent reasonable conCen-
| tration of capital which is necessary to
| the economic development of manufac-
| ture, trade and commerce.