Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1910-01-13
adj. or can be introduced into the stat

I'm considering violations of the anti
trust law we ought, of course, not 20
forget that that law makes uniaWiui,
methods of carrying on business which NC
before its passage were regarded as EVIL
dence of business sagacity and success,
and that they were denounced In TINS 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-
with many of the men who have used
the methods condemned by the statute
for the purpose Of maintaining q pront-
aple business, we may Wen .h haGihaa a az q
ing business, and enable them to bring 1t
back into the zone of lawfulness, without
losing to the. country the economy or
management by which,. in our domestic
trade the cost of production has been
materially lessened, and in competition
with foraign manufacturers our foreign
trade has been greatly increased.
Asks National Corporation Law.
IT therefore recommend the enactment
BY congress of a general law providing
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 IA
tional auspices, of those abuses which
have arisen under state control. Such q
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 IL the stock be issued for property.
then at a fair valuation ascertained un-
authority after full and complete ais
closure Of all the facts pertaining to the
value OF such property and the interest
therein of the persons to whom 1t Is
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 inl-
posed by the states within which it may
be situated upon other similar property
located therein, and 1t should require
such corporations to file full and conf
plete reports of their operations with the
department of commerce and labor at
regular intervals. Corporations organized
under this act should be prohibited from
acquiring and holding stock in other cor.
approval by the proper federal author
ity), thus avoiding the creation, under
national auspices, Of the holding company
with subordinate corporations in different
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
ts to be effectively enforced, it Is essen
tial that the national government shall
provide for the creation Of national cor
porations to carry on legitimate Slsi-
ness throughout the United States. The
conflicting laws Of the different states of
the union with respect to foreign corpora
tions make 1t difficult, ii not impossible,
for one corporation to comply with their
in a number Of different t states 81 BUSINESS
To the suggestion that this proposal OF
federal incorporation for Industrial COM
oinations is intended to furnish them e
refuge in which to continue Industrial
business under federal protection. It
should be said that the measure conter-
plated does not repeal the Sherman anti
to permit the doing of the wrongs which
but only to foster , continuance and ad-
vance Of the highest Industrial efficiency
without permitting industrial abuses.
such national incorporation law win
De opposed. first. by those who believe
hat trusts should be completely broken
ip and their property destroyed It will
he constitutionaiity 81 SUCH FEDERAL Iod IN.
corporation and even II 1t is valid, object
Q 1t as too great federal GENERALIZATION.
! will be opposed. third. by those who |
'oration like this will not attract to its |
assistance tire worst of the offenders |
Igainst the antitrust statute and who
EN- Of compulsory licenses for all feder- |
y corporations engaged In interstate
Let us consider these objections in
heir order. The government Is now try- |
ng to dissolve some OF these combina-
ions and 1t is not the intention OF the I
government to desist in the least degree
which are to-day monopolizing the COM
nerce OF this country; that where 1t APP
ears that the acquisition and concen-
reating monopoly Of Substantially S"t and ID
irectiy restraining Interstate commerce.
Is not the intention of the government
aderal Incorporation or to transfer to
ne protecting wing of the federal gov
rnmen OF state corporation now vio-
, "a the sherman act. But It is not.
rnment to prevent reasonable concen-
'ation of capital which is necessary RI
ne economic development OF manufac-
ire, trade and commerce.
May Doubt constitutionality.
"Second-There are those who doubt the
onstitutionality of such federal incorpOr-
'reigD commerce Is certainly conferred
the FULLEST measure upon congress. and
LOT the purpose Of securing in the most
,orougn manner that kind OF regulation,
no authorize agencies to carry on that
,mmerce, IT would seem to be within its
oyer 2tn this has been distinctly affirmed
Interstate business and Interstate
ridges. The power Of incorporation has
sen exercised by congress and upheld
~AAS SUPP SHiC COuFL IN THIS regard |
ny. then. with respect to any Other
I'm OF interstate commerce like the sale
goods across state boundaries and into
reign countries. may the same power
D pe asserted? Indeed 1t Is the very
g tnat they carry on Interstate COM
cree that makes these great Industrial
'ncerns subject to federal Prosecution
40 control. How far as incidental r.
% carrying on Of that commerce it NAV
within the power OF the federal gov.
nment to authorize the MANUFACTURED a.
DOCS. - perhaps more open to discuss
~, tnougn recent decision Of the sIl-
'eme court would seem to answer that
llestton In the affirmative
Ine third objection, that the worst of
noers VIII not accept federal fncornora
ln, ~ easily answered The decraes -
junction recently adopted in nrcsec,,-
1ns under the antitrust law are "a
or0ugh and sweeping that the cornore
3ns anected by them have hut fhr@.
urSes before them:
FIRST they must resolve themae,ve.
sc tneir component parts In The dinrar-
Y states, with CONSEQUENT Ioss -
emseives OF capital and elective or~a,S
ltlon ana to the country AZ conc~r
ated energy ana enterprise: or secord
oenance of the law and unilAr 1870
49, ~ trust they must attempt to con-
~ ~ Sneir business in violation OF the
~ statute, and thus incur the nam
~ % contempt and bring on an In |
ss..y.e criminal prosecution OF the indi-
c ~ ~ named Ia the decree ana their a.
4