American Falls press. [volume] (American Falls, Idaho) 1907-1937, 1914-02-05

90 u ehC tOAA VI bnC Adlula lOlCCo
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 example,
which have passed the point up to
which combination may be consistent
with the public interest and the free
don of trade. cannot always be dis
sected into their component units as
readily as railroad companies or sim
liar organizations can be. Their dis
solution by ordinary legal process may
oftentimes involve financial conse-
quences likely to overwhelm the So
curity market and bring upon 1t break
down and confusion. There ought to
be an Administrative commission ca
pable Of directing and shaping such
corrective processes. nur only in aid
of the courts but also by indepndent
suggestion, if necessary.
Make PunlshmshS Certain.
"Inasmuch as our object and the
spirit of our action .n these matters
10 20 meet business na1f way in its
processes of self-ccYrection and dis
turb 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 APP
plaud us if we did see to it that pen
alties and punishments should fall,
not upon business itself, to its confu-
sion and interruption, but upon the
individuals who use the Instrumental
tiles of business to do things which
public policy and sound business prac-
tice condemn. Every act of business
is done at ethe command or upon the
initiative of some ascertainable per-
son or group of persons. These should
be held individually responsible and
the punishment should fall upon them,
not upon the business organization OF
which they make illegal use. 1t should
be one Of the main objects Of our leg
i~slation to divest such persons OF
their corporate cloak and deal with
them as with those who do not rep
resent their corporations, but merely
by deliberate intention break the law.
Business men the country through
would, l am sure, applaud us if we
were to take effectual steps to see
hat the officers and directors of great
bodies were prevented from br-sging
them and the business Of the country
into ~disrepute and danger.
"Other questions remain which will
need very thoughtful and practical
treatment. Enterprises, in these mod
ern days OF great individual fortunes.
are oftentimes i~nterlocked, not by
being under the control of the same
directors, but by the fact that the
greater part of their corporate stock
is owned by a single person or group
of persons who are in some way in
timately related in interest.
Holding Companies.
we are agreed, l take it, that hold
ing companies should be prohibited
but what of the controlling private
ownership of individuals or actually
cooperative groups of individuals
Shall the private owners of capita
stock be suffered to be themselves II
effect holding companies? We do moi
wish, / suppose, to forbid the pur
chase of stocks by any person who
pleases to buy them in such quaint
ties as he can afford, or in any way
arbitrarily to limit the sale Of stocks
to bonafde purchasers. Shall We re
quire the owners Of stock. when theil
voting power In several companies
which ought to be independent of ont
another would constitute actual con
troll. to make selection in which o
them they will exercise their right Il
vote? This question I venture foi
your consideration.
There is another matter In which
imperative considerations of justice
and fair play suggests thoughtful
remedial action. Not only do man.
Of the combinations effected or sough
to be effected in the industrial worlC
work an injustice upon the public II
general; they also directly and seri
ously injure the individuals who are
put out of business in one fair way Of
another by the many d~islodging ant
discriminating forces OF combination
| hope that we shall agree in givini
private individuals who claim to hav'
been injured by these processes tn
right to found their suits for redress
upon the facts and judgments proves
and entered In suits by the govern
ment where the government has upoI
its own initiative sued the combina
lions complained of and won its suit
and that the statute Of Limitation
shall be suffered to run against sucl
litigants only frdvn the date Of tn
conclusion OF the governments action
Individual Justice.
ct is not fair that the private lit
giant should be Obliged to set up an
establish again the facts which tn
government has proved. He canno
AFFORD, he has not the power to max
80 ~ euch nrocassaa of ~fndufrv "a