Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1911-12-05

UWuurxpr -Ah1A1A 49, =
commission. which now exercise SUI
pervisory power over Important
classes Of corporations under federal
regulation.
The drafting OF such a federal In
corporation law would offer ample Cd
portunity to prevent many nantes,
evils In corporate management today.
Including lrresponsihility OF control IN
the hands OF the few who are not the
real owners.
incorporation Voluntary.
recommend that the federal char
ters thus 10 be granted shall be vol.
untary at least until experience Jus
titles mandatory provisions. The bene.
|! NJ to be derived from the operation
of great businesses under the protec-
ton OF such a charter would attract
all who are anxious TO keep Within
the lines OF the law. Other large COM
bInaiions that fall TO take acsaniago
of the federal incorporation VIII not
have n right 10 complain II their fail
ure IL ascrihed 10 unwillsngness TO
submit their transactions TO the care
full official scrutiny. competent super
vision aud publicity attendant upon
the enjoyment OF such n charter.
Only Supplemental Legislation Need
ed.
The opportunity thus suggested Tor
Federal Incorporation. ~ seefgis TO me,
| Ii suitable constructive legislation
needed TO facilitate the squaring OF
great Industrial enterprises TO the
rule Of action laid down by the anti
trust law. This statute AZ construed
| hy the supreme court must continue
to he the line OF distinction for loSiti.
mate business Il must he enforced,
unless we are To banish indiyidualiHm
from all business aud reduce to one
common system OF regulation or con-
troll OF prices like that which now pre-
wallis with respect 10 public utilities.
and which when applied 20 all bust
ness would be a long step toward
state socialism,
importance es The Antl.Trus, Act.
The antitrust set Is the expression
of the effort OF a freedom-loylng peo-
pie TO preserve equality OF opportun-
lily. II 10 the result OF the confden.
determination OF such people 10
tUNIt NMNUfA kioNAH w ~"
serving uncontrolled and unrestricted
industry. his Ingenuity. his intelligence
and his independent courage.
For twenty years or more this stat
ute has been upon the statute book.
All knew its general purpose and ap-
proved, Many OF It's yiolators were
cynical over its assumed impotence.
Il seemed impossible Of enforcement
Slowly the mills OF the courts ground,
and only gradually did thn majesty az
the law assert itself Many OF us
ntatesmen.anihofs died before II be-
came living force. and they and
lo,hers saw the evil grow which they
had hoped 10 destroy. Now It's efiica-
jOy IL seen. now its power IL heavy;
now It's object IA near achievement,
Now we hear the cali for It's repeal
on the plea that II interiors with bust
mesa prosperity, and We are advised IN
most general terms. how By some 9TH
~ statute and In some other way the
levi we are just stamping ont can be
cured, II we only abandon this work
OF twenty years and try another ex'
pertinent for another term OF years.
II IL said that the act has not done
good. Can this be said In the face OF
the effect OF the Northern Securities
decreef That decree was Ia no way 50
drastic or inhihltiyo In detail as either
the standard on decree or the To-
hacnn decree; but did Il MOI stop fot
all time the thea powerful movement
toward the control OF all the railroads
of the country IN a single hand? Such
a one.man power could not have been
ia hoalthful Influence IN the republic
even though exercised under the gen
eral supervision OF an Interstate COM
mission.
DO we desire 20 make such ruthless
combinations and monopollea lawful
When all energies are directed. NOS
toward the reduction OF tho cost OF
production for the public benefit by a
heaithful competition. but toward new
ways and means for making perman-
ent In few hands the absolute con
ltrOl OF the conditions aud prices pre-
yaillng Ia the whole Geld Of Industry
then individual enterprise and etfoFl
viii be paTalyxed and the spirit oil
commercial freedom will he dead.
WILLIAM ~ TAFT.
The White House, Dec :. 1911.