Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1912-03-28

and the price of oil has gone up uuI-
ing the same period. In Wall street
am informed that the only difference
noticeable is that spectators VINO
used to receive from their brokers
single bit of paper representing owner
ship of oil stock now receive an en-
velope containing 30 or so bits OF
paper representing nominally different
certificates of nCminally different COM
panies. In my messages to congress,
and in my speeches while president, |
again and again pointed out that the /
antitrust law by itself, and without |
such additional legislation as | then |
outlined and have since outlined, could |
not do anything of permanent value. |
The result has exactly and precisely !
justified what then said. And mind |
you, at that time, the extreme reac- /
tionaries and the self-styled extreme |
radicals joined hands to prevent the |
getting of the legislation that l asked. !
I The senate committee unanimously
voted agaist making any changes in
the antitrust law. The nominal radi-
Gals of the kind that are at this mo-
ment most frantic in their denuncia-
ton. of the trusts took the same posi-
ton that was taken by the reaction
aries; for the frantic extremists
wished to pose as the irreconcilable
enemies of all trusts, and the reac-
tionaries and standpatters knew that
my proposal did really propose an eff
fective device to regulate big business,
and did really contain a menace to ev-
cry lawbreaking trust, and did really
hold out hope for the people, whereas,
the violent extremists brighten the
trusts hardly at all, but do brighten
honest business men. The antitrust
law caused a great many honest bust
ness men at present grave concern,
and it especially causes concern to
honest retail men and men of small
means who try to join together to pro-
tect themselves against big trusts. But
it does not brighten the big trusts.
They see what has happened to the
tobacco trust and the Standard Oil
trust. They know that these trusts
have been given immunity baths, and
are stronger than they ever were be
fore. The antitrust law should not
only be kept on the statute books but
should be strengthened and made more
effective against trusts guilty of anti
social practices; but the real good, the
greatest good, will have to come
through totally different legislation
modelled in part upon that which has
worked so we'll in connection with our
national banks and in connection with
interstate commerce.
The effort to strangle big business
according to the methods of the eX-
tremists has only been successful to
the extent of alarming all business,
; and has failed completely as regards
adequate controlling the very kinds
2 of big business which it is necessary
z most to control Four months ago, in
> a statement l made entitled The
u Trusts, the People and the Square
u Deal | reiterated the position | had
u taken as president in this matter
l which is the same position that l now
, outline. At that time Wall street was
= for the moment very much frightened
D over the recently decided STANDARD
> Oil and tobacco trust cases. For thu
Il moment Wall street, through it's news
d paper organs, and other representa-
u tives, seemed prepared to support the
j. policy | advocated for honest and eff
: cient control, rather than to see ruiz
1t come to both good and bad business
e But Wall street has changed its mind
. The representatives of the worst kim
> of big business have now concluded
s. that the Standard Oil and Tobacco
trusts were really benefited by the de
L Cision. These men, whose views ar
given utterance to by certain grea
u New York dailies, care nothing TO
&c honest business or for the welfare o
~ the community. They want immunit
III in doing their own work, and it is ev
y dent that they prefer a continuance O
le the present policy of destruction whic
y they know to be a sham rather tha
H. to see the Inauguration of the polio
IL of real control which | advocated,
e control which would correct evils an
81 yet promote prosperity. II is curiou
~ to see the worst of the big bushes
% interests and the least wise of the el
III tremist agitators playing into one ar
= others hands in trying to preserve tn
present system of chaos in bushes
II law in preference to a system of o.
&c dered supervision and control unde
- which We would secure defniteness @
- legal policy for all business and woul
n guarantee to big business proper trea
ment as an incident to exacting prope
behavior from it. | believe that hol
est big business men and little bus
ness men alike will favor this contrC
when they realize the good it wi
bring, and believe that the most IA
f. sighted among them now favor i
But it is being opposed by the grea
New York dailies which speak fo
Wall street, and by the newspaper
which echo their views in other part
of the country, because they woul
rather run the risk of sacrificing tn
general prosperity than see q thoroug
control of the big business that mos
needs that control.