New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-24
Perkins Ayers Wilson Got
Ideas from Speech in
Taft Campaign.
.INTERLOCKING
DIRECTORATES HIT
Jurist at That Time Suggested
Independent Stockholders
as Better Remedy.

George W. Perkins. chairman OF the
executive committee of the National COM
;nittee of the Progressive party. virtual
~ charges President Wilson with getting
some Of the ideas used in his message on
trusts from the speech OF Governor
Charles H.. Hughes, made at YOUNGSTOWN
Ohio. I'm the Presidential campaign OF l.SS
Mr.. Perkins on his arrival from New Or
leans yesterday made this statement on
the Presidents message:
when | saw the message on the tram
coming North thought. after reading H.
that 1t had familiar sound-that had
somewhere heard "A good many OF the
same ideas expressed before. ! then
thought of the 1908 campaign, OF the the
cries advanced by Bryan then for dis
solving the trusts, for preventing inter-
locking directorates. etc, and remern-
bered the address of Charles f.. Hughes
now associate justice of the supreme
Court. delivered at Youngstown, ONO.
against Mr. Bryan's remedies for the
trusts, in the Taft campaign of 1908 On
looking up that speech ] find that Mr..
Hughes among other things, said:
when, however, We consider these
other remedies that are proposed for the
trusts. We find ourselves journeying in
land Of dreams. Again the magician Of
1886 waves his wand. At stroke difficult
ties disappear, and the complex problems
OF modern business are forgotten in the
fascination of the simple panacea. And
as the free coinage of silver In the ratio
Of l6 TO 1 was to destroy the curse OF
gold so the new-found specific of equal
perfection is to remove the curse of indus
trial oppression. The delusion of 1908 is
comparable only to that OF twelve years
ago.
THE first suggestion is that the law
could prevent a duplication of directors
among competing corporations. However
advisable it may be to have Independent
directories of competing corporations, 1t
would seem still more important TO have
Independent stockholders. for a majority
of the stockholders of corporation
choose the directors. II a law were passed
preventing the duplication of-directors 1t
would easily be evaded in the selection
of men who would represent the same In
terests. The most ordinary experience
shows that Il is not necessary TO serve
on a board of directors in order to control
its proceedings. Whatever the advantage
of such a law as is proposed, 1t hardly
rises to the dignity of a remedy or vindi-
Gates its title to place in an imposing
scheme of reform outlined in a national
platform
'The above about expresses my feeling
about the message as a whole. and would
seem to dispose entirely OF the nterlock-
ing directorate question. AS to the Inter
state Trade Commission to assist the
courts in advising corporations and read
justing them, / cannot see how this will
be OF any possible advantage.
Most all of the ablest lawyers in the
country. the various gentlemen who have
been Attorneys General in recent admin
istrations, and the Supreme Court itself
have tried in all sorts of ways to tell
business how 1t can conform itself to the
Sherman law Up to date none of these
eminent men have been able TO do il. and
fail to see how a new body Of men APP
pointed by the President can succeed
where so many other wise men have
failed.
"Of course. | stand for and believe In
straight-out federal governmental com
mission, with broad constructive powers,
that will regulate and control interstate
| Industrial companies along lines similar to
those of the Interstate Commerce Com
mission In connection with railroads, and
nothing short of this will get us any
where. The people are not afraid of bust
ness simply because it is large they are
afraid OF the evils existing i'm business,
whether the business be small or large.
This is the very core of the question.