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


ident Wilson. and Senator Smith {
related the story to the bankers at s
the Clearing House luncheon Mon
day.
This man." said Senator Smith,
said that If Mr.. Roosevelt should ;
meet a lion in the road he would (
| Immediately kill the lion, but # {
/ ; President Wilson were to meet 5
lion he would reason with the lion,
then put a saddle and bride on it :
and ride 1t home"
before It can make sure Just what
! the law is.
| Surely we are sufficiently familiar
with the actual processes and meth
| DDS of monopoly and of the many
| hurtful restraints Of trade to make
| definition possible, at any rate up to
the limits of what experience has dis
! closed. These practices, being now
aburdantly disclosed, can be explicit
| ~ and, item by item, forbidden by
statute I'm such terms as will practi-
! cany eliminate uncertainty, the law
| itself and the penalty being MADE
| equally plain.
Business Desires Guidance.
And the business men of the
country desire something more than
| that the menace of legal process in
| these matters be made explicit and
| Ineligible. They desire the advice,
! the definite guidance and informa-
| ton which can be supplied by an ad-
T mnistrative body and interstate trace
| commission.
/ THE opinion of the country would
| instantly approve of such commits
| sion It would not wish to see 1t en-
powered to make terms with mo-
/ nopoly or in any sort to assume con-
| troll Of business, as il the Government
made itself responsible. 1t demands
! such a commission only as an indls-
! pensable instrument of Information
/ and publicity, as clearing house for
! the facts by which both the public
mind and the managers OF great bust
ness undertakings should be guided,
and as an fundamentally for doing
! Justice TO business where the pro-
! cesses of the courts or the natural
| forces of correction outside the courts
| are Inadequate to adjust the remedy
! to the wrong in a way that will meet
/ all the equities and circumstances OF
the case.
! Producing industries, for exam
pie. which have passed the point UP
to which combination may be consis-
tent with the public interest and the
! freedom of trade, can not always be
| dissected into their component units
| as readily as railroad companies or
similar organizations can be. Their
dissolution by ordinary legal process
may oftentimes involve financial con-
sequences likely to overwhelm the Sc
curity market and bring upon it
| breakdown and confusion. There
ought to be an administrative COM
mission capable of directing and
shaping such corrective measures,
not only in aid of the courts, but also
by independent suggestion, if neces-
| sary
For individual Guilt.
| "InasmuCh as our object and the
spirit OF our action In these matters
is to meet business halfway in its
processes of self-correction and dis
! turb it's legitimate course as little as
possible, we ought to see to it, and
the Judgment of practical and saga
cious men of affairs everywhere would
| applaud us if We did see 10 it. that
penalties and punishments should
! fall not upon business itself. to Its
confusion and interruption, but upon
| the individuals who use the instru-
mentalities of business to do things
which public policy and sound bust
ness practice condemn.
Every act of business Is done at
the command or upon the initiative of
some ascertainabe person or group of
persons. These should be held indi-
vidually responsible, and the punish
ment should fall upon them, not upon
! the business organization of which
| they make illegal use.
ut 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, ! am sure. applaud us
If we were to take effectual steps 20
see that the officers and directors of
great bodies were prevented from
/ bringing them and the business of the
country into disrepute and danger.
Menace of Stockholding.
Other questions remain which viii
need very thoughtful and practical
treatment. Enterprises, in these mod
ern days of great individual fortunes,
are oftentimes interloCked not by be
J ING unuer the ConlTOl OF the same III
rectors but by the fact that the great
| err part of their corporate stock Is
owned by a single person or group of
persons who are in some way init
mately related In interest. We are
agreed, | take It, that holding comna
MES 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 hold
ing companies? We do not wish, I
suppose, to forbid the purchase Of
stocks by any person who pleases Ia
buy them in such quantities as he
can afford. in any way arbitrarily 10
| limit the sale of stocks to bona fl ie
| purchasers
Shall we require the owners ~
stock. when their voting power III
several companies which ought to De
| independent of one another would
constitute actual control, to make
election in which OF them will eXer-
else their right 10 vote? This ques-
ton ] venture for your consideration.
Redress for Trust Victims.
There is another matter in which
! imperative consideration of Justice
/ and fair plaV suggests thoughtful