Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-20

/ , diiiercnCe between former FIeS4-
/ ( dent Theodore Roosevelt and Pres
/ idcnt Wilson and Senator Smith {
related the story to the bankers at s
; the Clearing House luncheon Mon (
day.
This man." said Senator Smith, :
said that if Mr. Roosevelt should }
; meet "A lion in the road he would (
Immediately Kill the lion, but II !
President Wilson were to meet :
lion he would reason with the lion, 5
then put a saddle and bride on it
and ride it home
before it can make sure just what
the law is.
Surely we are sufficiently familiar
! with the actual processes ana meth
DDS OF monopoly and Of the many
hurtful restraints of trade 10 make
definition possible, at any rate up TO
the limits of what experience has dis
closed. These practices, being now
aburdantly disclosed, can be explicit
Iy and. item by item. forbidden by
statute in such terms as VIII pracu-
Cally eliminate uncertainty, the law
itself ami the penalty being made
equally plain.
Business Desires Guidance.
And the business men OF the
country desire something more than
that the menace of legal process IN
these matters be made explicit and
Ineligible. They desire the advice,
the definite guidance and informa-
ton which can be supplied by an ad-
ministrative body and interstate trade
commission.
THE opinion Of the country would
instantly approve of such a commits
sion 1t would not wish to see II en-
powered to make terms with mo-
ropoly or in any sort to assume con-
troll Of business, as if the Government
made itself responsible. 1t demands
such commission only as an mas
pensable instrument Of Information
and publicity, as clearing house for
the facts by which both the public
mind and the managers of great bust
ness undertakings should be guided,
and as an fundamentally for doing
Justice to business where the pro-
cesses Of the courts or the natural
forces of correction outside the courts
are Inadequate to adjust the remedy
to the wrong in a way that will meet
all the equities and circumstances or
the case.
producing industries. for exam
pie, which have passed the point up
to which combination may be conSiS-
tent with the public interest and the
freedom of trade, can not always be
dissccted into their component units
as readily as railroad companies OF
similar organizations can be. Their
dissolution by ordinary legal process
may oftcntimes involve financial con-
sequences likely to oVerWhelm the Sc
curlty market and bring upon it
breakdown and confusion. There
ought to be an administrative com
mission capable of directing and
shaping such corrective measures,
not only IN aid of the courts, but also
by independent suggestion, if neces-
sary
For Individual Guilt.
"lnasmuch as our object and the
spirit of our action in these matters
is to meet business halfway in its
processes Of self correction and dis
turb its legitimate course as little as
possible, we ought to see to 1t. and
the Judgment of practical and saga
cious men of affairs everywhere would
applaud US if we did see 20 it, that
penalties and puniShmentS should
fall, not upon business itself, TO its
confusion and interruption, but upon
the individuals who use the instru-
mentalities of business to do things
which public policy and sound bust
ness practice condemn.
every act of business is done AT
the command or upon the initiative Of
some dsCertainab bic person or group of
persons. These should be held indl-
vidually responsible, and the punish
ment should fall upon them, not upon
the business organization of which
they make Illegal use.
1T should be one of the main OBJ
jects of our legislation to divest such
persons of their corporate cloak aud
deal with them as with those who DO
not represent their corporations, but
merely by deliberate intention break
the law. Business men the country
through would, | am sure, applaud us
If we We're to take effectual steps o
see that the officers and directors of
great bodies We're prevented from
bringing them and the business of the
country into disrepute and danger.
Menace of Stockholding.
other questions remain which will
need very thoughtful and practical
treatment. Enterprises In these mod
ern days Of great individual fortunes
are oftentimes interloCked not by be-
ing under the control OF the same III
rectors, but by the fact that the great
er part of their corporate stock Is
owned by a single person or group Of
persons who are in some way init
mately related in interest We are
agreed, | take it. that holding comma
MES should be prohibited, but what
Of the controlling private owenersail
of individuals or actually cooperative
groups of individuals? Shall the pri-
waite owners of capital stock be sut-
fered to be themselves in effect hold
ing companies? We do not wish,
suppose, TO forbid the purchase OF
stocks by any person who pleases t.
buy them in such quantities as h
can afford in any way arbitrarily &C
limit the sale of stocks to bona fl /,
purchasers.
shall we require the owners OF
stock. when their voting power il
several companies which ought to %
independent of one another would
constitute actual control. to make
election in which OF them will eNer-
else their right 10 vote? This ques-
ton | venture for your consideration
Redress for Trust Victims.
There is another matter in which