The Miller press. [volume] (Miller, S.D.) 190?-current, 1911-12-07

and the attorney general were great
ly aided In framing the decree in tho
tobacco trust dissolution by an ex-
pert from the bureau of corporations.
Federal Corporation Commission Pro
posed.
Il do not set forth in detail the terms
and sections OF a statute which might
supply the constructive legislation per.
mitting and aiding the formation Of
combinations of capital into federal
corporations, They should be subject
TO rigid rules as to their organization
n procedure, including effective pub
licity, 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 labor, to
which In times Of doubt they might
well submit their proposed plans fog
future business. II must be distinctly
understood that Incorporation under a
federal law could not exempt the COM
pany thus formed and its incorporators
and managers from prosecution under
the antitrust law for subsequent ille-
gal conduct, but the publicity Of its
procedure Inc the opportunity for fire.
quent consultation with the bureau or
commission In charge of the incorpora-
ton as TO the legitimate purpose Of its
transactions would offer II as great Sc
curity against successful prosecutions
for violations Of the law as would be-
practical or wise.
Such a bureau or commission might
well be invested also with the duty al
ready referred to. of aiding courts In
the dissolution and recreation Of trusts
within the law. 1t should be an execu-
tive tribunal Of the dignity and power
OF the comptroller OF the currency or
the interstate commerce commission.
which now exercise supervisory power
over important classes of corporations
under federal regulation.
The drafting of such a federal incor-
poration law would offer ample oppor-
tunity to prevent many manifest evils
in corporate management today, in
GLIDING responsibility Of control in
the hands of the few who are not the
real n f.
incorporation Voluntary.
I recommend that the federal char
tiers thus to be granted shall be volun-
tary, at least until experience justities
mandatory provisions. The benast 20
be derived from the operation OF great
businesses under the protection Of
such a charter would attract all who
are anxious to keep within the lines
OF the law. Other large combinations
that fail to take advantage OF the fed
eral Incorporation will not have a
right to complain II their failure In
ascribed to unwillingness to submit
their transactions to the careful scru-
tiny, competent supervision and pub
licity attendant upon the enjoyment
of such a charter.
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 is construed by
the Supreme court must continue to
be the line of distinction for legfti-
mate business. 1t must be enforced.
unless we are TO Danish individualism
from all business and reduce 1t to ona
common system of regulation or cohs.
troll of prices like that which now pre-,
walls with respect to public utilitfea,
and which when applied to all bust
ness would be a long step toward state
socialism. ~ y
Importance Of tho Antitrust Act.
The antitrust act is the expression
Of the effort of a freedom-loving pee.
pie to- preserve equality. .of. oppertunt
ity. 1t is the result OF the confident
determination of such a people to
maintain their future growth by pre-
serving uncontrolled and unrestricted
the enterprise of the individual, his
ingenuity, his intelligence and his in
dependent courage.
For twenty years or more this stat
ute has been upon the statute book.
All knew of It's general purpose and
approved. Many OF it's violators were
cynical over its assumed impotence.
It seemed impossible of enforce
ment. Slowly the mills OF thes courts
ground. n only gradually did the ma
jesty of the law assert itself. Many
OF It's statesmen-authors died before It
became a living force, and they and
others saw the evil grow which they
had hoped. to destroy. Now, it's efh-
cacy is seen; o It's power is heavyiI
now It's object Is near achieYemen4
Now we hear the call for its repeal a.
the plea that It interferes with bus0
ness prosperity, and We are advised ~
most general terms how, by somo
other statute and In some other way
the evil we are just stamping out can
be cured, II we only abandon this WORT
OF twenty years and try another -
pertinent for another term OF years.
1t Is said hat the act has not donj
good. Can this be said In the face q
the effect OF the Northern Securities
decree?
That decree was in no way so drao.
tic or inhibitive in detail as either the
Standard OIL decree or the tobacco de-,
crae. hut did IL not stoU for ALL time