The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-03-24
That's Why So M any
Great Concerns Bios
som in New Jersey.
THEN DRIVEN OUT
BY OTHER STATES
Secretary Nagel, in Address to
Bankers, Shows Difficulty of
F., Enforcing Sherman Antitrust
; Law Without Uniform
= Statute-How Arkan-
(. sas Works 1t.

Asserting that half the dimcuity at
tendant upon a satisfactory enforce
mont Of tho Sherman antitrust law IL
due to tho fact that there Is at present
no national Law under which business
may organize and feel secure. Score
tary Charles Nagel of The Department
of Commerce and Labor. last night
urged the enactment OF Federal laws
In conformity with which industry
may organize. and once organized be
insured the degree OF security which
ia vital to all big business.
Under tho present system, said Secre-
tary Nagel. business large and small
must organize under tho laws of New
Jersey and enter other States only by
special leave. III many Cs,ses the laws
touching the industry concerned dincrl
widely In the various States. with the
result that business is lcgitimstcly
launched under the laws OF tho parent
state only to be outlawGd by the laws
OF another in which II seeks to enter.
No other country but the United States.
said Mr.. Nogel. could survive so waste
full n system, and the fact that this
country does survive 1t. Is only proof
the amount OF abuse Its great natural
resources enable II 10 endure
Addresses 300 Bnnkcrs.
In addition TO the lac members of
tho Richmond chapter Of the American
Institute OF Banking. fully as many
more visitors and specially invited
guests attended the annual banquet
Mt the Jefferson last night, at which
the Secretary of Commerce and Labor
was the principal speaker. Practically
the entire banking colony OF the city,
messenger boy to president. was in the
Jefferson auditorium when Thomas Il.
McAdams the POSTMASTER of the even
Ing, presented the FIRST speaker. Col
onel John 3. Purcell. president OF the
First National Bank. His subject was
THE Young Man in Banking"
Raymond 3. Cox. president OF the
American Institute OF Banking. was
the second speaker. and took for his
theme an outline of the institution he
represented, dwelling upon the edu-
cative influence OF the American In
stitute OF Banking upon bank elm
ployes. and the manner in which It is
operated TO increase the dignity OF tao
calling. and In producing ! highef type
of banker.
Joseph c. Taylor discussed THE
Outsiders View OF Banking" An
elaborate menu and musical program
consumed most OF the evening. and the
speaking did not begin until after 10
o'clock. When kessnichs orchestra
launched into Aud Lang Syne." 1t
was after midnight.
From State With Three Notices.
The POSTMASTER tickled the as
sembled bankers with his introduction
Of Secretary Nagel. we are especial
Is pround In having him with us to-
night" he said. because he is a
Southerncr. He comes from that good
old State OF Missouri, the only State
In the Union which mas seen fit TO
adopt three notices. Show Me- Bud
weiser." and "Y'gotto stop kickin' my
dog aroun'."
Secretary Nugel. in opening his adj
dress, put down on the program as
Constructive Legislation" stated that
he would refrain from touching upon
any partisan feature OF his subject
That the task was extremely difficult
he admitted at once.
There Is hardly q big problem be-
fore the American people to-day" he
said. and particularly any problem
having to do with constructive legis-
lation. that is not tinsed with a poll
teal significance. We have Travelled
far from the conception of govern
ment held by the trainers OF the Con-
stitution-no Interference with private
llberty-and have adopted the doctrine
that liberty uncontrolled and unreg-
,ilated results In the loss Of that
equality which the Constitution was
designed to conserve"
Regulation Problem of Day.
1t cannot be ignored he thought
that The problem of proper regulation
is the most insistcnt one before the
American people to-day. II is true 10
nm extent undreamed of by statesmen
OF the age and generation in which
the American government was born.
With this problem of regulation comes
the consequent problem OF the recon.
citation of state and Federal au-
thority-where snail the one cease and
the other begin. The question, he said
was bitterly agitnted iii the time OF
Henry Clay, has been agtatcd since
then, and will In all probability never
be fully settled
But the question of states rights,
said the speaker, far from being the
sectional thing which 1t IS common
1y conceived to be, is really 1 national
problem, as much Northern as IL is
Southern and ms much Eastern as Il
is Western II should be no longer
made the subject OF controversy. be-
tween the states on the other hand
the whole country should agree na.n
Il policy of Federal regulation of those
matters which by nature arc not fitted
for State control. and In that way re-
move most of the friction which has
Kept the States rights question alive
through the century
Theory Supported In Practice.
However much opposed certain sec
tions of the country may be to the
doctrine OF Federal regulation, said
+ Secretary Nagcl, In practice no such
Iepugnance il manifested The entire
country agrees upon the duty OF the
Federal government Ia construct and
improve internal waterways. 1t was
realized early that such an under
taking was beyond the powers OF any
ono State, and the most rabid oppo-
q froptInuo1 ~, S;c,onI De -