The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1911-12-07

mented by specific provisions for the
building up and regulation OF Legitimate
national and foreign commerce.
Courts Need Aid.
The drafting Of the DEGREES In the disco
luton Of the present trusts with q view
to their reorganization into legitimate cor
porations, has made IT especially appar-
t ent that the courts are not provided with
the necessary Inquiries preparatory to re-
organization, or to pursue such inquiries,
and they should be empowered to invoke
determining the suitable reorganization OF
the disintegrated parts. The circuit court
and the attorney general were greatly
bacco trust dissolution by an expert from
the bureau of corporations.
Corporation Commission Proposed.
do not set forth In detail the terms and
sections OF a statute which might supply
the constructive legislation permitting and
aiding the formation Of combinations or
capital into federal corporations. They
should be subject to rigid rules as to their
organization and procedure, including pub
licity, and to the closest supervision as to
the issue of stock and bonds by an execu-
tive bureau or commission I'm the depart
ment of commerce and labor. to which In
times Of doubt they might well submit
1t must be distinctly understood that In
corporation under q federal law could not
exempt the company thus formed and
prosecution under the antitrust law for
subsequent Illegal conduct, but the pub
licity OF Its procedure and the opportunity
for frequent consultation with the bureau
or commission In charge Of the incorpora-
ton as to the legitimate purpose OF It's
transactions would offer II 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 already
referred to. of aiding courts in the disso-
luton and recreation Of fruits within the
law. 1t should be an executive tribunal
OF the dignity and power Of the comp
troller OF the currency or the Interstate
Commerce commission, which now exel-
else supervisory power over important
classes Of corporations under federal regu-
lation.
The drafting of such a federal incorpora-
ton law would offer ample opportunity to
prevent many manifest evils IN corporate
management today, including irresponsi-
bility Of control in the hands of the few
who are not the real owners.
Supplemental Legislation Needed.
The opportunity thus suggested for fed
eral Incorporation, It seems to me, Is suit
able constructive legislation needed to IA
cil.tate the squarfng of great Industrial
by the antitrust law. This statute as
construed by the supreme court must con-
tinue to be the line of distinction for ie-
climate business. It must De enforced,
from all business and reduce It to one
common system or regulation or control
of prices like that which now prevails
when applied to all business would be q
long step toward state socialism.
incorporation Voluntary,
I recommend that the federal charters
thus to be granted shall be voluntary. at
least until experience justifies mandatory
provisions. The benefit to be derived from
the protection Of such charter would
attract all who are anxious to keep with
in the lines Of the law. Other large COM
binations that fail to take advantage OF
the federal Incorporation will not have a
right to complain IL their failure is as
cribed to unwilltngness to submit their
transactions to the careful official sSrut-
my competent supervision and publicity
attendant upon the enjoyment OF such
charter.
Importance of the Act.
The antitrust act is the expression Of
the effort Of g freedom-loving people to
result of the confident determination OF
such a people to maintain their future
growth by preserving uncontrolled and un-
restricted the enterprise of the indiY' dual.
his industry, his ingenuity, his intelli-
gence. and his independent courage.
For 20 years or more this statute has
been upon the statute book. All knew its
its violators were cynical over its as
nSfS p0t esnnfSoreemsn. ss slosiy the
mills of the court ground. and
assert itself. Many of its statesmen-au-
| thors died before 1t became a living force,
and they and others saw the evil grow
which they had hoped to destroy Now
its efficacy Is seen; now Its power II
ment. Now we hear the call for its re-
peal on the plea that 1t interferes with
business prosperity, and we are advised
| in most general terms, how by some other
we are Just stamping out can be cured.
II we only abandon this work OF 20 years
and try another experiment for another
| term Of years.
good Can this be said in the face of the
effect of the Northern Securities decree7
That decree was In no way SO drastic or
inhibitive In detail as either the Standard
Oil decree or the tobacco decree: but did
movement toward the control Of all tho
railroads Of the country in a single hnndT
| Such one-man power could not have
been 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 monoplies lawfulg
When all energies are directed. not to-
ward the reduction Of the cost Of produc;
competition, but toward new ways and
means for making permanent In q few
hands the absolute control OF the condt-
lions and prices prevailing In the whole
prise and effort will be paralyzed and the
VIM H. TAFT.
The White House. December s. 1911
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