The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1911-12-07

definite and as ciear as that which the
Supreme cour itself iays down In en-
forcing the statute.
Supplemental Legislation Needed-Not
Repeal or Amendment.
!! see no objeclion-and indeed 1 can
see decided adyantages-in the enact
ment Of q Law which shall describe and
%denounce methods of competition,
which are unfair and are badges of the
unlawful purpose denounced in the
antitrust law. The attempt and pur-
pose to suppress a competitor by IN
deiseliing him at a price so unproft
able as to drive him out of business.
or the making of exclusive contracts
with customer under which they are
required TO give up association with
other maausac.~.- i ~us
kindred methods for Sitting compete
ton and eftecting monopoly, should be
described With sufficient accuracy In a
criminal statute on the II hand to
enabie the government to shorten its
task by prosecuting single misde-
canon instead of an entire con
tspiracy. and, on the other hand, TO
serve The purpose Of pointing out
more in detail to the business com
munity what must be avoided.
Federal incorporation Recommended.
In a special message TO congress
on January {, 1910. ventured to
point out the disturbance to business
that would probably attend the disso-
luton of these offending trusts. [
said:
But such an investigation and pos
sible prosecution of corporations
whose prosperity or destruction affects
the comfort not only of stockholders
!, but OF millions of wage earners en-
ployes. and associated tradcsIuen must
necessarily tend to disturb the con-
1depce of the business community.
4 to dry up the now flowing sources Of
!, capital from its places of boarding,
n produce q halt in our present
prosperity that will cause suffering
and strained circumstances among
the innocence many for the faults Of
> the guilty few. The question which
| wish in this message to bring clear
= lily to the consideration and discus
+ ision Of congress is whether, in order
: ito aNoid UGH a possible business
, danger, something cannot be done by
which these business combinations
nay be offered a means, without grea.
. financial disturbance, of changing the
q character, organization. and extent OF
their business into one within the
: lines of the law under federal control
and supervision, securing compliance
, With the antitrust statute.
Generally, in the industrial com
binations called TRUSTS the prin.
ciEal business is tie sale Of goods in
$ many states ard in foreign markets:
iii other words, the interstate and for
eisn business far exceeds the bust,
ness done in any one state. This
d fact Will justify the federal govern
ment in granting q federal charter
j. to such q combination to make and
. sell in interstate and foreign com,
merce the products of useful manu-
$ facture under such limitations as viii
secure a compliance with the anti
J. trust law. 1t is possible SO TO frame
a statute that while it offers protec
@ ton to a federal company agains
a harmful, veXatious. and unnecessary
invasion by the states, 1t shall sub
.ject it to reasonable taxation ant
g control by the states with respect tt
its purely local business.
g Corporations organized under this
act should be prohibited from &C
: quiring and holding stock in Other
! corporations Except for special rea
! sons, upon approval by the proper
federal authority, thus avoiding tho
" creation under national auspices of the
: holding company with subordinate
' corporations in different states, which
. has been such an effective agency III
!, the creation of the great trusts ant
y m%onupolies.
''1f the prohibition of The antitrust
act against combinations in restrain
of trade is TO be effectively enforced
it is essential that the national gov
eminent shall provide for the creation
oil national corporations to carry on {
legitimate business throughout the
e United States. The conflicting laws o
IL the different states OF the Union witt
l. respect to foreign corporations makes
d fl diiHcull, ii not impossible, for one
1t corporation to comply with their re
o quireneEts SO as to carry on bushes!
" IN a number of different states"
renew the recommendation of tn,
enactment of a general law providinf
for the voluntary formation Of cor
3 poratious to engage in trade ana com
" nlcrcc among the states and With for
7 eign cations. Every argument which
was 'hen advanced for such a Law
u and every explanation which was &
! that time offered &c possible objec
j, tons, have been confirmed by our ey
> perierce since the enforcement o
= the antitrust statute has resulted IL
. the actual dissolution OF active com
! mercial organizations
= 1t is even more manifest now tina
p. il vas then that the denunciation o
:, conspiTacies i'll restraint of trad
should not and does not mean the de
MIA! of organizations large enough Il
be Entrusted with our Interstate an,