Weekly journal-miner. [volume] (Prescott, Ariz.) 1908-1929, 1911-12-13

nation Of combinations Of capital
into Federal corporations. They
should be subject 10 rigid rules as 10
their organization and procedure, in.
Guiding effective publicity, and 10
the closent supervision as to the is.
sue of stock and bonds by an execu-
tive bureau or commission in the De
partment of Commerce and Labor, 10
which in times OF doubt they might
well submit their proposed plans for
future business. IL must be distinct
ly understood that incorporation un-
der Federal law could not exempt
the company thus formed and it's in
corporators and managers from prose
cution under the antitrust law for
subsequent illegal conduct, but pub
lefty Of it's procedure and the oppor-
tunity for frequent consultation with
the bureau or commission in charge
OF the Incorporation as 20 the legiti-
mate purpose Of its transactions would
offer II as great security against sue
cessful prosecutions for violations Of
the law as would be practical or wise.
Such bureau or commission might
well be invested also with the duty
already referred 20, Of aiding courts
in the dissolution and recreation Of
trusts within the law. II should be
an executive tribunal OF the dignity
and power Of the Comptroller Of the
Currency or the Interstate Commeres
commission, which now exercise So
pervisory power over important class
es OF corporations under Federal reg
ulation.
The drafting Of such a Federal in
corporation law would offer ample Cd
portunity 70 prevent many manifest
evils In corporate management today,
including responsibility Of control
In the hands Of the few who are not
the real owners.
Incorporation Voluntary.
j recommend that the Federal
charters thus 20 be granted shall be
voluntary, Mt least until experience
iustifies mandatory provisions. The
benefit to be derived from the opera.
tion Of great businesses under the
protection Of such a charter would at
tract all who are anxious 20 keen
within the lines Of the law. Other
large combinations that fail 90 take
advantage Of the Federal incorpora-
ton viii not have n right 20 complain
~ their failure is ascribed TO unwin.
ingness 10 submit their transactions
to the careful official scrutiny. com.
petent supervision and publicity at
tendant upon the enjoyment Of such
a charter.
Only Supplements, Legislation
Needed.
The opportunity thus suggested for
EpHgFul instrumentation
- suitable constructive legislation
needed to facilitate the squaring Of
great industrial enterprises 10 the
rule Of action laid down by the anti.
trust law. This statute as construed
by the supreme court must continue
TO he the line Of distinction for Ie-
gitimate business. II must be en-.
forced, unless we are to Danish in.
dividualism from all business and re-
duce II TO one common system Of reg
ulation or control Of prices like that
which now prevails with respect 10
public utilities, and which when an.
Piled 10 all business would be n long
step toward state socialism.
Importance Of the Anti Trust Act
The antitrust act IL the expression
OF the effort of freedom loving PEG
pie 10 preserve equality Of oppor-
tunity. IL IA the result Of the conf
dent determination Of such people
to maintain their future growth by
preserving uncontrolled and unrestrict.
ed the enterprise Of the individual,
hi industry, his ingenuity, his intel.
ligence, and his independent courage.
For twenty years or more this stat.
nte has been upon the statute book.
All knew its general purpose and an
proved. Many Of is violators were
cynical over its assumed impotence.
1t seemed impossible of enforcement.
Slowly the mills of the courts ground.
ana onl y gradually did the majesty
OF the law assert itself. Many 81 its
statesmen authors died before il be.
came a living force, and they and
Others saw the evil grow which they
had hoped 10 destroy. Now its eff.
eacy is seen; now its power IL heavy;
now its object il near achievement.
Now we hear the call for its repeal
on the plea that IL interferes with
business prosperity, and we are ad.
viscd in most general terms, how nv
some other statute and in some otbcr
way the evil we are Just stamping
out can be cured, IL we only abandon
this work Of twenty years and try
another experiment for another term
OF years.
IL Is said that the act has not aons
good. Can this be said in the face
Of the effect Of the Northern seeuri.
ties decreef That decree was In no
way 10 drastic or inhibitive In detail
as either the Standard Oil decree or
the Tobacco decree; but did IL not
stop for all time the then powerful
movement toward the control OF all
the railroads Of the country in
single handi Such q one. man power
could not have been healthfnl In.
puenee in the republic, even though
exercised under the general supervi.
sion Of an interstate commission.
DO we desire 10 make such ruth.
less combinations and monopolies law
fulf When all energies are directed,
not toward the reduction Of the eos,
OF production for the public benefit