The enterprise. [volume] (Harlem, Mont.) 1899-1926, 1914-01-29

can be left in wholesome combination.
Fortunately no measures of sweeping
or novel change are necessary. It
will be understood that our object is
not to unsettle business or anywhere
seriously to break its established
courses athwart. On the contrary we
desire the laws we are now about to
pass to be the bulwarks and safe.
guards Of industry against the forces
that have disturbed it. What we have
to do can be done in o new spirit, in
thoughtful moderation. without revolu-
ton of any nntoward kind.
Private Monopoly ts 'ndefensible.
We are all agreed that private mo-
nopoly is indefensible and intolerable,"
and our programme is founded on that
conviction. 1t will be comprehen-
sive but not radical or unacceptable
programme. and these are it's items,
the changes which opinion deliberate
ly sanctions and for which business
waits:
1t waits with acquiescence. in the
first place. for laws which will ef-
fectually prohibit and prevent such
tnterlockings of the personnel of the
directorates of great corporations
banks and railroads, Industrial COM
mercial and public service bodies
as in effect result in making those
who borrow and those who lend prac.
tically one and the same: those who
sell and those who buy. but the same
persons trading with one another nm.
der different names and in different
combinations, and those who affect to
compete in fact partners and masters
Of some whole field of business. Suf-
ficient time should be allowed. of
course, in which to effect these
changes OF organization without in
convenience or confusion.
More Than Negative Good,
Such prohibition will work much
more than mere negative good by
correcting the serious evils which
have arisen because. for example. the
men who have been the directing spir-
it's Of the great investment banks have
usurped the place which belongs to
Independent industrial management
in it's own behoof. 1t will bring new
men new energies. new spirit OF
initiative. new blood, into the manage
ment Of our great business enter
prises. It will open the field Of indus.
trial development and origination to
scores of men who have been Obliged
to serve when their abilities entitled
them to direct. 1t will immensely
hearten the young men coming on and
will greatly enrich the business activi.
ties of the whole country.
In the second place. business men,
as we'll as those who direct public at
fairs now recognize, and recognize
with painful clearness. 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 heen financed and
their own distinctive interests sub
ordinated to the interests of those who
financed them and of other business
enterprises which those men wished
to promote.
Country Ready for Legislation.
The country is ready, therefore. to
accept. and accept with relief. as we'll
as approval. law which will confer
upon the Interstate Commerce Com
mission the power TO snperintend and
regulate the financial operations nv
which the railroads are henceforth to
he supplied with the money they need
for their proper development to meet
the rapidly growing requirements Of
the country for increased and inn
proved facilities Of. transportation.
We cannot postpone action in this
matter without leaving the railroads
exposed to many serious handicaps
and hazards; and the prosperity of
the railroads and the prosperity of the
country are inseparably connected.
Upon this question those who are
chiefly responsible for the actual man.
agement and operation of the rail.
roads have spoken very plainly and
ought to be quick to accept. It will
be one step and a very important one,
toward the necessary separation Of
the business OF production from the
business of transportation.
Business Has Suffered.
The business Of the country awaits,
also, has long awaited and has suffer-
ed because it could not obtain, further
and more explicit legislative defini-
ton of the policy and meaning of the
existing antitrust law. Nothing ham,
pers business like uncertainty Moth
ING da,lr,ts or discCurapec If like tho
necessity to take chances. to run the
risk of falling under the condemnation
of the law before it can make sure
just what the law is. Surely we are
sufficiently familiar with the actual
processes and methods of monopoly
and of the many hurtful restraints of
trade to make definition possible, at
any rate up to the limits of what en-
perience has disclosed. These prac.
tees, being now abundantly disclosed,
can be explicitly and item by item
forhi16o NV ct TO in, c,,o], for,,e 10