The Washington times., 1911-07-05
NENLANDS PUTS IN
BILL FOR FEDERAL
CONTROL OF TRADE
Nevada Senator Has Meas,
ure for New Inter-
81 state Body.
Continued from First Page.)

Continued from First Page)
clause of the Constitution. In present
ing the bill, he made a brief statement
of its purposes.
For years." he said, 81 have urged
organizing an independent, Quasi-judi-
cial tribunal, of character and dignity,
with large administrative powers, with
power to investigate the big corpora
tons, to correct overcapitaliZation, bad
practices, and unfair competition. and
TO recommend legislation.
Provisions of Bill.
Recent expressions of Judge Gary In
dictate that trust managers realize, as
railroad managers have reluctantly
done, that public regulation is newt
able and even desirable.
MY. bill provides for an interstate
trade commission Of five to control in
dustrial as the Interstate Commerce
Commission controls transportation cor
porations. The Bureau of Corporations
{ is merged into the commission, and the
Commissioner of Corporations is made
a member of the commission.
<The Bureau Of Corporations was mis-
takenly made a mere bureau of a de-
partment, an adviser to the President; n
should have been made an administra-
tive, independent tribunal. with large
powers of examination, correction, and
regulation. This I propose.
Corporations With annual receipts Of
over 100000 are to come within the
purview of the commission. 1t should
not be loaded with concern about small
companies. Those corporations which
make satisfactory showing as to capt.
talization, finances and operations shall
be registered as United States Regis
tered corporations.
Reports will be required from them;
they will be classified, subject to exam
ination, etc, and the facts about them
will be published. Registration may be
Cancelled at any time for improper
financial organization, oppressive COM
petition, acceptance of rebates, discrim-
nations, etc, refusal of access to books,
or violation of any decree under the
Sherman act. In extreme cases theV
may be debarred from Interstate COM
merce.
The commission will have power to
correct 0vercapitalization. No power to
fix prices is given. This can be added
later if wished; the present purpose is
merely to maintain fair competition.
Il was tempted to transfer the en-
forcement of the antitrust act TO this
commission, because, until the present
incumbent took charge the administra-
ton of that act was fitful, political, and
subject to financial exigency. But as
the Attorney Generals office is now ad-
ministered, l thought it best not to in
terfere.
Not more than three of the five COM
missioners may be of the same political
party; appointed by the President sub
Ject to the Senate's confirmati ton; the
term ten years"
Clapp for Plan.
Senator Newlands, in urging this meas
ure, is not acting without realization Of
the difficulties ahead of him. He al
ready has been assured, however. that
Chairman Clapp of the Committee on
Interstate Commerce, will give the
measure early consideration.
to produce legislation along the lines
laid down by the Nevada's mans draft.
Senator Clapp is strongly Of the opin-
ion that such legislation is needed, and
his power, as chairman of the great
committee he heads, will be in favor
of early consideration and action upon
these problems. Senator Cummins, who
also believes strongly in reinforcing the
national power in these matters, is a
member of this committee.
The biIlb as drawn, represents a COM
promise between the ultra State rights
Democratic idea and the extreme Ham
porations should be Incorporated and
managed under Federal law. Mr.. New
lands leaves to the States the charter
ing of companies, but makes them sub
ject to Federal regulation through the
registration measures. The measure
represents the views of many advo-
Gates of a strong national policy, in