The Washington times., 1912-08-28

sary for economical production. trans
portation and commerce, and reaches
out to control the industries of the
country for the purpose of crushing out
individual enterprise, amassng vast
fortunes, exacting unreasonable profits,
controlling the price of labor. or float
ing fictitious and watered stocks. 1t is
harmful to the public and perilous to
the nation that harbors It.
II am not an advocate of enlarginS
the power Of the Federal Government
over corporations or commerce. The
perpetuity of The Union, protection of
life and property and the happiness of
the American people are best subserved
by the continuance and maintenance OF
tn several powers of the Federal and
State Governments within their proper
spheres; but the commerce between the
several States Is solely within the
province Of the Federal Government,
and Il is reasonable, therefore, that
Congress should by license NOT only pro-
| vide what corporations should engage
In that commerce, but protect them IN
that right.
Suggests New Commission.
"In my opinion, Congress should pro-
vide a corporation commission In the
Department of Commerce and Labor
and vest 1t with power TO supervise the
great industrial corporations of this
| country. 1t Is futile to attempt to con-
| troll the industries of the country
through criminal or civil actions prose-
cuted in the courts by the Feoeral Gov
ernment
"There should be a compulsory IL
cense, which should be the alternative
| of Federal Incorporation; and large
| corporations engaged in interstate COM
| merce other than railways and purely
| TRANSPORTATION companies, should be re-
quired to take out license containing
| substantially the same restrictions and
provisions contained in a Federal in
| corporation act.
Abuse of Wealth.
| zone of the greatest abuses of the
concentration of wealth is the contro
| of the circulating medium of the coun
| try It is common knowledge that these
| trusts amass great sums of money al
surplus-no one knows how large. but 1
may range anywhere from 100000 t.
IS OOO, ,OO0-and 1t Is not unreasonable tc
suppose that II this amassing of the
surplus derived from the great indus
tries of the country is permitted to gt
on, a few corporations could control {
surplus of available money and credits
equal to the entire circulating medium
of the country.
ut would be very easy for a corpora
ticn with such a great surplus to create
panic or arbitrarily raise or dlpresl
the prices of securities. No such powe
should be in a corporation not subjec
to supervision. The circulating medium
of the country on which every one mus
do business, should not be subject t
the whim, caprice or greed of any Sc
of men. BY requiring these corpora
tions to use their surplus only for thei
own business, the payment of dividends
or to deposit 1t in banks organized un
der national or State laws, the abusiv
use of such money could be prohibited.
The Lawyers Part.
"In tire enactment and enforcement o
those laws called for by a progressiv
people, lawyers should be statesmen
They should give to the Constitution
reasonable and liberal construction, pre-
serving always those personal and prop
erty rights which the wisdom of tn
ages has shown are necessary to tn
preservation of human liberty. II we j
this we many maintain the high stand
ard of the American bar; we may main
tain our influence in the councils of tn
State and nation, and we may aid 4
shIDinG progressive legislation and ad
immeasurably to the wisdom of gov
ernment.
But if We refuse, it will be don
without us