The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1911-12-05


tobacco trust dissolution NJ an ~.
pert from the bureau 0l corporations
Federal Cooperation Commission Pre-
posed
do not Set forth in detail tho terms
and sections Of 8 statute which mi9ht
supply ihe constructive legislation per.
hitting and aiding the formation q
combinations oi >sUital into federal
corporations. They slauld be subject
to rigid rules IL 70 their organization
and procedure. including effective pub
llc.ty and ID the closest supervision aA
to the issue Of stock and bonds by an
executive bureau or commission Ia the
department Of commerce and labor. 70
which In times Of doubt they might
we'll submit their proposed plans for
future business. i must be distinctly
understood that incorporation under
federal law could not exempt the com
pany thus formed and its incorporaiors
and managers from prosecution under
the antitrust law for subsequent ille-
gal conduct. but the publicity Of its
procedure and the opportunity for fire.
Quent consultation with the bureau or
commission IN charge Of the incorpora-
tion as to the legitimate purpose Of It's
transactions would offer Il as great Sc
curity against successful prosecutions
for violations Of the law as would be
practical or wise
Such bureau or commission might
well be invested also with the duty all
ready referred to, Of aiding courts Ia
the dissolution and recreation of trusts
within the law Il should be an execu.
tive tribunal Of the dignity and power
OF the comptroller Of the currency or
tile Interstate commerce commission,
which now exercise supervisory power
over important classes Of corporations
under federal regulation.
The drafting Of such q federal incor-
Doration law aould offer ample oppor-
tunity to prevent many manifest evils
In corporate management t0day, In
Guiding responsibility 81 control IN
the hands of the few who are not the
real owners.
Incorporation Voluntary.
] recommend that the federal char
ters thus to be granted shall be yolun-
tary. at least until experience justifies
mandatory provisions The benefit to
! be derived from Che operation Of great
I businesses under the protection Of
! such a charter would attract All VINO
are anxious 10 keep within the lines
Of the law other large combinations
4 that fail TO take advantage or the fed
eral incorporation will not have
right to complain II their failure ls
aseribed to unwillingness 10 submit
their transactions 10 the careful scru.
tiny, competent supervision and pub
liclty attendant upon the enjoyment
Of such charter
Supplemental Legislation Needed.
The opportunity thus suggested for
+ federal incorporation. Il seems 10 ne.
Is suitable constructive legislation
needed 70 facilitate the sQuaring OF
great industrial enterprises to the rule
Of action laid down BY the antitrust
law. This statute Is construed By
the Supreme court must continue 10
be the line Of distinction for legiti-
mate business Il must be. enforced.
unless We are to Danish indlvidralism
from ALI business and reduce It 70 one
common system 81 regulation Or con.
troll o. prices like that which now pre-.
walls with respect to public utiliues,
and which when applied to all busi-
ness would be a long step toward state
socialism.
Importance Of the Antitrust Act.
The antitrust act Is the expresslon
Of the effort Of a freedomloving pee.
pie TO preserve equality Of opportun.
lty. Il is the result Of the confident
I determination of such people to
maintain their future growth by pre-
serving uncontrolled and unrestricted
the enterprise Of tue individual. hi8
ingenuity. tis intelligence and BIS II.
dependent courage
Tor twenty years or more this stat
ute has been upon the statute book
All knew Of It's general purpose and
approved. Many OF its vlolalors we're
cynical over is assumed impotence.
II seemed impossible OF enforco.
ment. Slowly the mills Of the courts
ground. and only gradually did the ma
jesty Of the lazy assert itself Many
of its stalesmer.authors died before It
became q living force. and they and
others saw the eyil grow which they
had hoped to destroy Now, its en-.
cacy IS seen. now its power is heavy.
now its object is near achievement
Now We hear the call for itn repeal on
the plea that It interieres with busi.
ness prosperity. aud We are advised IN
most general terms how, BY come
other statute and In some other way.
the evil We are Just stamping out can
be cured. II We only abandon this work
of twenty years and try another ek-
pertinent for another term OF years.
Il is said that the act has not done
coed Can this be said 10 the face OF
the effect Of fhe Northern Securities
decrees
That decree was in no way so dras-
tic OF lnhlbitlFe 10 detail as either the
Standard Oil decree or the tobacco de-
cree; bur did II not stop for all time
the then powerful movement toward
the control Of al the railroads Of the
| -------.---- Il : -L----L-- L.--La