The Parma herald. (Parma, Idaho) 1903-1917, 1911-12-14

to invoke the aid Of the Bureau OF
Corporations in determining the suit
able reorganization OF the disintegrat-
ed parts. The Circuit Court and the
Attorney General were greatly aided
In framing the decree in the tobacco
trust dissolution by an expert from the
Bureau OF Corporations.
For Special Bureau.
do not set forth In detail the terms
and sections of statute which might
supply the constructive legislation per-
hitting and aiding the formation Of
combinations OF capital into Federal
corporations. They should be subject
TO rigid rules as to their organization
and procedure, including effective pub
Lefty, and to the closest supervision
as to the issue OF stock and bonds by
an executive bureau. or commission In
the Department OF Commerce and La
Dor, to which In times OF doubt they
might well submit their proposed plans
for future business. 1t must be dis
tinctly understood that incorporation
under Federal law couio not exempt
the company thus formed and its in
cprporators and managers from prose-
cntion under the antitrust law for
subsequent Illegal conduct. but the pub
licity or Its procedure and the oppor-
tunity for frequent consultation with
the bureau or commission in charge OF
the Incorporation as to the legitimate
purpose OF its transactions would Of
Ter great security against such success
fui prosecutions for violstions OF the
law as would be practical or wise.
Such bureau or commission might
wei be invested also with the duty, al
ready referred to. OF aiding courts in
the dissolution and recreation Of trusts
within the law. IL should be an execu-
tive tribunal OF the dignity and power
OF the controller Of tho Currency OF
the Interstate Commerce Commission
which now exercise supervisory power
over important classes OF corporations
under Federal regulation.
| me drafting OF such a Federal incor-
POI ation law would offer ample oppor-
tnnity to prevent many manifest evils
In corporate management today includ.
Ing irresponsibility OF control In the
hands OF the few who are not the real
| ownors.
recommend that the Federal char
ters thus to be granted shall be volun-
tary, at least until experience justifies
mandatory provisions. The benefit tc
be derived from the operation Of great
businesses under the protection OF sucf
a charter would attract all who are
anxious to keep within the lines of the
Paw. Other large combinations thai
rail- to take advantage of the Fedora
incorporation will not have a right te
complain II their failure is ascribed e
unwillingness to submit their trans.
actions to the careful official scrutiny
competent supervision and publicity at
tendant upon the enjoyment of such Z
charter.
The opportunity thus suggested foi
Federal incorporation. 1t seems to me
is suitable constructive Legislation
needed to facilitate the squarIng O.
great industrial enterprises to the rul,
OF action laid down by the anti-trus
law. This statute as construed by tn,
Supreme Court must continue to be tn,
line OF distinction for legitimate bust
ness. 1t must be enforced, unless W.
are to Danish individualism from al
business and reduce II to one common
system OF regulation or control O
prices like that which now prevails
with respect to public utilities, an,
which when applied to oil business
would be long step toward state so
cialism.
Efficacy Seen.
The antitrust act is the expression
OF the effort OF freedom-loving peopl
to preserve equality of opportunity. I
is the result of the confident determi
nation OF such a people to maintain
their future growth by preserving un
controlled and unrestricted the enter
prise OF the individual, his industry. hi
ingenuity. his intelligence, and his in
, dependent courage.
, For 20 years or more this statute ha
been upon the statute book. All knew
Its general purpose and approved. Man,
OF Its vielators were cynical over 1t
assumed impotence. 1t seemed impos
sible OF enforcement. Slowly the mill
OF the courts ground. and only grad
ually did the majesty OF the law as
sert itself. Many of its statesmen u
thors died before 1t became Twin,
force. and they and others saw the evi
grow which they had hoped to destroy
Now Its efficacy Is seen; now its powe
, is heavy; now its object is near achieve
ment. Now we hear the call for It
, repeal on the plea that 1t interfere
with business prosperity, and we ar
advised in most general terms. how b.
some other statute and In some othe
way the evil we are Just stamping GU
can be cured IL we only abandon thi
work OF 20 years and try another ex
, pertinent for another term of years
; 1t is said that the act has not don
+ good. Can this be said in the face o
= the effect OF tina Northern Securitie
decree? That decree was in no way s.
, drastic or inhibitive in detail as eithe
the standard OH decree or the Tobacco
/ decree; but did II not stop for all tim
the then powerful movement towar,
the control of all the railroads of tn,
country IN a single hand? Such one
man power could not have been
D healthful influence In the Republic
z even though exercised under the gen
! eral supervision OF an interstate com
mission.
Do we desire to make such ruthles
combinations and monopolies lawful
When all energies are directed. not to
ward the reduction OF the cost OF pro
duction for the public benefit by
healthful competition. but toward new
: ways and means for making permanen
In few hands the absolute control o
the conditions and prices prevailing II
the whole field OF industry then indi
!. vidual enterprise and effort will b,
, paralyzed and the spirit OF commercial
freedom win be dead.