The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1914-01-23

Fortunately, no measures of sweep
Ing or novel change are necessary. It
will be understood that our object is
not to unsettle business or anywhere
seriously break its established
courses athwart. On the contrary, we
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 a new spirit, In
thought moderation, without revolu-
ton of any untoward kind.
We are all agreed that private
monopoly is indefensible and intoler
able" and our program is founded
upon that conviction. 1t will be a
comprehensive, but not a radical or
unacceptable program, and these are
It's items, the changes which opinion
deliberately sanction and for which
business waits:
interlockina Directorates.
II waits with acquiesence, in the
first place, for laws which will ef-
fectually prohibit and prevent such
interlockings 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 those who
borrow and those who lend practic-
ally one and the same; those who
sell and those who buy but the same
persons trading with one another un.
der different names and in different
combinations, and those who affect to
compete in fact partners and masters
OF the same whole field Of business.
Sufficient time should be allowed,
Of course, In which to effect these
changes Of organization without In
convenience or confusion. Such
prohibition will work much more
than negative good by correcting
the serious evils which have arisen
because. for example. the men who
have been the directing spirits of
great investment banks have usurped
the place which belongs to independ-
ent Industrial management working
In Its own behalf. 1t will bring, new
men, new energies, new spirit
management of our great business en-
terprises. 1t will open the field Of
industrial development and origina-
tion to scores of men who have been
obliged to serve when their abilities
entitled them to direct. 1t will inn
mensely hearten the young men COM
ing on and will greatly enrich the
business activities of the whole coun-
try.
In the second place, business men.
as well as those who direct public
affairs, now recognize, and recognize
with painful clearness. the great
harm and injustice which has been
done TO many, II not all, of the great
railroad systems of the country by
the way in which they have been
financed and their own distinctiye In
terests subordinated to the interest
OF men who financed them, and OF
other business enterprises which
those men wish to promote.
The country is ready, therefore, to
accept, and accept with relief as we'll
as approval, law which will confer
upon the Interstate commerce com.
mission 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
matter without leaving the railroads
exposed to many serious handicaps
and hazards; and the prosperity of
the railways and the prosperity OF
the country are inseparably connect
ed. Upon this question those who
are chiefly responsible for the actual
management 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 n very import
ant one, toward the necessary sep
aration OF the business of production
from the business of transportation
Business Has Suffered.
The business of the country awaits,
also, has long awaited, and has suf-
fered because 1t could not obtain, fur
ther and more explicit legislative
definition OF the policy and meaning
OF the existing antitrust law. Moth.
ing hampers business like uncertain
ty. Nothing daunts or discourages 1t
like the necessity to take chances, to
run the risk of falling under the con-
demnation of the law before 1t can
make sure just what the law Is. Sure
iy we are sufficiently familiar with
the action, processes and methods
Of monopoly. and OF the many hurt
ful restraints, to make definition pos
sible, at any rate up to the limits OF
what experience has disclosed.
These practices, being now abund-
antly disclosed. can be explicitly, and
item by item. forbidden by statute, in
such terms as will practically elm.
mate uncertainty, the law itself and
the penalty being made equally plain.
And the business men of the coun-
try desire something more than that
the menace OF legal process In these