The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1914-01-23


power to superintend and regulate the
financial operations by which the rail.
roads are henceforth to be supplied
with the money they need for thir
proper development to meet the rap
idly growing requirements of the
country for increased and improved
facilities of transportation.
1--WE cannot postpone action in this
matter without leaving the railroads
exposed to many serious handicaps
and hazards; and the prosperity of the
railroads and the prosperity Of the
country are inseparably connected.
Upon this question, those who are
chiefly responsible for the actual
management and operation of the rail
roads have spoken very plainly and
very earnestly, with purpose we
ought to be quick to accept.
at will be one step, and very i'm
portant one, toward the necessary
separation of the business Of trans
portation from the business Of pro-
duction.
1.-THE business of the country awaits
also, has long awaited, and has suf-
fered because it could not obtain
further 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
it like the necessity to take chances,
to run the risk of falling under the
of the law 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
harmful restraints of trade to make
definition possible, at any rate, up to
the limits of what experience has dis
closed. These practices, being now
disclosed, can be explicit
ly and item by item forbidden by
statute in such terms as will practi-
cally eliminate uncertainty, the law
itself and the penalty being made
equally plain.
"AIid the business men of the coun-
try desire something more than that
the menace Of legal process in these
gible. They desire the advice, the
definite guidance and information
which can be supplied by an admins
trative body, an Interstate trade COM
1.-THE opinion of the country would
approve of such a commits
sion 1t would not wish to see 1t en-
to make terms with monop-
oy or in any sort to assume control of
business, as if the government made
itself responsible. It demands such a
commission only as an indispensable
Of information and pub
lefty, as clearing -house for the facts
by which both the public mind and
the managers of great business I'M
dertakings should be guided, and as
an instrumentality for doing justice
TO business where the processes of
the courts or the natural forces of
outside the courts, are
to adjust the remedy to
the wrong in a way that will meet all
he equities and circumstancesof the
case.
Producing industries, for example,
which have passed the point up tol
which combination may be consistent
with the public interest and the free
dom of trade, cannot always be dis
3ected into their component units as
readily as railroad companies or SIM
lar organizations can be. Their
dissolution, by ordinary legal process,
may oftentimes involve financial con-
sequences likely to overwhelm the Sc
surity market and bring upon it |
and confusion. There
ought to be an administrative COM
mission capable of directing and shap-
ng such corrective processes, not |
only in aid of the courts, but also by
suggestion, If necessary.
"InaSmuch as our object and the
spirit of our action in these matters
IS to meet business half way in its
processes Of self-correction and dis
,urb its legitimate course as little as
possible, we ought to see to it, and
he Judgment of practical and saga
;ious men of affairs everywhere |
would applaud us If we did see to it, |
hat penalties and punishment should |
all, not upon business itself, to It's |
confusion and interruption, but upon
he individuals who use the instru-
of business to do things |
which public policy and sound bust |
ness proctice condemn. Every act
If business is done at the command |
,r upon the initiative of some ascer-
person or group of persons.
These should be neld individually
responsible and punishment should /
all upon them, not upon the business
of which they make IL
egal use.
at should be one of the main OBJ
ects of our legislation to divest such
'ersons of their corporate cloak and
eal with them as with those who do
lot represent their corporations, but
merely by deliberate Intention break
he law.
business men of the country, 1 am
ure, would applaud us if we were to
AXE effectual steps to see that the
Ulcers and directors of great BUSH
ess bodies we're prevented from
ringing them and the business of the
ountry into disrepute and danger. ,
"Other questions remain which
ill need very thoughtful and practi-
oil INT T.