Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-01-20
'PD||f| NTH BUSINESS
I'm Of President
CONTINUED From Pass. IL
prxa., Moc.poly lndsf.nsibls.

Private N onopoJy IndeSenetbJe.
1--WE are Ill agreed that private mo-
nopoly 10 indefensible and intolerable.'
ana our program is founded upon that
conviction. It win be . comprehensive
hut not radical or unacceptable pro-
gram ana these are 1ts items, the
changes which opinion deliberately
sanctions and for which business waits,
1T waits with acquiescence. In the
lirst place. for laws which win effectu-
ally prohibit and prevent such inter-
lockings Of the personnel OF the direc-
torates Of great corporations-banks
and railroads. Industrial. commercial
md public service bodies-as in effect
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 persons trading with
one another under different 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
Inconvenience or confusion.
more than a mere negative good by
arisen because, for example, the men
who have been the directing spirits Of
the great investment banks have
usurped the place which belongs to in
dependent Industrial management
working in Its own behalf. It will bring
new men, new energies. a new spirit OF
initiative. new blood, into the manage
ment Of our great business enterprises.
It will open the held Of industrial de-
velopnlent ana organization to scores of
men who have been obliged to serve
when their abilities entitled them to d.
rect. II will Immensely hearten the
young men coming on and will greatly
enrich. the business activities Of the
whole country.
nailways Harmed by Methods.
Tn the second place, business men
a. vel! as those who direct public af-
fairs now recognize with painful clear
ness, the great harm and Injustice
which has been done to many, II not
oil, Of the great railroad systems of
the country by the way In which they
have been financed and their own dis
tincttve interests sabordinated to the
interests Of the men who financed them
and OF other business enterprises which
those men wished to promote. The
country Is ready, therefore, to accept,
and accept with relief as we'll as
approval. law which will confer upon
the interstate commerce commission
the power to superintend and regulate
the financial operations by which the
railroads are hencefofth to be supplied
with the money they need for their
proper Development to meet the rapid
~ growing requirements Of the country
Tor increased ana improved facilities Of
transportation. We can not postpone
action IN this matter without leaving
the railroads exposed to many serious
handicaps and hazards; and the pros
perity Of the country are inseparably
connected. Upon this question those
who are chiefly responsible for the
actual Management and operation oil
railroadss have spoken very plainly and
very earnestly. with purpose we
ought to be quick to accept. It will be
one step. and a very important one,
toward the necessity separation Of the
business OF production from tho busi-
ness Of transportation.
Trust Law Needs Dsfinlno.
The business Of the country awaits
also, has long awaited and has suf-
Tered because 1t could not obtain. fur
Their and more explicit legislative defin-
ltion Of the policy and meaning Of the
existing antitrust law. Nothing
hampers business like uncertainty.
Nothing daunts or discourages 1t like
the necessity to take chances. to run
The risk Of falling under the condemna-
ton OF the law before 1t can make sure
what the law -. Surely we are sur
ficiently familiar with tho actual pro-
cesses and methods 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. can be ex-
plicitly and item by item forbidden by
statute in such terms as viii prac-
tically eliminate uncertainty, the law
itself and the penalty being made
equally plain.
Wants Trade Commission.
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 an administrative
body. an interstate trade commission.
Tie opinion of the country would
approve of such a commits
sion. 1T would not wish to see 1t en-
powered to make terms with monopoly
or In any sort to assume control OF
as II the government made
itself responsible. Il demands such a
commission only as an indispensable
instrument Of Information and public
fly. as clearinghouse for the facts
by which both the public mind and the
great business undertake
lnss should be guided. and as an in
strunte ntality for doing Justice to busi-
ness where the processes Of the courts