The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1914-01-23

disturbed it. What we have to do
can be done in a new spirit, in
thoughtful moderation without revo-
luton of an untoward kind.
We are all agreed that private
monopoly is ~indefensible and intoler-
able, and our program is founded upon
that conviction. 1t will be a compre-
hensive but not a radical or unac-
ceptable program and these are its
items, the changes which opinion de
~Hberately sanctions and for which
business waits.
It awaits a%cquiescence in the first
place for laws which will effectually
prohibit and prevent such interlock-
lngs of the personnel Of the director
ates of great eorporations-banks and
railroads, Industrial, commercial and
public service bodies-as in effect re.
suit in making those who borrow and
those who lend practically one and the
same. those who sell and those who
buy but the same persons trading with
one another under different names and
in different combinations and those
who affect to compete in fact part
ners and masters of some whole field
of business. Sufficient time should
be allowel, Of course, in which to eff.
feet these changes of organization
without inconvenience or confusion.
Such a prohibition will work much
more than a mere negative good by
correcting the serious evils which nave
arisen because, for example, the men
who have been the directing spirits Of
the great investment banks have usurp-
ed the place which belongs to indepen-
dent industrial management working in
its own behoof.. 1t will bring new
men, new energies, a new spirit OF
initiative, new blood into the manage
ment of our great business enter
prises. 1t win open the field of in
dustrial development and o%rlgination
to scores of men who have been
obliged to serve when their abilities
entitled them to direct. It will i'm.
mensely bearten the young men com
ing on and will greatly enrich the bust
ness activities of the whole country.
Country Is Ready.
In the second place, business men
as well as those who direct public af-
fairs now recognize with painful clear
ness the great harm and injustice
which has been done to many if not all
of the great railroad systems of the
country by the way in which they have
been financed and their own distinc-
tive interests subordinated to the in
terests Of the men who financed them
and of other BUSINESS enterprises which
those men wished to promote.
The country is ready, therefore, to
accept and accept with relief as well
as approval, a law which will confer
upon the interstate commerce commits
sion the power to superintend and reg.
llate the financial operations by which
The railroads are henceforth to be sup
piled with money they need for their
proper development to meet the rap.
idly growing requirements of the
country for increased and improved fe
%cilities Of transportation. We cannot
postpone action in this matter with
out leaving the railroads exposed to
many serious handicaps and hazards;
and the prosperity of the railroads and
the prosperity of the country are in.
separately connected. Upon this ques.
ton those who are chiefly responsible
for the actual management and opera.
ton Of the railroads have spoken very
plainly and very earnestly, with a pur.
pose we ought to be quick to accept
It will be one step, and a very impor.
tant one, toward the necessary separa.
ton Of the business OF production from
The business OF transportation.
Business Hampered.
The business of the country awaits
also, has long awaited and has suf.
fered because it could not obtain fur'h.
err and more explicit Legislative defIni.
ton Of the policy and meaning Of the
policy and meaning Of the existing
antitrust laws, Nothing hampers bust,
ness like uncertainty. Nothing daunts
or di%scourages 1t like the necessity o
take chances, to run the risk OF falling
under the condemnation Of the law
before It car make sure Just what the
law is. Surely we are sufficiently IA.
miliar with the actual processes and
methods OF monopoly and Of the many
hurtful restraints OF trade to make
definition possible. at any rate up Ii
the limits Of what experience has dis.
closed These practices. being now
abundantly disclosed, a be explicitly
and, item by item, forbidden by stat
ute In such terms as will practically
eliminate uncertainty, the law Itself
and the penalty being made equally
plain.
And the business men Of the countr,
desire something more than that the
menace Of legal process in these mat
ters be made explicit and Ineligible