The Tupelo journal., 1911-12-08

denn:te and - clear e. that which the
Supreme court itself lays down In en-
forcing the statute.
Supplemental Legislation Needed-Not
Repeal or Amendment.
e no objectioE-and indeed ! can
g decided advantages-in the enact
ment OF a law which shall describe and
denounce methods Of competition,
which are unfair and are badges of the
unlawful purpose denounced in the
antitrust law. The attempt and pur-
pose to suppress a competitor by I'M
derselling him at a price SO unprofit-
able Is to drive him out of business.
or the making Of exclusive contracts
with customers under which they are
required to give up association with
other manufacturers, and numerous
kindred methods for sitting competi-
ton and %effecting monopoly. should be
described with sufficient accuracy in a
criminal statute on the n hand to
enable the government to shorten it's
task by prosecuting single misde-
meanors instead of an entire on
spiracy. and, on the other hand, to
serve the purpose Of pointing out
more in detail to the business COM
munity what must be avoided.
Federal Incorporation Recommended.
In a special message to congress
on January Z, 1910, l ventured to
point out the disturbance to business
that would probably attend the disso-
luton Of these offending trusts. l
said:
But such an investigation and pos
sible prosecution Of corporations
whose prosperity or destruction affects
the comfort not only Of stockholders
but of millions of wage earners, en-
ployes. and associated tradesmen must
necessarily tend to disturb the con-
f1dence Of the business community,
to dry up the now flowing sources OF
and produce a halt in our present
prosperity that will cause suffering
and strained circumstances among
the innocence many for the faults of
the guilty few. The question which
l with in this message to bring clear
ly to the consideration and discus
sion Of congress IL whether. In order
to avoid such a possible business
danger. something cannot be done by
which these business combinations
may be offered a means, without great
financial disturbance. Of changing the
character. organization. and extent Of
their business into one within the
lines of the law under federal control
and supervision. securing compliance
with the antitrust statute.
Generally, in the industrial com
binations called Trusts the prin-
cipal business is the sale Of goods in
many states and In foreign markets:
in other words. the interstate and for
eign business far exceeds the bust
ness done in any one state. This
fact will justify the federal govern
ment in granting a federal charter
such a combination to make and
sell in Interstate and foreign com
merce the products of useful manu-
facture under such limitations as will
secure a compliance with the anti
trust law. It is possible SO to frame
statute that while 1t offers Rrotec-
ton to a federal company against
harmful. vexatious. and unnecessary
invasion by the states. 1t shall sub
ject it to reasonable taxation and
control by the states with respect to
its purely local business.
Corporations organized under this
act should be prohibited from ac-
curing and holding stock in other
corporations Except for special rea-
sons. upon approval by the proper
federal authority. thus avoiding the
creation under national auspices Of the
holding company with subordinate
corporations in different states. which
has been such an effective agency in
the creation of the great trusts and
IF the prohibition Of the antitrust
act against combinations in restraint
Of trade Is to be e~ffectiv-ly enforced.
1t IL essential that the national gov
eminent shall provide for the creation
of national corporations to carry on a
business throughout the
States. The conflicting laws Of
the different states of the Union with
respect to foreign corporations makes
It dificult. If not impossible. for n
to comply with their re-
quirements SO as to carry or business
in q number of different states"
l renew the Recommendation OF the
enactment Of a general law providing
for the voluntary formation Of cor
po~rations to- engage in trade and com
merce among the states and with for
eign nations. Every argument which
was then advanced for such a law.
and every explanation which was at
that time offered to possible objec-
tons. have been confirmed by our ex-
perience since the enforcement of
the antitrust statute has resulted in
the actual dissolution of active COM
meFcial organizations.
1t Is even more manifest than
"a <bAr <ho< %b~ nciaka to- -