Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1914-01-20

II or our action In these matters Ia
to meet business half way in its
processes of self correction and dis
tTrb its legitimate course as little as
possible we ought TO see to It, and the
Judgment of practical and sagacious
men OF affairs everywhere would ap-
plaud us II we did see to It. that PEN
alites and punishments should fall.
not upon business itself. to fits con-
fusion and interruption. but upon the
individuals who use the instrumental
files OF business to do things which
public policy and sound business prac-
tice condemn. Every act OF busines
is done at the command or upon the
Initiative of some ascertainable per
son or group of persons. These
should be neld individually RESPONSE
bic and the punishment should fall
upon them, not upon the business or
ganiZation of which they make Illegal
use. II should be one of the main OBJ
jects of our legislation to divest such
persons OF their corporate cloak and
deal with them as with those who do
not represent their corporations. but
merely by deliberate intention break
the law. Business men the country
through would, I am sure. applaud us
IL we were to take effectual steps to
see that the officers and directors OF
great business bodies were prevented
from bringing them and the business
OF the country into disrepute and dan
ger.
Holding Companies.
Other questions remain which will
need very thoughtful and practical
treatment. Enterprises. in these mod
ern days OF great individual fortunes,
are often times interlocked, not by
being under the control of the same
greater part of their corporate
stock Is owned by a single person or
group of persons who are in some way
intimately related in interest. We are
agreed. ! take 1t. that holding COM
panies should be prohibited, but what
OF the controlling private ownership
OF individuals or actually cooperative
groups of individuals. Shall the pri- |
vate owners OF capital stock be suf- |
fered TO be themselves in effect the |
holding companies? We do not wish, |
I suppose, to forbid the purchase of |
stocks by any person who pleases to !
buy them in such quantities as he can |
AFFORD, or in any way arbitrarily to |
limit the sale of stokes to bona hde |
purchasers. Shall we require the |
owners OF stock, when their voting |
power in several companies which /
ought to be independent of one an
otEar would constitute actual control, |
10 make election in which of them they |
will exercise their right to vote? This |
question venture for your considera-
ton.
Injury to the Individual.
There is another matter in which
considerations OF justice
and fair play suggest thoughtful
remedial action. Not only do many
If the combinations effected or sought
70 be effected in the Industrial world
work an injustice upon the public in
general: they also directly and seri-
Iusly iniure the individuals who are
tut out of business in one unfair way
IT another by the many dislodging
Ind discriminating forces OF combina-
ion. I hope that we shall agree in
giving private individuals who claim
,esses the right to found their suits
or redress upon the facts and judg-
nents proved and entered in suits by
he government where the govern
nent has upon it's own initiative sued
he combinations complained OF and
Won its suit. and that the statute OF
limitations shall be suffered to run
gainst such litigants only from the
late OF the conclusion OF the govern
nent's action. It is not fair that the
'rivate litigant should be obliged to
ct up and establish again the facts
which the government has proved. He
annot AFFORD, he has not the power
o make use OF such processes of In
uiry, as the government has COM
nand of. Thus shall individual jus :
ice be done while the processes of
usiness are rectiied and squared
it'll the general conscience.
j have laid the case before you, no
oubt as II lies in your own mind, as
lies in the thought of the country.
What must every candid man say OF
be suggestion I have laid before you.
I the plain obligations OF which
ave reminded you. That these are
ew things for which the country is
OF prepared, no, but that they are
Id things, now familiar, and must of
Curse be undertaken II We are to
luare our laws, with the thought and
esire OF the country. Until these +
lings are done, conscientious bust +
ess men the country over will be I'M I
atished. They are in these things +
IT mentors. and colleagues. We ire L
DIV about to write the additional ar
Giles OF our constitution OF peace, the r
eace that is honor and freedom and c
rosperity. 7
WOODROW WILSON. p