The daily sentinel., 1914-01-20

Oh cOrrectlOn OUTSIDE the courts are
inadequate to adjust the remedy to
the wrong in way that will meet
all the equities and circumstances of
the case.
Producing industries, for exam
pie. which have passed the point up
to which combination may be CON
sistent with the public interest and
the freedom OF trade. cannot always
be dissected into their component
units as readily as railroad compan-
les or similar organizations can do.
Their dissolution by ordinary legal
process may often times involve fl
nancial consequences likely to over
whelm the security market and bring
on IL breakdown and confusion.
There ought to be an administrative
commission capable of directing and
shaping such self-correctiye processes
not only in aid of the courts, but also
by independent suggestion, If neces-
sary.
Meet Business Half Way.
'lnasmuch as our object and the
spirit of our action in these matters
is to meet businesshalf way in its
processes of self-correction and dis
turb its legitimate course as little
as possible, we ought to see il, and
the judgment of practical and saga
cious men of affairs everywhere
would applaud us if We did see to it.
that penalties and punishment should
fall, not on business itself to its con-
fusion and interruption, but on the
individual who uses the instrument
talities of business to do things which
public policy and sound business
practice condemn. Every act of
business Is done at the command or
on the initiative of some ascertain
able person or group of persons.
These should be held individually re.
sponsible and the punishment should
fall on them, not on the business or
ganization of which they made lille
gal use. 1t should be one of the
main objects of our legislation to
divest such persons of their corpor-
ate cloak and deal with them as
with those. who do not represent
their corporations, but merely by
deliberate intention to break the
law. The business men, the country
through would, | am sure, applaud
us IL we were to take effectual steps
to see that the officers and directors
of great business bodies were pre-
vented from bringing them and the
business of the country into dispute
and danger.
Bar Interlocking Directorates.
''Other questions remain which
will need very thoughtful and
practical treatment Enterprises. In
these modern days of great individ-
ral fortunes, are oftentimes inter-
locked. not by being under the con-
troll of -he same dlfeeiors, but by the
fact tha. the greater part of their
corporate stock is owned by single
person or group of lcTscns who are
in some way intimately related in in
terest. We are agreed, / take it,
that holding companies should BE-
prohibited. but what of the con-
trollins by private ownership or in
dividuls or actually cooperate
groups of individuals? Shall the
private owner of oaLitsl stock be
suffered to be themselves in effect
holding companies: We don't wish
II suppose-to forbid the purchase
of stocks by any peIscns who pleases
to buy them in such quantities as he
can afford or in any way arbitrarily
to limit the sale nf stocks to bona
fide purchasers. Snail we require
the owners of stock. when their yot-
which ought to he independent of
one another would constitute actual
control to make election in which of
them they will exercise their right
to vote? This question / venture
for consideration.
There is another matter in which
imperative consideration of Justice
and fair play suggest thoughtful REM
edial action. Not only do many cf
the combinations effected or sought
to be effected in the industrial worl1
work an injustice on the public in
general; they also directly and seri-
ously injure the individuals who are
put out of business in one unfair
way or another by the manys dislodg-
ing and exterminating forces of com
bination. ! hope that we shall agree
in giving private individuals who
claim to have been injured by these
processes the right to found their
suits for redress on the facts and
judgments proved and entered in
suits by the government where the
government has on its own initiative
sued combinations complained of and
won its suit, and that the statute
of limitations shall be suffered to
run against such litigants only from
the date of the conclusion of the gov
ernment's action. 1t is not fair that
the private litigant should be obliged
to set up and establish again the
facts which the government has
proved. He cannot afford. he has
not the power, to make use of sucn
processes of inquiry as the govern
ment has command of. Thus shall
individual justice be done while the
processes of business are rectified
and squared with the general con-
science.
Il have laid the case before you;
now debate as it lies in your own
mind, as it lies in the thought of the
country. What must every candid
man say of the suggestions l have
laid before you. of the plain obliga-
tions or which have reminded you?
That these are new things for which
the country is not prepared? No,
but that they are old things, now ia
miliar, and must. of course, be un-
dertaken If we are to square our laws
y. Al =. 4 Il