Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1914-01-30
PRESIDENT MAKES
KNOWN TRUST PLANS
Would Break Up 1nterlocking
Directorates and Holding
Companies.

Companies.
Washington, Jan. 20.-President
Wilson personally laid before q 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 it lies in the thought of the coun-
try" reitevating 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.
w are nov about to write the ao-
ditional articles of " constitution OF
peace" said the president. 1.-The peace
that is homo and freedom and pros
perity.'
Besides suggesting the scope Of leg
islation, the president made Il personal
appeal for an atmosphere OF friend!1-
ness and cooperation in congress-.
while handling the problem.
Meet Half Way.
1.-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
the business conscience and honor
Of the land. The government and
business men are ready to meet
each other half way in a common
effort to square business methods
with both public opinion and the
law"
The chief points which the president
singled out as a basis for legislation
We're:
st. EHectuaI prohibition of the
interlocking Of directorates Of
great corporations-banks, rail-
roads, industrial, commercial and
public service bodies.
"2. A law to confer upon the
Interstate Commerce commission
the power to superintend and eg-
ulate the financial operations by
which railroads are hencefortn to
be supplied with the money they
need FOR their proper development
and improved transportation faci!-
ties"
The president made IL clear that
the prosperity of the railroads and the
prosperity of the country inseparably
connected' in this regard.
IS. Definition of "the many
hurtful restraints OF trade" by
explicit legislation supplementary
to the Sherman law.
20. The creation Of a commits
sion to aid the courts and to act
as a clearing house Of information
in helping business to conform
with the law.
IS. Provision of penalties and
p%unishnnents to fall on individuals
responsible for unlawful business
IS. Prohibition Of holding corr
panies and a suggestion that the
voting power Of individuals hold
ing shares in numerous corpora
tions MIGHT be restricted.
~ Giving to private individ-
uais the right to fund suits for re-
dress on facts and Judgments
providing that statute Of limita-
lions should run only from the date
of conclusion of the governments
action.
Mir. Wilson'S Address.
The president spoke as follows:
Gentlemen of the congress:
I'm my report 'on h state of the
union which l had the privilege of
reading to you on the list Of December
last, I 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 opportune 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, III also because opinion seems to
be clearing about us with singular RAJ
pidity in this other great field of ac-
ton. in the matter Of currency it
cleared suddenly and very happily after
the much-debated act was passed; in
respect of the monopolies which have
multiplied about us and in regard to
the various means by which they have
been organized and maintained, 1t
seems to be coming to a clear and all
but universal agreement in anticipa-
ton of our action, as IL by way of
preparation, making the way easier to
see and easier to set out on with con-
fdence and without confusion of
counsel.
Hostility Disappearing.
Legislation has it's atmosphere like
everything else n 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
make our task Very much less difficult
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-
lation 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 this matter. 1t is not
recent or hasty opinion. 1t springs
out of the experience Of a who'll gen.
Grafton. 1t has clarified itself by long
contest, and those who for Il long time
battled with it and sought to change it
are nov frankly and honorably yield
ing to II cod seeking to conform their
actions to it.