Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1912-03-28
Nothing Gained By Trust
Prosecutions: Roosevelt

our foreign trade. When we act in
this manner We may be sure that we
shall suffer in competition with such
an admirably organized international
rival as, for instance, Germany, where
the conditions are exactly the reverse.
Now l have unlimited faith in the en-
ergy, initiative and common sense of
our business men, and | have no fear
for the result if they are placed in fair
competition with any foreign competi-
tors. But We ourselves must make
the conditions fair If they are to have
decent chance. To do so We must
get before them an accurate chart OF
what they can do and what they can
not do in the business world. We
must endeavor TO encourage legitimate
and honest business, and at the same
time war against business crookedness
and injustice There should be abso-
lutte clearness of the law; there should
be a competent administrative body,
an interstate industrial commission or
something of the kind, which would do
for the world of industrial production
what the interstate commerce commits
sion is doing for the world of indus
trial transportation. The effort to do
this work through law suits and by
courts has proved a fiat failure. What
Is necessary is administrative work.
The creation of a commerce court in
dealing with interstate commerce has
been a step backward, not a step for
ward. 1t has represented the undoing
OF some of the good work that has
been done in interstate commerce, and
we must not repeat the mistake.
81 want to do full justice TO the big
business man, but I also want TO do
full justice TO the small business man,
and the middle-sized business man. 1t
should be the policy of the government
clearly to define and punish wrong
doing, to give in advance full informa-
ton TO every man Just what he can
and what he cannot legally do. But
with the big business man there is
need for especial precautions which
are unnecessary as regards the small
DuBlutsb Uldlls ne pNOPAC VI NAAS
country are not afraid of the mere
size of a business enterprise provided
i II is honestly organized and honestly
managed. But they feel that such size
carries with IL potentiality OF wrong
doing that makes it necessary that the
nation and IL necessary the states
shall exercise over big business con
troll and supervision which are unnec
essary as regards small business. II
is of the utmost consequence that we
shall get permanent business prosper
ity, and II can only be permanent II II
is on a safe basis, and II can only be
on safe basis IL there is effective
|. governmental control Of big business
including the issue and the sale o.
stocks and bonds so as to prevent al
such evils as overcapitalization ant
the fragrant abuse of power by exploit
ing the business interests Of the PEG
p pie for the personal gain Of the few
J Remember that water in stocks
= means unjust taxation of innocent PEG
J pie in order TO get dividends. | cal
; this unjust taxation: it could be callet
; by a much harsher name, did | no
wish to speak moderately; for this III
: just taxation, this eXtortion, is praC
: ticed at the expense alike Of innocen
= stockholders and of the great outsid
= public of consumers. II is hard L
] overestimate the widely ramifyin
: damage of this, as of all other kinds
: OF business corruption.
5 Now ! am not speaking as a ma
: ter of theory, | am speaking in vieN
: of what has actually happened in cor
: nection with the utter failure of tn
3 suits against tie tobacco trust an
2 the Standard Oil trust to accomplis
5 a result of real worth. II is not m
r purpose at this time to discuss tn
] action of the government in acquies'
3 ing in that decision in its final form
n or to try to apportiOn the responsible
4 ity for this utter failure. The net r,
. suit has been that the tobacco tru!
t and the Standard Oil trust material
I increased the value of their stock
I and that there has been no diminutio
!. of their power to control markets. A.
T cording to the press reports, the ma
d ket price of standard Oil stock has fl
g creased over $2OO,0O0.OjO from III