Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-20

would wish TO see IL brought about,
with as few, as slight, as easy and
simple business readjustmeuts as pos
sible in the circumstances, nothing
essential disturbed, nothing torn up
by the roots, no parts rent asunder
which can be left in wholesome COM
binatiOn.
Fortunately. no measures Of sweep
ing or novel change are necessary. II
will be understood that our object is
not to unsettle business or anywhere
seriously to break its established
courses athwart. on the co1-rary -
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 a new spirit,
in thoughtful moderation, without
revolution Of an untoward kind.
Monopoly lndefenslbIe.
we are all agreed that private mo-
nopoly is indefensibl and intolerab bic,
. ! our program is founded upon that
conviction. II will be a cOmprehen-
sive but not radical or unacceptable
program, and these are its items, the
changes which opinion deliberately
sanctions and for which business
waits
1t awaits with acquiescence in the
first place, for laws which will eff &C.
tually prohibit and prevent such IN
terlockings 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 thos" who
borrow and those who lend praCticai
" one and the same. thona who sal
aud those who buy but the saive per
sons trading with one another under
different names and in different com
binations and those who affect ~
compete, in fact partners and masters
of some whole Seld Of business. SUI
fcient time should be allowed. ~
course, in which to effect these
changes Of organization without IN
or confusion,
such prohibition will work much
more than a mere negative good by
correcting the serious evils which
have arisen because. for example, the
men who have been the directing
spirits Of the great investment banks
have usurped the place which be-
longs to independent industrial man
agement working in its own behoof
To Give New Men a Cnance.
at will bring new men, new en-
ergies, a new spirit of initiative, new
blood into the management of our
great business enterprises. II will
open the field of industrial develop
ment 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 activities
of the whole country.
"In the second place. business men,
as we'll as those who direct public
affairs. now recognize with painful
Clearness, the great harm and injus-
tiCe which mas been done to many
If not all Of the great railroad sys-
TENS of the country by the way in
which they have been financed and
their own distinctive interests subor
dinated to the interests of the man
who financed them and of other bust
ness 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 Com
the power to superintend and
regulate the financial operations by
which the railroads are henCeforth to
be supplied with the money they need
for their proper development to meet
the rapidly growing requirements of
the country for Increased and i'm
proved facilities of transportation. We
can not postpone action in this mat
ter without leaving the railroads eX-
posed to many serious handicaps and
hazards; and the prosperity Of the
railroads and the prosperity Of the
country are inseparably connected.
A Very Important Step.
Upon this question those who are
chiefly responsible for the actual
and operation of the
railroads have spoken very plainly
and very earnestly. with a purpose
we ought to be quick to accept. 1t
will be one step. and a very impor-
tant one. toward the necessary sep
aration of the business of the trans
portation companies
The business of the country
awaits also-has long waited--and
has suffered because ii could not OBJ
tain further and more explicit legis-
lative deflnitive of the policy and
meaning of the existing antitrust
laws Nothing hampers business like
Nothing daunts or dis
courages 1t like the necessity to take
to run the risk of falling
under the condemnation of the law