Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-12-05

of the dignity and power Of the controller
of the currency OF the interstate COM
merce commission which now exercise
supervisory power over important classes
OF corporations under federal regulation
The drafting of such a federal incor-
poration law would offer ample oppor-
tunity 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.
I recommend that the federal charters
thus to be. granted shall be voluntary.
at least until experience justifies man,
datory provisions. The benefit. to be de-
rived from the operation OF great bust
nesses under the protection of such
charter would attract all who are anxious
to keep within the lines of the law. Other
large combinations that fail to take ad-
vantage of the federal corporation will
not have a right to complain If their FAIL
ure is ascribed to unwillingness TO sub
NIT their transactions to the careful Of
fetal scrutiny. competent supervision and
publicity attendant upon the enjoyment
of such a charter.
Only Supplemental Legislation
-. Needed.
The opportunity thus suggested for fed
eral incorporation, 1t seems to me, is
suitable 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 business. 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 al business would be a
long step toward state socialism
Importance of the Antitrust Act.
The antitrust act is the expression OF
the effort of a freedom loving people to
preserve equality of opportunity. It is
the result of the confident determination
Of such people to maintain their future
growth by preserving uncontrolled and
unrestricted the enterprise of the individ
uaI. his industry his ingenuity. his in
telligence and his independent courage.
For twenty years or more this statute
has been upon the statute book All knew
its general purpose and approved Many
of it's violators were cynical over its as
sumed 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 states,
men-authors died before it became a liv-
ing force and. they ant. others saw the
evil grow which they, had hoped to de-
stroy. Now its efficacy IS seem, now its
power is heavy; now it's object is near
achievement. Now We hear the call for
it's repeal on the plea that 1t interferes
with business prosperity. and we are adj
vsed in most general terms how by
some other statute and in some other
way the evil we are just stamping out
can be cured, if we only abandon this
work of twenty years and try anot er
experiment for another term Of years.
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-
cree? THAT decree was in no way.-so .
drastic or inhibitive in detail as either
the Standard Oil decree or the Tobacco
decree; but did it not stop for all time
the then powerful movement toward the
control Of all the railroads of the country
in single hand? Such a one-man power
could not have been a healthful influence
in the republic, even though exercised
under a general supervision of an inter-
state commission.
Do we desire to make such ruthless
and monopolies lawful?
When all energies are directed not
toward the reduction of the COST of pro-
duction for. the public benefit by a health
full competition. but toward new; ways
and means for making permanent In a
conditions and prices prevailing in the
whole field of industry, then indivi tual
enterprise and effort will be para'yzei
and the spirit of commercial freedom will
be dead. WILLIAM III. TAFT.
The White House. December s.. 1911.