Ottumwa tri-weekly courier., 1911-12-14
G. " PERKINS
GIVES VIEWS
QNLEG|S[AT|0N
Financier Tells Senate Com
mittee Business Court
Would Relieve Uncertain
ty and Depression.

Washington, D. c., Dec. 13.-George
W. Perkins, financier and director OF
the United States Steel corporation
told the senate interstate commerce
commission today that the practical
way to give the country's big business
relief from existing uncertainty and
depression would be to create in the
commerce and labor department a
business court, or controlling commits.
sion. with power to license corpora.
tions doing interstate or international
business. Violation of regulations
laid down by such a commission, he
urged, should be punishable by i'm
prisonment of individuals rather than
by revocation of license.
Mr.. Perkins said this commission or
court should be composed largely of
experienced business men.
Ability to comply with conditions
laid down by congress in creating the
commission and with regulations pre-
scribed by the commission ITSELF he
said. should be the test of an appli-
cant for license; publicity, both be-
fore and after licensing, should be the
essential feature Of these regulations
and every company should be required
to secure the approval by the COM
mission OF all it's affairs, from capital
ization to business practice. Mr..
Perkins suggested that in the begin
ming only broad principles be laid
down, with view to celebrating and
perfecting them as conditions re-
quired. s..s ~ u.
sf After proposing this plan for i'm
mediate relief Mr.. Perkins offered an
other prospective relief" This con-
templated the appointment by the
house and senate of commission to
make careful study of the Sherman
law and the various suggestions that
have been made regarding its appeal,
amendment and amplification, and to
report on the wisdom ard practicability
Of q national incorporation act. 3sts
ANY one familiar with present
business conditions in this country,
both as to domestic and foreign trade"
said Mr.. Perkins, realizes that the
brakes are on. We are not expanding
our domestic trade to the extent we
should. New enterprises are not be-
ing undertaken as freely as they
should be. Capital is contracting
rather than expanding its operations,
while Germany, Canada and other
countries are forging ahead with their
Industrial plans. .4
.aThe reason for this arises largely
from the fear engendered by the
prosecution under the Sherman act.
At the present time the business mans
complaint is that he does not know
when he is right and when he Is
wrong, that this apparently cannot be
known until he is prosecuted and his
case reaches the court, and that as
matters now stand he does not and
cannot know as he proceeds with his
business whether he is a good citizen
or a criminal.
Serious as this phase of the situa-
ton is, it is all-important that we do
not commit ourselves to a permanent
national policy until such commitment
can be. made In a calm dispassionate
frame of mind, the people having had
ample opportunity to weigh the pros
and cons of the case. While this is
true, immediate relief is clearly de-
sirable, If such relief can be provided
along conservative lines.
Corporation Tax First step.
1--WE are now collecting taxes from
corporations which is in itself the
first step in establishing the principle
OF publicity between corporations and
government. It ought not to be un-
wise or difficult, therefore, to i'm
mediately expand the powers of the
department of commerce and labor
with regard to publicity and control
sufficient to create a board of control
with power to license such interstate
companies as, in the Judgment OF such
board, are clearly working for and not
against public interest. In other words.
IN sucn cases substitute a board OF
this sort for long drawn out law
suits"