Semi-weekly herald. [volume] (Durango, Colo.) 1907-1917, 1914-01-22
under which can be left in whole

nntasuIes VI sWtepiDH VI IoNei CHdlHe
are necessary. 1t will be understood
that our object is not to unsettie
business or to anywhere seriously to
break its established courses athwart.
On the contrary, we desire the laws
we are now to pass to be the bull
warks and safeguards of industry
against the forces that have disturb
ed it. What we have to do can be
done in new spirit, in thoughtful
without revolution of any
untoward kind.
eve are all agreed that private
monopoly is indefensible and intoler-
able and our program is founded up
on that conviction. 1t will be COM
prehensive but not radical or I'M
acceptable program and these are its
items, the changes which opinion
deliberately sanctions and for which
business waits:
at waits with acquiscence, in the
first place, for laws which will eff
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 prac-
tically 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 some wholesome field of business
Sufficient time shall 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 behalf.
1t will bring new men, new energies,
new spirit of initiative; new blood
into the management of our great
business enterprises. 1t will open the
field of industrial development and
organization of score 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 en-
rich the business activities of the
whole country.
an the second place, business men
as well as those who direct public af-
fairs now recognize, and recognize
with painful clearness, the great
harm and injustice which has been
done to many, if not all, of the great
railroad systems of the country by
the way in which they have been
financed and their own distinctive in
terests subordinated to the interests
of the men who financed them and
of other businesses those men wish
ed to promote. The country is ready,
therefore to accept and accept with
relief as well as approval, law
which will confer upon the interstate
commerce commission the power to
superintend and regulate the finan-
cial operations by which the railroads
are henceforth to be supplied with
the money they need for their prop
crty development to meet the rapidly
growing requirements of the country
for increased and improved facilities
of transportation. We cannot post
pone action in this matter without
leading the railroads exposed to many
serious handicaps and hazards; and
the prosperity of the railroads and
the prosperity of the country are in
seperably connected. Upon this ques-
ton those who are chiefly responsible
for the actual management and oper-
alton of the railroads have spoken
very plainly and very earnestly with
purpose we ought to be quick to
accept. 1t will be one step, and n
very important one; toward the
necessary separation of business of
production from the business of
transportation.
"The business of the country
awaits, also has long awaited, and
has suffered because it could not OBJ
tain, further and more explicit leg
islative definition of the policy and
meaning of the existing antitrust
law. 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
before it can make sure just what
the law is. Surely we are sufficient
ly familiar with the actual processes
and methods 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 disclosed. These practices, be-
ING now abundantly disclosed can ha