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

would wish to see it brought about
with as few, as slight, as easy and
simple business readjustments $ pos
siblc in the circumstances, nothing
essential disturbed, nothing torn up
by the roots, no parts rent asundcr
which can be left in wholesome com
binat!on
fortunately no measures Of sweep
ing or novel change are necessary. l.
will be- understood that our object is
not 10 Uuscttle business or anywhere
seriously 10 break its esta blishcd
courses athwart. on the CGI.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
10 do can be done In new spirit
in thoughtful moderation without
revolution u an untOWard kind.
Monopoly lndefensible.
we are all agreed that private mo-
nopoly . indcfensib'e and intolerable,
our program is founded upon that
conviction. It viii be a Comprehen-
sivc but not a radical or unacceptable
program, and these are It's items. the
changes which opinion deliberately
sanctions and for which business
waits.
1T awaits with acquiescencc, in tho
first place for laws which will eff'c-
tually prohibit and prevent such IN
tcrlOckiuRs Of the personnel OF the
directories OF great COrUOrations --
banks and railroads, Industrial, com
mcrcial and public service bodics-as
IN effect result In making those who
| borrow and those who lend practical r.
| ~ one and the same, those who sell
and those VINO buy but the same 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 Geld Of business. Suf-
fcisnt time should be allowed, Of
course. in which TO effect these
changes Of organization without in
convenience or confusion.
Such a 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 Chance.
1T will bring new men, new en-
ergies, a new spirit Of initiative. new
blood into the management of our
great business enterprises. 1t 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 well as those who direct public
affairs, now recognize with painful
clearness. the great harm and injus-
tiCe which mas been done to many
II 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 mar
who financed them and Of other bust
ness enterprises which those mer
wished 10 promote.
THE country is ready therefore tc
accept. and accept with RELIEF as wei
as approval a law which viii confer
upon the Interstate Commerce Com
mission the power to superlntend an(
regulate the financial operations by
which the railroads are henCeforth t.
be supplied with the money they neeC
for their proper development to meet
the rapidly growing requirements ot
the country for increased and i'm
proved facilities of sportation We
can not postpone action in this mat
ter without leaving the railroads eX.
posed to many serious handiCaps an(
hazards and the prosperity OF the
railroads and the prosperity of tbs
country are inseparahly connected.
A Very Important Step.
Upon this question those who are
chiefly responsible for the actua
management and operation of the
railroad have spoken very plainly
and very earnestly, with a purpose
we ought to be quick to accept. II
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 detinitiVe of the policy and
meaning of the existing antitrust
laws, Nothing hampers business like
uncertainty, Nothing daunts or dis
! courages it like the necessity to take
/ chances, to run the risk of falling
under the condemnation of the law