The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-12-09


Practical or wise.
Such bureau or commission might
well be invested also with the duty
already referred to Of aiding courts
IN the dissolution and recreation Of
trusts within the law. 1t should be an
executive tribunal Of the dignity and
power OF the comptroller Of the cur
rency or the Interstate commerce com.
mission. which now exercises superyis-
ory power over important classes Of
corporations under federal regulation.
The drafting Of such a federal in
corporation law would offer ample op-
portunity to prevent many manifest
evils in corporate management TODAY.
including responsibility Of control in
the hands Of the few who are not the
real owners
Incorporation Voluntary.
l recommend that the federal char
ters thus to be granted shall be volun-
tary, at least until experience justifies
mandatory provisions. The benefit to
be derived from the operation of great
businesses under the protection of such
charter would attract all who are
anxious to keep within the lines Of the
law. Other large combinations that
| TAIL to take advantage Of the federal
incorporation will not have q right to
complain II their failure is ascribed to
unwillingness to submit their transac-
ttons to the careful official scrutiny,
competent supervision and publicity
attendant upon the enjoyment Of such
q charter
Only Supplemental Legislation Needed.
The opportunity thus suggested for
FEDERAL incorporation, it seems to me,
Is suitable constructive legislation
needed to facilitate the squaring of
great industrial enterprises to the rule
Of action laid down by the antitrust
law. This statute as construed by the
supreme court must continue to be The
| line Of distinction for legitimate busi-
ness. 1t must be enforced unless we
are to Danish individualism from all
business and reduce it to one common
system Of regulation or control of
prices like that which now prevails
with respect to public utilities and
which when applied to all business
would be long step toward state So
| cialism.
Importance Of the Anti-trus Act.
The antitrust act Is the expression
Of the effort Of freedom loving peo-
pie to preserve equality Of opportunity.
| 1t Is the result Of the confident deter
| mination Of such people to maintain
their future growth by preserving un-
| controlled and unrestricted the enter
| prise Of the individual, his Industry,
bis 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 its violators were
| cynical over it's assumed impotence.
1t seemed impossible Of enforcement.
| Slowly the mills OF the courts ground,
and only gradually did the majesty of
| the law assert itself Many Of it's
! statesmen-authors died before it be-
| came living force. and they and 9TH
ers saw the evil grow which they had
hoped to destroy Now it's efficacy is
seen: now its power is heavy: now its
! object is rear achievement Now we
hear the call for its repeal on the plea
| that il intcrferes with business pros
| perity. and we are advised In most
general terms how by some other stat
ute and In some other way the evil
we are just stamping out can be cured
| IL we only abandon this work Of twen-
| ty years and try another experiment
| for another term of years.
1t is said that the act has not done
good. Can this be said in the face of
| the effect of the Northern Securities
decree? That decree was in no way
so drastic or inhibitive in detail as Ell
ther the Standard Oil decree or the
tobacco decree. But did it not stop
for all time the then powerful move
ment toward the control Of ali the
| railroads Of the country In Il single
hand? Such Il one man power could
not have been healthful influence in
| the republic. even though exercised
under the general supervision of an
Interstate commission.
Do we desire 10 make such ruthless
combinations and monopolies lawful?
When al! energies are directed. not to-
ward the reduction of the cost Of pro-
duction for the public benefit by a
healthful competition. but toward new
ways and means for making perma-
nent in few hands the absolute con-
troll Of the conditions and prices pre-
vailing In the whole Geld Of industry.
then individual enterprise and effort
will be paralyZed and the spirit Of
commercial freedom will be dead.
WM. III. TAFT.
The White House. Dec 5. 1911.