Arizona republican., 1911-12-06
Federal Corporation Commission Pre-
posed.

pert from the Bureau of CORPORA =
tiOns
Federal Corporation Commission Pre-
posed.
do not SGT forth in details the
terms and sections OF statute which
might supply the constructive legiS-
lation permitting and aiding the
formation Of combinations of capital
irto federal corporations. They
should be subject 10 rigid rules as To
their organization and procedure. in
Guiding effective publicity. and tc
the closest supervision as q the ISSUE
Of stocks and bonds nv an executive
bureau or commission in th- depart
ment Of commerce and labor. IL
which in times of doubt they might
we'll submit their proposed plans fog
future business. IL must be dis
tinctly understood that incorporation
under q federal law could not eN-
empt the companv thus formed and
it, incOrpOrators and managers from
prosecution under the antitrust law
for subsequent illegal conduct. but
the publicity of its procedure and the
opportunity for frequent cOnsutati ton
with the bureau or commission in
charge of the incorporation as 20
the legitimate purpose OF lis trans
actions would offer il as great Sc
curity against successful prosecu-
tons for violations Of the law as
would be practical or wise.
Only Supplemental Legislation Needed
The opportunity thus suggested for
federal Incorporation. ii seems 10
me. il suitable constructive legisla-
tion needed to facilitate the squar-
ing OF great Industrial enterprises
10 the rule of action laid down by
the ANTITRUST laW The statute rs
constructed by the supreme court
must continue 10 he in the line OF
distinction for legitimate business.
II must be enforced. unless we are
{" Danish indiv:dualism from all
business and reduce il To one COM
mon system of regulation or control
of prices like that which now pre-
walls with respect TO public utilities
end which when applied To all bust
ness would be long step toward
state socialism.
Importance Of the Anti Trust Act.
The antitrust act is the express
sion Of the effort of a freedom loving
PEOPLE 10 preserve equality of OppOr-
tunity. IL is the result of the CON
iident determination of such a peo-
pie To maintain their future growth
ty preserving uncontrolled and unre-
atrictsd the enterprise Of the ind-
vidual. his industry. his ingenuity. his
intelligence. and his independent
For twenty years or more this
statute has been upon the statute
book. All knew it's general purpose
and approved. Many OF its violators
were cNnica! over it's assumed i'm
rot-nce. II seemed impossible Of
enforcement. Slowly the mills of the
courts ground. and only gradually
did the majesty Of the court assert
itself Many of its statesmen authorI
died before il became living force.
and Ihey and others saw the evil
grow which they had hoped to drs-
troy. Now its efficacy is seen: now
lis power il heavy; now its object is
i,ear achievement. Now We hear the
rali for its repeal on the plea that
il interferes with business prosperity.
md We are advised i'm most general
terms. how by some other statute and
in some other way the evil we are
Just stamping out can be cured. if
we only abandon this work of twenty
years and try another experiment
for another term of years.
II Is said that the act has not
done good. Can this be said in the
face OF the effect Of the Northern
Securities decree? That decree was
in no way 50 drastic or inhibitive in
le tail as either the Standard oil or
no Tobacco decree; but did Il
rot stop for all time the then power
'ul movement toward the control OF
all the railroads OF the country in a
single hand? Such a one-man power
,ould not have been = healthfuI in