Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1914-01-29
PRESIDENT MAKES
KNOWN TRUST PLANS
Would Break Up Interlocking
Directorates and Holding
Companies.

- OSSS 0A4N AA0A0x4S
Companies.
Washington, Jan. 2o.-President
Wilson personally laid before a joint
session Of congress today the funda-
mental principles of the democratic
administrations program for dealing
with trusts and big business" The
president presented the case, he said,
'as 1t lies in the thought of the coun-
try" reiterating that private monopoly
is indefensible and intolerable," and de-
"claring that conscientious business
men throughout the nation would not
be satisfied until practices now depre-
Gated by public opinion as restraints
of trade and were corrected.
I'VE are now about to write the adj
ditional articles of Our constitution Of
peace" said the president, the peace
that is honor and freedom and pros
perity."
Besides suggesting the scope of leg
islation, the president made a personal
appeal for an atmosphere of friendli-
ness and cooperation in congress-.
while handling the problem.
Meet Half Way.
"The antagonism," he said, ""be-
tween business and government is
over. We are now about to give
expression to the best judgment of
America, to what we know to be
Of the land. The government and
business men are ready to meet
zach other half way in a common
effort to square business methods
with both public opirion and tho
.. law"
The chief points which the president
singled out as a basis for legislation
were:
~. EHectuaI prohibition of tho
interIockine of directorates of
great OBSERVATION-DISCLOSURES, rail-
roads, Industrial, commercial and
public service bodies.
a law to confer upon the
the power to superintend and reg
uIate the financial operations BY
which railroads are henceforth to
be supplied with the money they
need for their proper development
ties"
The president made it clear that
h prosperity of the railroads and the
prosperity of the country inseparably
connected in this regard.
hurtfuI restraints of trade by
explicit legislation supplementary
to the Sherman law.
I. Inc creation OF a ccrnrniS-
sion to aid the courts and to act
as a clearing house of information
in helpina business to conform
with the law.
IS. Provision of penalties and
punishoents to fall on individuals
responsible for unlawful business
practices.
IS, Prohibition of holding COM
panics and a SUGGESTION that the
voting roWer OF individuals hold
ing shares in numerous corpora
tons n1i~Ht be restricted.
~. Givina to private individ-
uals the right to fund suits FOR re-
rover in government suits and
providing that statute of linita-
tons should run only from the date
of conclusion of the governments
action.
Mr.. Wilson's Address.
The president spoke us follows:
Gentlemen of the congress:
TN my report on the state of the
union which l had tue privilege of
reading to you on the list of December
last, | ventured to reserve for dis
cussion at a later date the subject of
additional legislation regarding the
very difficult and intricate matter of
trusts and monopolies. The time now
seems %opportEne to turn to that great
question; not only because the cur
rency legislation, which absorbed your
attention and the attention of the
country in December, is now disposed
of. but also because opinion seems to
be clearing about US with singular ra-
pidity in. this other great field of ac-
ton. In the matter of currency it
cleared suddenly and very happily after
the m~uch-debated act was passed; In
respect of the ~nonopolies which have
multiplied about us and in regard TO
$ho x,or;~,,c r,norc 1, ,,-IioIo 49,, r. x,o
been organized and maintained. 1t
seems to be coming to a clear and all
but universal agreement in anticipa-
ton of u action, as if by way Of
preparation, making the way easier to
see and easier to set out on with con-
fidence and without confusion Of
counsel.
Hostility Disappearing.
Legislation mas it's atmosphere like
everything else and the atmosphere OF
accommodation and mutual UNDER
standing, which we now breathe with
SO much refreshment is a matter Of
sincere congratulation. 1t ought to
and embarrassing than it would have
been had we been obliged to continue
to act amidst the atmosphere of sus-
picion and antagonism which has so
long made it impossible to approach
such questions with dispassionate fair
ness. Constructive legislation, when
successful, is always the embodiment
Of convincing experience and of the
mature public opinion which finally
springs out of that experience. Legis-
Ntion is a business of Interpretation
not of o%rigination, and it is now plain
what the opinion is to which we must
give effect in his matter. It is not
recent or hasty opinion. 1t springs
out Of the experience Of a whole gen
sration. 1t has clarified itself by long
contest, and those who for a long time
battled with it and sought to change it
are now frankly and honorably yield
Ing to it and seeking to conform their
actions to 1t.
9Th great business men Who or
Eanizad and financed monopoly and
those who administered it in actual
every day transactions have year after
year, until now, either denied it's ex-
silence or justified it as necessary for
gne effective maintenance and develop
nent of the vast business processes Of
me country In which modem circum-
tances Of trade and manufacture and
finance are involved; but all the while
soinion has made head against them.
The average business man 'sis con-
rinced that the ways Of liberty are
llso the ways OF peace and the ways OF
success as well, and at last the mas
,ers Of business on the great scale