The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1911-12-07
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49,

49,
tegratins parts. The circuit Scourt
and the attorney general were great
ly nided in framing the decree in the
tobacco trust dissolution by an exs
pert from the bureau of corporations.
Federal Corporation Commission Pro
posed.
do not set forth in detail the termg
and sections of a statute which might
supply the constructive legislation per-
hitting and aiding the formation of
combinations of capital into federal
corporations. They should be subject
to rigid rules as to their organization,
and procedure, including effective pub
licity, and to the closest. supervision as
to the issue of stock and bonds by AM
executive bureau or commission in the
department of commerce n labor, to
which in times Of doubt they might
we'll submit their proposed plans for.
future business. 1t must be distinctly
understood that Incorporation under a
federal law could not exempt the COM
pany thus formed and it's i~ncorporators
n managers from prosecution under
the antitrust law for subsequent lille
gal conduct, but the publicity Of its
procedure and the opportunity for FREE
quent consultation with the bureau or
commission in charge Of the incorpora-
ton as to the legitimate purpose of it's
transactions would offer it as great Sc
icurity 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. 1t should be an cxecus
tive tribunal Of the dignity and power
of the comptroller of the currency or
the interstate commerce commission,
which now exercise supervisory power
over important classes of corporations
under federal regulation.
The drafting of such a federal incor1
poration law would offer ample oppori
tunity to prevent many manifest evils
in corporate management today, in1
Guiding responsibility of control In
the hands of the few who are not the
real owners.
Incorporation Voluntary.
l recommend that the federal char
tiers thus to be granted shall be volun-
tary, at least until experience justitiea
mandatory provisions. The benefit to
be derived from tue 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 fed,
eral Incorporation will not have q
right to complain If their failure ia
ascribed to unwilingness to submit
their transactions to the careful scrui
tiny, competent supervision and pub,
licity attendant upon the enjoyment
of such a charter.
Supplemental Legislation Needed.
The opportunity thus suggested for
federal incorporation, it seems to me.
.ia 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 is construed BY
the Supreme court must continue to
pbS IL lllS VI -AV6ALA
mate business. 1t must be enforced,
unless we are to Danish i~ndividualism
from all business and reduce it 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 a long step toward state
socialism.
Importance of the Antitrust Act.
The antitrust act is the expression
of the effort of a freedom-loving PEG,
pie to preserve equality of opportun,
ity. 1t is the result of the confident
determination Of such a 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 it's general purpose and
approved. Many of its yiolators were
cynical over its assumed impotence.
1t seemed impossible OF enforce
ment. Slowly the mills of the courts
ground. and only gradually did the ma
iestv OF the law assert itself. Many
OF its statesman-authors died before IL
became Il living force, and they and
others saw the evil grow which they
had hoped to destroy, Now. it's eff
cacy is seen: now its power is heavy.
nov its object is near achievement,
Now we hear the call for its repeal on
the plea that it interferes with bust,
ness prosperity. and we are advised 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 another ex'
pertinent 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 dras.
ttic or inhibitive in detail as either the