The Washington times., 1911-12-05

duct. but the publicity of its procedure
and the opportunity for frequent con-
sultation with the bureau or commits
sion In charge OF the incorporation as
actions would offer II as great security
against, rue cessful prosecutions for vlO.
iations Nof the law as would bo praC-
tical or wise.
Such a bureau or commission might
well be invested also with the duty al
ready referred to, of aiding courts in
the dissolution and recreation Of trusts
tive tribunal Of the % dignity Ve ana nd power power
OF the Comptroller of the Currency or
the Interstate Commerce Commission,
which now exercise supervisory power
under Federal regulation.
The drafting OF such q Federal In
corporation law would offer ample op-
portunity to prevent many manifest
including irresponsibiiity Of control IN
the hands Of the few who are not the
real owners.
I recommend that the Federal char
ters thus to be granted shall be volun-
tary,, at least until experience justifes
mandatory provisions. The beneft to
be derived from the operation of great
businesses under the protection of such
anxious to keep within the lines Of the
law. Other large combinations that
fail to take advantage Of the Federal
incorporation will not have a right to
complain II their failure is ascribed to
unwillingness to submit their transac-
tions to the careful official scrutiny,
competent supervision and publicity at
tendant upon the enjoyment Of such a
charter.
What Legislation Is Needed.
The opportunity thus suggested for
Federal Incorporation. It seems to me,
Is suitable constructive legisla ton need
ed to facilitate the squaring of great
industrial enterprises to the rule of ac-
ton laid down by the antitrust law.
This statute as construed by the Su-
preme Court must continue to be the
line Of distinction for legitimate busi-
ness. 1t must be enforced, unless we
are to Danish individualism from all
business and reduce II to one common
system OF regulation or contro! of
prices price like that which now prevails
which when applied to all business
would be long step toward State So
cialism.
Importance of Antitrust Act.
The antitrust act Is the expression of
the effort Of a freedom-loving people to
preserve equality Of opportunity. 1t Is
the result of the confident determination
OF such a people to maintain their fu-
ture growth by preserving uncontrolled
and unrestricted the enterprise Of the
individual, his industry, his ingenuity,
his intelligence, and his Independent
courage.
For twenty years or more this statute
has been upon the statute book. All
knew knew its general purpose and pp approved:
its assumed impotence. 1t seemed i'm
possible of enforcement Slowly the
mills of the courts ground. and only
gradually did the majesty OF twhe law
assert itself. Many or its statesmen
authors died before 1t became living
force, and they and others saw the evil
grow which they had hoped to destroy.
is % heavy wy e now its Object is W near s scRever @
ment. Now we hear the call for its
repeal on the plea that It interferes
with business prosperity, and We are
some other statute and in some other
way the veil We are Just stamping out
can be cured. II we only abandon this
work OF twenty years and try another
It Is said that the act has not done
good. Can this be said in the face of
the effect of the Northern Securities de-
drastic or inhibitive in detail as eitheI
the Standard Oil decree or the Tobacco
decree; but did 1t not stop for all time
the then powerful movement toward the
try in a single hand? Sucn a one man
power could not have been a healthful
influence In the Republic, even though
exercised under the general supervision
of an interstate commission.
Do We desire to make such ruthless
combinations and monopolies lawful?
When all energies are directed not to-
ward the reduction of the cost of pro-
duction for the public benefit by a
healthful competition, but toward new
ways and means for making permanent
in few hands the absolute control of
the conditions and prices prevailing In
the whole field of industry. then indi-
vidual enterprise and effort will be para
lyzed and the spirit of commercial free
dom will be dead
WIN. II. TAFT.
The White House, December s, 1911.