Gilpin observer., 1914-01-22

simple business readjustments AZ pos
sible In the circumstances. moth
ing essential disturbed, nothing torn
up by the roots. no parts rent asunder
which can be left in wholesome com
bination.
Fortunately, no measures of sweep
ing or novel change are necessary. It
will be understood that our object is
NOT to unsettle business or any
where seriously to break its estab-
lished courses athwart.
On the contrary, we desire the laws
we are now about to pass to be the
bulwarks and safeguards Of industry
against the forces that have disturbed
It, What we have to do can be done
in new spirit. in thoughtful modera-
ton, without revolution of any unto
ward kind.
We are all agreed that private
monopoly is indefensible and intoler-
able" and our program is founded on
that conviction. 1t will be compara-
tive but not a radical or unacceptable
program, and. these are its items, the
changes which opinion deliberately
sanctions and for which business
waits:
1t awaits with acquiescence, in the
first place, for laws which will effec-
tually prohibit and prevent such in
terlockings of the personnel of the d.
rectorates 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 practically
one and the same, those who sell and
those who buy but the same persons
trading with one another under diff
ferent names and in different combi-
nations, and those who affect to com
plete, in fact partners and masters of
some whole field OF business. Suffi-
cient time should 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 belongs
to Independent industrial manage
ment working in it's own behalf
1t will bring new men, new ener-
gies, a new spirit of initiative, new
blood, into the management of our
great business enterprises. 1t will
open the field of industrial develop
ment and origination of scores 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.
| 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 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 dis
tinctive interests subordinated to the
interests of the men who financed
them and of other business enter
prises which those men wished to pro-
mote.
The country is ready, therefore, to
accept. and accept with relief, as well
as approval, law which will confer
on the Interstate Commerce Commits
sion 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
improved facilities of transportation.
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 a purpose we
ought to be quick to accept. 1t will
be one step, and very important
one. toward the necessary separation
of the business Of production from the
busins5 of transportation.
rhe business of the country awaits,
also, has long awaited and has suf-
fered because it could not obtain fur
ther and more explicit legislative defi-
milton of the policy and meaning OF
the existing antitrust law.
Nothing hampers business like un-
certainly. Nothing daunts nor discour-
ages 1t like the necessity to take
chances, to run the risk of falling un-
der the condemnation of the law be-
fore 1t 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
hurtfut restraints OF trade to make