The Liberal democrat. [volume] (Liberal, Kan.) 1911-1924, 1914-01-30
WILSON OUTLINES TRUST POLICY
AT JOINT SESSION OF CONGRESS

unacceptable program, and these are
its items, the changes which opinion
deliberately sanctions and for which
business waits:
FaVors Fair Competition.
1t waits with acquiescence, in the
first place, for laws which will effec-
tually prohibit and prevent such IN
terlockings 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
sell and those who buy, but the same
4 persons trading with one another I'M
der different names and in different
combinations and those who affect to
compete; in fact, partners and mas
tiers of some 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 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 directing spirits
Of the great investment banks have
usurped the place which belongs to
independent industrial management
working in its own behalf 1t will
bring new men, new energies, a new
| eTNtr Of mi lot iun h1nAd M ha
management of our great business en-
terprises. 1t will open the field Of in
dustrial development and origination
to scores of men who have been
obliged to serve when their abilities
entitled them to direct It will i'm
mensely hearten the young men COM
ing on and will great enrich the bust
ness activities of the whole country.
To Regulate Financing of Railroads.
In 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 f.
nanced, and their own distinctive in
terests subordinated to the interests
of the men who financed them and of
! other business enterprises which
those men wished to promote. The
country is ready, therefore, to accept
and accept with relief as well as ap-
proval, law which will confer upon
the interstate commerce commission
the power to superintend and regulate
the financial operations by which the
railroads are henceforth to be sup
piled 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
business of transportation.
The business OF the country awaits
also, has long waited and has suf-
fered because 1t could not obtain, fur
Their and more explicit legislative
definition of the policy and meaning
Of the existing antitrust law. Moth
ing hampers business like uncertain.
ty. Nothing dsunts 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
ly we are sufficiently familiar with
the actual processes and methods OF
monopoly and of the many hurtful re-
straints of trade to make definition
possible, at any rate up to the limits
Of what experience has disclosed
These practices, being now abundant
ly disclosed, can be explicitly and
item by item forbidden by statute in
such terms as will practically elimi-
nate uncertainty, the law itself and
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
matters be made explicit and intelli-
gible They desire the advice, the
definite guidance and information
which can be supplied by an admins
trative body an interstate trade COM
mission.
Public Demands Publicity Bureau,
The opinion. of the country would
instantly approve of such a commits
sion II would not wish to see it EN-
powered to make terms with monopoly
or in any sort to assume control OF
business, as If the government made
itself responsible. 1t demands such
commission only as an indispensable
instrument of information and pub
liclty, as clearing house for the facts
by which both the public mind and