The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1914-01-28

spirit, in thoughtful moderation, with
out revolution of any untoward kind.
We are all agreed that private
monopoly is i~ndefensible and intoler-
able" and our programme is founded
upon that conviction. 1t will be a com
prehensive but not a radical or unac
ceptable programme and these are its
items, the changes which opinion de-
iberately sanctions and for which
business waits:
1t waits with acGuiescence, In the
first place, for laws which will effec-
tually prohibit and prevent such inter-
lockings of the personnel OF the dlrec-
torates of great corporations-banks
and railroads, industrial, commercial,
and public service bodies-as in erect
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 person trading
with one another under Inherent
names and in different combinations,
and those who affect to compete In
fact partners and masters Of some
whole field Of business. Sufficient
time should be allowed, Of course, in
which to effect these changes of organ
ization without inconvenience or con-
fusion. l....
Such a prohibition will work much
more than a mere negative good by
correcting the serious evils which have
arisen because, for example, the mel
who have been the directing spirits of
the great investment banks have
usurped the place which belongs to
independent industrial management
working in it's own behoof. 1t will
bring new men, new energies, a new
spirit of initiative, new blood, into the
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 greatly enrich the bust
ness activities Of the whole country.
In the second place, business men
as we'll 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 interests subor'
dinated to the interests of the men
who financed them and Of other bus
mess enterprises which those men
wished ITO promote. The country is
ready, therefore, to accept, and accept
with relief as well as approval, a
law which will confer upon the Inter,
state Commerce Commission the pow
er to superintend and regulate the
financial operations by which the'rail'
roads are %henceforth to be supplied
with the money they need for their
proper development to meet the rap
idly growing requirements Of the
country for increased and improved
facilities of transportation. We can
not postpone action in this matter
without leaving the railroads expos
ed 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
railroads have spoken very plainly
and very earnestly, with a purpose
we ought to be quick tc accept. 1t
will be one step, and a 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 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 d~iscourages ii
like the necessity to take chances, to
run the risk Of falling under the con
demnation 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
hurtful restraints of trade to make
definition possible, at any rate up to
the limits Of what experience has
disclosed. These practices, being now
abundantly disclosed, a be explic'
lily 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.
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 intel
ligible. They desire the advice, the
definite guidance and information
which can be supplied by al admin.
istrative' body, an interstate trade
commission.
The opinion of the country would
instantly approve of such a commits.
sion. It would not wish to see it
empowered to make terms with mon
opoly or in any sort to assume con
troll of business, as If the Government
made itself responsible. 1t demands
such a commission only as an indis'
pensable instrument of information