The Washington times., 1911-03-17

practices in interstate commerce. The
Idea of our people is that the local au-
thorities would attend TO the morals
and the safety of investments, and we
never expected to have thrust upon US,
in framing bill to regulate rates and
practices in transportation, a PROPOSE
ton to invade the province of other au-
thorlties and go into and establish en-
tirely foreign regulations; that is, the
taking care of investments and provid-
ing for consultations of corporations"
I: must be said here that in, so far as
Mr.. Adamson opposed the pooling,
features of the Mann bill, as at that
time pending, he had the support Of
practically all of his Democratic COL
leagues, who feared that they might re-
peal the antitrust law as to railroads
without substituting an efficient law 10
cover the matter of preventing railroad
combinations by competing lines. The
Democrats also supported Mr.. Adamson
In opposition to the sections of the bill
establishing the Commerce Court, and in
this they were Joined by some insurgent
Republicans The difference was that
the majority of the Democrats and pro-
gressive Republicans were seeking to
peatedly and consistently declared his
enmity to all or any part of 1t.
On Stock and Bond Supervision.
A few days later. when the PROPOSE
ton to supervise stock and bond issues
was again under discussion, Mr.. Adam
son said:
rs it not every mans business when
he buys bond of a quasi-publc cor
poration operating under a public law
to see what the record shows-to see
whether 1t Is fraudulent or not or
whether IL is watered stock or lawfully
and regularly issued?" And again he
said: =.
I0II far
cash for every dollars worth of stock
subscription on it's face, and having
been organized, they ought to have the
right to get all the credit they need
and their assets and standing would
Justify, and the States will look after
the matter of their honesty and resu-
laritv If we will allow 1t. And there
Is not any use of framing tyrannl-
cal and imperialistic system mere py
which the Vaccinations of the Federal
Government will overawe the state
railroad commissions and attempt to
break down and disregard State au-
thority In order to have Federal regu-
lation of these affairs, which VIII give
to these carriers the thing which they
vainly hoped to get from Federal in
corporations law. and exempt them from
the local regulations as to rates, fares,
practices, and everything else
Report on Wickershsm Bill.
the Interstate Commerce Committee,
which resulted in reporting the Mann
bill to the House, Mr.. Adamson made
1t clear that he was opposed to any
further legislation at that time.
All the Democrats on the committee
were agreed in opposing the Wicker
sham bill as prepared by the Attorney
General and sent to Congress by the.
President, they were all opposed to the
commerce court, but the spirit of their
opposition and their disagreement on
other features led to a divided minority
report That signed by Mr.. Adamson,
Mr.. Richardson of Alabama, Mr.. Bart
lett Of Georgia, and Mr.. Peters of Mas
sachusetts, was unfriendly to the legis-
lation. The other minority report,
signed by Mr.. Russell of Texas. and Ny.
Sims OF Tennessee, were friendly to
the legislation, although II also op-
posed the commerce court.
The chief difference between the two
minority reports was that the Adamson
report specifically opposed stock and