Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1914-05-14

The Unfinished Work.
There still remains to be done
the following enactments: l, the
restoration OF competition; 2, the
control Of the issuing OF secuit-
lea by interstate corporations; 8,
the marking Of the limit beyond
which corporations cannot 60
toward monopoly; 4, the estab-
lishTent OF an Interstate trade
commission; and 5, therpunish.
ment Of the individuals guilty OF
the violation of antitrust laws.
As to the need Of competition
private monopoly is both indefen-
sible and intolerable. The pro-
gressives claim that it is inevita-
BILE, and that all that can be done
is to restrain and regulate such
monopolies. Thatwas Theodore
Roosevelt's position two years
ago; but the American people re-
pudiated him and it. The resto.
ration OF competition, therefore
is the only remedy. Private mo.
nopolies cannot be controlled for
the reason thatmonopolists can.
not resist the temptation to sup
port only those whose duty it
will become to control such mo.
nopolies bycorrupting them after
election.
One method OF sitting compe-
tition is the interlocking direct
crate, by electing certain subser.
Went tools to manage rival cor
porations. 1t is idle to say that
such men will permit real compe-
tition between such corporations.
There is a principal Of equity
which would declare such direct
: crates illegal if the courts were
, notalready under the domination
} Of the money power; fordirectors
are trustees Of the corporations
r they represent, and that s u C h
trustees should occupy a dual
position and proftby confidential
secrets thus entrusted to them to
| their own profit or to the profit
of either corporation at the ex-
: pense Of the other, is against
: good conscience. No statute
should be necessary to prohibit
such abuses, but since the courts
are inert, such a law should be
enacted.
8 The great reliance of the cor.
! porations is that equity will re-
y (quire and permit the exaction of
charges sufficiently high to pay
a fair return on the capital in
s vested in corporations. In order
+ to make this charge appeargreat
9 much so-called watered stock or
bonds issued, and the epublic isex
Z pected to pay interest on such ne
= culities just as much as on reAl
J. money invested in Therapeutics
TO the extent that such issues art
y watered the public should not b.
e required to pay any returns. Th'
e government intends to contro
If the issue of such securities here
J. after by seeing that real none.
,e comes into the corporation TO
is every dollar of stock or bond
put forth, and that the proceed
OF such sales are applied to tn
c betterment of the properties o
: the purchase of new properties.
- - The Supreme Court of the Unit
~ . ed States in the Standard o.
. cases has left it to each individua
- to decide for himself what is ant
" what is not an unreasonable re
straint OF trade" This is tant
e. amount to a repeal Of the Shel
t. man anti.trustlaw. 1t, therefore
'i' is right that such an explicitan
In unmistakable definition of wha
IN is and what is not a restraint {
e. trade be made that the, wayfa,
1e ing man, though a fool, shoul
's- not err therein.
le Much information is require
or both by the government and b
OF manufacturers and workers of a
s. kinds, that cannot be furnishe
n. i L. l,,,oo,o ~e %ho ~.oro~,v,,,,