Evening journal., 1911-12-05
President Taft Defends Anti Trust Crusade and Says
No Repeal of The Sherman Law, But He Would
Strengthen IT, Advocates Voluntary Federal Charters

for violations or the law as would be
practical or wise.
Such a bureau OF commission might
we'll be invested also with the duty
already referred TO OF aiding courts
In the dissolution and recreation of
trusts within the law lt shouSd 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 supervis-
ory power over important classes OF
corporations under federal regulation.
The drafting Of such a federal In
corporation law would offer ample OPP
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.
I recommend that the federal char
ters thus TO be granted shall be volun-
tary. at least until experience justifes
mandatory provisions The benefit to
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 federal
incorporation will not have a right to
complain n their failure is ascribed to
unwillingness 70 submit their transac-
tions to the careful official scrutiny.
competent supervision and publicity
attendant upon the enjoyment OF such
a charter.
Only Supplemental Legislation Needed.
The opportunity thus suggested for
federal incorporation. II seems to me,
IS suitable constructive legislation
needed TO facilitate the squaring OF
great industrial enterprises 10 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. II must be enforced unless we
are 70 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 70 public utilities and
which when applied TO all business
would be a long step toward state so
cialism.
lnportanes Of the Antitrust Act.
The antitrust act is the expression
OF the effort OF n freedom loving peo-
I pie TO preserve equality Of opportunity.
1t is the result Of the confident deter
minatlon OF such people to malntain
their future growth by preserving un'
controlled and unrestricted the enter
prise OF the individual, his industry
his ingenuity. his intelligence and hii
Independent courage.
For twenty years or more this stat
ute has been upon the statute book
All knew fits general purpose and ap
proved Many OF its violators wer'
cynical over It's assumed impotence
IL seemed impossible OF enforcement
Slowly the mills Of the courts ground
and only gradually did the majesty oi
the law assert itself Many OF its
statesmen-authors died before II be
came a living force. and they and 9th
ers saw the evil grow which they had
hoped 70 destroy. Now It's efficacy II
seen: now its power is heavy; now It's
object is near achievement Now we
hear the call for its repeal on the plea
that II interferes 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 bc cured
II wo only abandon this work OF TWEEN
~ years and try another experiment
for another term Of years.
It is said that the act has not done
good. Can this be said in the face OF
the effect Of the Northern Securities
decree7 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 all the
railroads OF the country in a single
hand7 Such a one man power could
not have been a healthful influence ia
the republic. even though exercised
under the general supervision OF an
interstate commission.
Do we desire TO make such ruthless
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 a
healthful competition. but toward new
ways and means for making perma'
nept in a few hands the absolute con.
troll Of the conditions and prices pre-
vailing in the whole field Of industry,
then individual enterprise and effort
win be paralyzed and the spirit OF
commercial freedom will be dead.
WAi. II. TAFT.
The White House. Dec. 5, 1911.