The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1911-12-05


Iehseso sswss a .AipssnH ~ ~ -
eass fspw il. hasasa ~ e@fHsfNt'nHs
y ~assss r@srefsslse cvwssstssse. Pc
e@..s
a. res set twfth ~ *sthsi ne ssFnas
sps sssfsuas nf ssetase ssieh n'6EHt
supply shs s@ns.smt,svs iselslsssan r*f
mgsssas ard saains The tefns'ion 81
combinations a eassftsl in'e s*asfA
corporations Thsf riswai6 be saht~ct
~ stsla fsit@. ~ 20 their Organisation
ssa rsvs samrs, smcisains effective rah l
lsrits sna 10 she closest supervision -
10 ths tissue ~ steek ssa tn1as ~ ~
ssscailys haresu ~ c0trFassslur ~ TIE
aspArsaeui Of commerce ana labor. 10
Witch In times ~ doubt thef mieht
we'll sahmn their proposed plant fof /
future business II must be distinctly
uodervscxsA that Incorporation enasf
federal law could not exempt The CEN
psny thus formed and its tnrorrorasofs
and managers from prosecution nnaef
,hs antitrust ls~ for subsequent He
ssi conduct. but the publicity OF W.
procedure and the opportunity for ire.
ouens consultation with the bureau OF
commission In charge Of the incorporn-
ton an to the legitimate purpose OF US
transactions would offer II rs great So
ourity against successful prosecutions
for violations of the law as would be
practical OF wise.
such A bureau or commission might
we'll be invested also with the duty al
ready referred to, Of aiding courts In
the dissolution and recreation OF trusts
within the law. II should be an exeeu'
tive tribunal Of the dignity and power
OF the comptroller OF the currency OF
the Interstate commerce commission
which now exercise supervisory power
over important classes of corporations
under federal regulation.
The drafting Of such a federal incor'
porstion law could offer ample oppor'
tunIty to prevent many manifest esiis
In corporate management today, In
GLIDING lrresponsibility of control IN
| the hands OF the few who are not the
real owners.
incorporation Voluntary.
! I recommend that the federal char
| tiers thus TO be granted shall be volun-
| tary. at least until experience 1ustities
mandatory provisions. The beneht 10
| be derived 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 led
eral Incorporation will not have
rirht to complain II their failure -
ascribed to unwillingness to submit
their transactions to the careful scru'
tiny. competent supervision and pub
iicity attendant upon the enjoyment
OF such a charter
Supplemental Legislation Needed.
The opportunity thus suggested Tor
federal incorporation. 1t seems TO me
Is suitable constructive Legislation
needed to fact tate the suuaring oil
great industrial enterprises to the rule
of action laid down by the antitrust
law. This statute is construed py
the Supreme court mugt CONTINUE u
be the line OF distinction for iegit
mate business. 1t must be enforced
unless We are to Danish tndividualism
from all business and reduce 1t to one
common system OF regulation or con
troll OF prices like that which now pre-.
walls with respect to public utilities,
and which when applied to all bust
ness would be long step toward state
socialism
l - A.xAI .,sA IA
| The antitrust act IL the expression
| Of the effort OF a freedom-lovine peo-
pie to preserve equality OF opportun-
ity II In the result OF the confident
determination OF such people to
maintain their future growth by pre-
serving uncontrolled and unrestricted
the enterprise OF the individual. his
ingenuity. his intelligence and his in
dependent courage
| For twenty years or more this stat
ute has been upon the statute book
All knew OF Its general purpose and
approved Many Of its violators were
cynical over its assumed impotence.
II seemed impossible OF enforce
ment Slowly the mills OF the courts
ground. and only gradually did the ma
testy OF the law assert itself Many
| Of Its statesmeu.authors died before It
became living force, and they Ind
others saw the evil grow which they
had hoped to destroy Now. it's eff
cacy Ia seem now Its power Is heavy;
now It's object Ia near achievement.
| Now we hear the call for its repeal on
| the plea that II interieres with bust
ness prosperity, and we are advised in
most general terms how, by some
other statute and In eome other way.
tho evil we are Just stamping out can
DO cured, II we only abandon this work
Of twenty years and try another ex.
pertinent for another term OF years
II Ia said that the act has not done
good Can thls be said Ia the face OF
the effect Of the Northern Securities
decree7
That decree was In no way so dras-
tic or inhibitive In detail ms either the
Standard OIL decree or the tobacco de-
cree. but did It not stop for ail time
the then powerful movement toward
the control OF all the railroads OF the
g., -. OIL