Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1912-08-01

price in lieu Of any price adjudged to
be unreasonable"
The minority admits that the lnst
recommendation will find Disagree
ment among both stu lents of politics
and economy ami anticipating this.
the report says:
ECONOMIC LAWS DISTORTED.
I'VE are fully alive to the fact that this
recommendation runs counter to the time
honored doctrines If the greatest Eng
sh-speaking political economists of the
past 1t even runs counter to much his
torical experiences. Nevertheless, we are
also aware that the great political eco
nomists OF the past contemplated no sltua-
ton such now confronts US. In this
Goth century combinations Internal ional
in their scope. have by their immense
preponderance of power distorted the op
Grafton of general economic laws.
After the most serious deliberation
doctrine will offend many deep student
Of public affairs. with a sincere hope that
such a step may not prove necessary
nevertheless It Is our belief that we ought
not TO shrink from violating our tradi-
|
us that the trust problem can not other
wise be met"
Representative Fl. o. Young Of Michigan
In signing the report said that he be-
leved the interstate commerce commits
sion and the State railroad commissions
are clothed with sufficient power to
remedy all evils growing out of owner
ship Of common carriers by industrial
corporations.
IT am not convinced" says Mr.. Young
that the power to fix prices is necessary
to the efficiency Of federal control Should
experience however. demonstrate that I
am wrong In this conclusion, l should
unhesitatingly favor the granting of such
power
OVERCAPITALIZATIO REMEDIED.
Mr.. Young states that the United States
Steel corporation was overcapitalized but
that this had been remed!ed by the re-
investment of earnings since Its organiza-
ton. He also finds that the share Of
tho through rate received by Steel COM
pany railroads Is excessive and should
be remedied by the Interstate commerce
commission He further asserts that the
output of the steel corporation relative
to the entire output Of the country has
decreased since It's organization and Is
lower now than In any period in several
years The corporation has doubled Its
capacity but the country's output has In
creased l6o per cent. Prices OF steel and
iron have decreased. Mr.. Young says,
and he attributes to the Steel corporation
credit for steadying prices.
In discussing the Tennessee Coal and
t>x-t no
in the panic of 1907 Mr. Young attaches
no blame to ]. Pierpont Morgan.
There Is not the slightest evidence
that there was any attempt by the Unit
| ed States Steel corporation. or j. p. Nor
gan & Co, or anyone else to depress
Tennessee Coal. Iron and Railroad COM
pany stock, In the market or to embar-
rass its owners, or Moore & Schley, so
as to buy the stock cheap" Mr.. Young
says. ION the contrary the evidence
shows conclusively that all of the BUSH
ness interests In Now York city were
working unselfishly and periodically TO
stem the tide OF the panic and financial
disaster that was sweeping over the
country"
| INSPIRED by GOOD MOTIVES.
|
Gary 70 former President Roosevelt Mr..
Young asserts
"Messrs. Prick and Gary made franz.
and truthful statements to IRE sident
Roosevelt of the material facts 81 the
case. The steps taken by President
| Roosevelt in the matter were inspired
by patriotic motives. They gave the
United States Steel corporation no add
tional rights and granted them no I'M
mUnity from civil or criminal prosccu-
ton. should It cater appear that they
had in any way violated the law