Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1912-07-24


After lengthy discussion Of indus
trial conditions and the history Of the
development of corporations, Mr.. Lit
Teton said:
1T is my belief that the federal gov
|ernment should resolnteIy challenge
every corporate concern, seeking en-
trance into the field Of interstate cons
meree, and compel it to conform TO
standard which will insure. first. that
the concern has behind every issued
share of stock the real value. which
the stock represents, not only for the
protection OF those who buy the stock,
but to insure that it will not lower
the standard of its product to force
la dividend ON excessive capitalization
and thus tend TO demoralize the in
dustry IN which it is engaged.
ITO do this effectively, both as a
security to the public and as re-
acting influence upon. the policy of the
states, the federal government should
require corporate concerns entering the
field Of interstate commerce To submit
their status, their true condition, to a
board created for THAT purpose. A re-
port Of each company examined with
full and authentic data should be
kept, ane the rules governing the con-
duct of the board should be enacted
into law by Congress. and no concern
shoald he allowed to enter the field
Of Interstate commerce until the board
has issued certificate to the effect
that the concern had complied with
the law governing its admission.
The board should not have the
slightest discretion as to what classes
or kinds of concerns should be admit
ted but only the right to say that it
had complied with the las enacted by
Congress.
This certificate issued by the board
should contain a statement of the laws
governing their admission and should
stand for and i'm the place of char
ter emitting the concern to do inter-
state commerce 1t ought to be pro-
vided that this certificate should be
fol feited for a violation of the eondi-
ton of entry as Well as for a viola
ton of any law governing the trans
action OF Interstate commerce or bus
iness-this forfeiture to be upon notice
and after a hearing. =
To make drastic regulations as to
all future concerns entering into inter-
state commerce and leave unregulated
and Gndiseiplined those already en-
gagged, which, without restriction. have
been sallo@ed to enter into that field.
would produce Discrimination at once
unjust and harmful to the new CON
Germs seeking admission as. we'll as to
the commerce of the country.
THE acts of Congress. governing the
n RI ,7fg -c-i..
commerce, could be Sc framed. no
doubt, as 10 require gradual compli-
anca with them, by those concerns al
ready in the field. SO that the read
1as:ment would make them all equal
in the eye of the law. equal in their
regulation and at the same time be
accomplished without too sudden a dis
turbance of those which have entered
without challenge
Mr.. Littleton urged that the eamnnis-
sion which he proposes be made close
~ responsible TO Congress. He concluded.
we should save the field of interstate
commerce as territory into which GER
tain coporate concerns, after passing a
proper examination, should be allowed
TO enter and having entered they should
be governed by definite code of indus
trial regulations enacted by Congress.
Gradually. by the careful study of in
dustrial development. by requiring elab-
crate reports and by wise and Just con-
troll OF system of rules governing, inter-
state commerce could be developed and
these rules would become familiar TO
everyone engaged in it.
Instead of lodging the exclusive
right to apply for and obtain an iniunc
ton in the hands of the attorney gen
erai, it should be provided that any per-
son whose property, estate. business or
enterprise, is threatened with injury or
damage in violation of any one of the
prohibited acts or in violation of the
conditions on which the concern was adj
mitted to the field of interstate commerce
could appeal to any federal court having
territorial Jurisdiction for an Injunction
to restrain the person or corporation
threatening the injury. If a concern adj
mitted TO the field of interstate COM
merce should obey the rules and laws
provided for its government in that field
and should by skill, efficiency and energy
grow to enormous size and earn rich re-
wards, l would count these rewards as
the fruits of that industry, the harvest
of energy and genius GROWING triumph
OF civilization, resting upon the doc
trine of indyidualism."