St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1911-11-29

1 have always believed that the
proper and effective regulation of
our railroads should begin with the
organization of the corporation and
it's capitalization, and my belief is
the same with the trusts whether
we must finally require the federal
incorporation of all corporations en-
gagged in interstate business; wheth-
er the federal authorities must nm
ally approve all or any stock and
bond issues; to what extent we
should require the capital stock OF
the corporation to represent at It's
par value money or moneys worth
upon these and kindred questions
I express at this time no opinion.
But I do believe that today we
should require every corporation
desiring to engage in interstate trade
and owning property beyond GER
tain amount to file with the United
States government full information
covering the purpose of it's organ1za-
ton, the authority given it by It's
charter, and an exact account OF
what it's bonds and stock represent.
The government should have au-
thority in any case to verify the
truth of those statements.
I am aware that few agree with
me as to the Importance of this
form of supervision, but it is part
of my creed, which can not properly
be omitted.
I have indicated to you the d1-
rection which, to my mind, the reg
ulation of trusts should take. HOW
shall a beginning be made? what
shall be done now?
Up to the present time the trust
problem has been political. Wnlle
it has been approached from some
quarters by competent investigators,
and while certain phases OF II are
accurately understood as academic
PROPOSITIONS, the whole subject as a
practical question has never been
intelligently studied. nor is there to-
dav adequate information upon
which to reach a conclusion. II this
problem is ever to be properly dealt
with. it must he taken out of poll
tics and treated in a non-part1san
fashion.
It seems to me this could best be
done bv creating an administrative
commission, which should pear
somewhat the same relation to the
antitrust act which the interstate
commerce commission bears to the
act to regulate commerce.
am aware that there is wide
spread prejudice against Interior
ence in business matters by govern
ment commission. 1t sis felt that we
have too much law already, and that
what business needs is less rather
than more.
When our forefathers landed on
these shores the thing most appre-
hended was interference by the gov
eminent in private affairs. what
the individual desired, above every
thing, was to be let alone by the
ruling authorities and suffered 10
work out his own destiny. EVrey
delegation of authority and every
constitution was hedged about with
provisions Of this kind. Today the
condition is exactly the reverse.
Owing to our material and CONNER
ciaI progress, and the economic
changes which have accompanied
this. it has come to pass that the
government must protect the indiv-
idual. No person is strong enough
to cope with these great aggrega-
tions which afford us the conVen-
fences and the necessities OF daily
| life. The railroad, the gas COM
pany, the great commercial enter
prise. supply illustrations against
which the individual is powerless.
No better way of exercising the nee
essary governmental interference
has been found than by an admins
trative commission, properly const1-
tuted.
The first duty of this commission,
and it's main duty, at the outset,
should be to Investigate and report
1t should be given the fullest power
to obtain information both by pr1-
vate and public proceedings, and 70
make that information public. IL
should report to Congress the result
of it's Investigations and it's conclu-
sions as to further legislation.
1 have been for Is years a mem
Der of the interstate commerce com
mission. During the first 10 OF
those years that body exercised lit
tie real power except the authority
to investigate and report. In the last
five years it has possessed an au-
thority little short of tremendous
and yet the work done during the
first 10 years was just as necessary
as that of the last five years.
1t was largely due to the 1nVest1-
cations and publications of that
commission that the public came tC
be Informed of actual conditions and
that a public sentiment was created
which appreciated what was neces-
sary and insisted upon it. Without
the first 10 years the last five could
never have been.
So 1 believe that a commission OF
broad-minded men, competent to IN
derstand and deal with this s1tua-
ton, would in time make plain the
true nature of the question and the
proper remedy; that by gradua
evolution there would come about
general understanding as to what
ought to be done.
Provision should be made against
unfair competitive methods ano
this commission should be charged
with the duty of enforcing these
provisions 1t should be given au-