Daily capital journal. (Salem, Oregon) 1903-1919, 1911-12-06
PRESIDENT DISCUSSES SHERMAN LAW

PRACTICAL or wise.
Such a bureau or commission might
well be invested also with the duty
already referred to Of aiding courts
in the dissolution and recreation Of
trusts within the law. 1t should be an
executive tribunal oil the dignity and
power of the comptroller of the cur
rency or the interstate commerce COM
mission. which now exercises supervis-
ory power over important classes Of
corporations under federal regulation.
The drafting Of such federal in
corpora tion law would offer ample OPP
pOrtunity to 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.
recommend that the federal char
tiers thus to be granted shall be volun-
tary, at least until experience justifes
mandatory provisions The benefit to
be deriv ed from the operation of great
businesses under the protection Of such
a charter would attract all who are
anxious to keep within the lines of the
law Other large combinations that
fail to take advantage Of the federal
Incorporation will not have right to
complain if their failure is ascribed to
unwillingness to submit their transac-
tiOns to the careful official scrutiny,
competent supervision and publicity
attendant upon the enjoyment OF such
a charter
Only Supplemental Legislation Needed.
The opportunity thus suggested for
federal Incorporation it seems to me,
is suita BILE constructive legislation
needed to facilitate the squaring of
great industrial enterprises to the rule
of action laid down by the antitrust
law, This statute as construed by the
supreme 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 it to one common
system of regulation or control of
prices like that which now prevails
with respect to public utilities and
which when applied to, all business
would be a long step toward state So
cialism
Importance Of the Anti trust Act.
The antitrust act is the expression
of the effort of freedom loving peo-
pie to preserve equality Of opportunity.
1t is the result Of the confident deter
minatiOn of such people to maintain
their future growth by preserving un-
controlled and unrestricted the enter
prise Of the individual, his industry,
his ingenuit his intelligence and his
independent courage
For tweHL years or more this stat
ute has be- upon the statute book.
All knew H. general purpose and ap-
proved Many Of its violators were
cynical over its assumed impotence.
1t seemed impossible Of enforcement.
Slowly the mills Of the courts ground,
and only gradually did the majesty of
the law assert itself. Many of its
statesmen authors died before it be-
came living force, and they and 9TH
ers saw the evil grow which they had
hoped to destroy Now its efficacy is
seen: now its power is heavy: now its
object Is near achievement. Now we
hear the call for Its repeal on the plea
that it interferes with business pros
perity, and we are advised in most
general terms how by some other stat
ute and in some other way the evil
we are just stamping out can be cured
II we only abandon this work of twen-
ty years and try another experiment
for another term of years.
1t is said that the act has not done
good. Can this be said in the face of |
the effect of the Northern Securities
decree? That decree was in no way
so drastic or inhlbitive in detail as ei. |
-her the STANDARD Oil decree or the
tobacco decree. But did it not stop
Tor all time the then powerful move
merit toward the control Of all the
railroads OF the country in a single |
hand? Such one man power could |
not have been healthful influence in |
he republic, even though exercised |
lnder the general supervision of an
Interstate commission
Do we desire to make such ruthless |
'om binatiOns and monopolies lawful?
When all energies are directed. not to.
ward the reduction Of the cost of pro-
1uctfon for the public benefit by a
competition. but toward new
ways and means for making perma
lent in few hands the absolute con.
rol of the conditions and prices pre-
railing In the whole field Of industry.
hen individual enterprise and effort
will be paralyzed and the spirit OF
commercial freedom will be dead
U~NT II n, M,