The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1911-12-08
The PresIdent,s Trust Messaae

hope for much at this session OF Con
gress for that body must first talk it,
self out and also prepare for the polit-
ical exigencies of the presidential
campaign. But the message itself re-
yeals the effects of the recent public
agitation of the issue. One may see
reflected in it the gradual crystaliza-
tion of the most intelligent public
opinion; and this fact tends to con-
Arm the view that the government
suit against Mr.. Roosevelts model
trust. the United States steel corpor-
alton. did more to force a salution OF
the general problem than any single
administrative act since the antitrust
law was passed in 1880.
The presidents recent speeches IN
the West on the trust question were
better forgotten, now that this very
able and weighty state paper is be-
fore the country. In those addresses
Mr.. Taft assumed, not unnaturaliy
perhaps, that no supplementary legls-
lation could be secured-at least along
such lines as he could approye-and
his position seemed unsatisfactory by
reason of its wholly stationary as
pect. He advised no amendment OF
the law, recommended no new enact
ments and seemed content to leave
everything to the courts. AS matter
of fact, he had previously taken
much more progressive attitude, quite
different from that of his recent ives
tern speeches, in his special message
of January 7, 1910; and the presidents
friends will be pleased to observe that
he now reverts to that message and
builds upon 1t a constructive policy
that must challenge serious attention,
even if 1t must fail in winning the in
dorsement of all students and agita-
tors of the question.
The defense OF the supreme court
decisions in the oil and tobacco cases
is more acute and lawyer-like than the
similar defense in the western speech
es; and so, too, the exposition OF the
court DEGREES reorganizing those
trusts reveals the working of the pres
ident's legal mind at its best AS for
the effectiveness of those DEGREES in
restoring genuine competition, in spite
of the prorata distribution of stock
ownership in the new companies, 1t
is apparent that opinion in general re-
CARDS the outcome with deep skepti-
cism. The presidents confidence that
competition will really be restored is
certainly not shared by the tobacco
independents" who this very week
have appealed to the United States
supreme court to review the work Of
the circuit court of the district of New
York. But as this is a point which
only experience can resolve beyond a
doubt, one needs only to note the
presidents optimistic argument
pausing, of course, to catch his direct
allusion to Mr.. Roosevelt's recent ar
ticle on the trusts, in the PASSAGE
Those critics who speak of this dis
indignation in the trust as mere
change OF garments have not given
consideration to the inevitable work
| ing OF the decree and understand little
| the personal danger of attempting to
| evade or set at naught the solemn in
| junction of a court whose object Is
made plain by the decree and whose
inhibitions are set forth with a detail
and comprehensiveness unexampled
in the history of equity Jurisprudence.
The important feature of the mes
sage is the presidents renewed recon
mendation OF the enactment OF feder'
al incorporation law, which was the
basis of his discussion OF the trust
question In the message OF January q
1910. He repeats with emphasis what
he said then as TO the desirability Of
this legislation. urging that events II
the past two years have confirmed the
opinion then expressed. In this con
nection, Mr.. Taft takes pains to say
that corporations OF great size and cal
able of engaging successfully in the
foreign trade are necessary to the
countrys prosperity. Mere size is M
oflense against law or morality "Th'
denunciation OF conspiracies in re
straint OF trade should not and doe
not mean the denial Of organization
large enough to be intrusted with ou
Interstate and foreign trade. II ha
been made more. clear now than II wal
then that a purely negative statute
like the antitrust law may we'll be SUI
plemented by specific provisions 70
the building up and regulation OF le
climate national and foreign com
MERGE" In short, Mr.. Taft's policy 4
the retention and enforcement OF tn,
antitrust law of 1890. in order that n,
corporation may unduly restrain trade
control prices or create monopol
In whole or in part, supplemented b,
a statute specifying what business
methods are unfair and indicative o
an unlawful purpose, and also by faci
titles for the lawful conduct OF bi
business under federal regulation.
For the federal charters which tn
president now recommends would yes
so much power Of supervision and col
troll over the corporations created tina
a substantial form of federal regula
lation would be established. He nov
goes farther in this direction than h
did In the message Of January, 1910
He very nearly meets the wishes O
George W. Perkins in advising the dc
velopment OF the bureau OF corpora
tons into an effective agency for tn
supervision OF Interstate business
Those who have read Mr.. Perkins
speech at Youngstown. o., will b.
struck by the response which thu
non lime frtfcf unnnt.It.t