The Birmingham age-herald., 1911-11-14
THE SHERMAN LAW
By SAY OYARD

tion, cheapest distribution, and cheapest cost 10 the consumer Given these, and the difficulty Is solved. Your socialist con- tends that only the government can pro- vide them. And it is the task of the statesmen, under our system, to make them. And it Is the task of the states men, under our system, to make the law so wise, so equitable, so easy of interpretation, so facile of administration IS to give security to capital always and encourage it to adventure in production and commercial enterprise.
 
 Capital is proverbially timid. That is shown in every financial panic, and hence MT. Taft earns the commendation of all when he says that he would suffer per- sonal harm before he would willingly visit injury on business, which is come to be known as capital invested in our various enterprises. But capital has been hog and gathered where 1t has not strewn, and all the mischief came of that But for that there would have been no Sherman law, no octopus chase.
 The fact is that exorbitant profit is just as injurious to capital in the long run as inadequate profit. It might help mat ters to have every share of capital stock of a corporation "preferred and incap- able of earning more than a fixed divi- dend, devoting all profits in excess of that to betterments, extensions and other necessary or desirable projects. That policy would tend to distribute the own ership of the concern.
 What is meant may thus be illustrated: :: There is the Louisville and Nashville rail- road. Suppose it were established by law that all it's stock should be preferred, the dividend on which should be per cent and no more. Then encourage its em- ployes to invest part of salary or wage in that stock. Induce numerous ship pers--country merchants and farmers-n it's territory to invest what they have as surplus in the stock. Devote the sur plus to making it first class road physi- cally and extending it's lines as far as the money would go. After a while that property would be practically owned by | It's employees and the people whom it served. t might extend further. As he | physical capacity of the road neared per- | fection the surplus would grow greater | Set apart a fund out of that surplus to construct turnpikes from it's stations. That would promote production and create | more business for the road, enhance the I prosperity and promote the general vel fare all along the line. The railroads have got more interest in good country roads l than any other corporate interest Let them build them; let traffic foot the bills | of them, for they are for the benefit of | traffic.
 But remember the chief and worst octo- pus of the lot is tariff protection. Catch that and chop its head off and the rest
 will come. Meanwhile, the beginning
 of tariff reform is free raw materials
 which Will put our manufacturers on an
 equality with those of other great nations
 That is one thing for our old friend the l democratic liarty to remember. It is not the sherman antitrust law that we should put to the front how we may accuse, try
 condemn and execute under it's denuncia- tions. The Aldrich tariff is the rascal we
 are after, Don't go off after rabbit
 keep after the fox