Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-06-12
Will Government Supervision Last7

T affords pleasure to give space to-day to
1 communication from one of our readers,
who takes issue with our view Of the perma-
nence in American institutions of government
supervision of Big Business. Our CORE
spondent believes that this supervision will
not last, that it is destructive rather than
benehcent in its influence, performs no useful
public service and, therefore, ought not to
last
He is wrong we think. in both of these
conclusions. 1t is quite true that the revela-
lions made in some of the insurance, railroad
and other Investigations have been seized on
by INSCRIPTIONS demagogues to justify dema-
gogic appeals to the public and to excuse
madly hurtful attacks on legitimate enter
prise. 1t is true also that the country has
awakened to these abuses Of its confidence
and that the animosity against great aggrega-
tons OF capital, merely such, that swayed
the public mind few years ago. is disappear
ing rapidly. 1t is not true at all that the
people are willing to surrender either the
right or the exercise Of helpful, intelligent
and constructive corporate supervision. The
New York Times is mistaken when it thinks
1t finds widespread evidence of any such pur-
pose. So is Mr.. kell.
1t always was Short-sighted policy as our
correspondent suggests, ito harass business
with commissions and legislative regulation
out OF n! proportion to the ills complained
VI. mere again. however, right proportion
is largely a question Of viewpoint We
should say that the revelations made in the
insurance nvestga tons, in the Investigations
OF Rock Island, Frisco. New Haven and other
roads, in some Of the trust cases and at hear
lngs before committees of Congress, have
quite justified tho public conviction that in
matters of great financial magnitude eternal
vigilance is the price of safety" At any
rate. the conviction persists.
We have as little sympathy as Mr. KelI
With the stupid destructiveness of the dema-
goGue. Our own ideal of the right sort of
government supervision is Appropriated in
the operations of the Federal Reserve Board,
to which the national banks of the country
are now giving loyal support, and from which
the banks are receiving assistance highly con-
ducive to their business prosperity and the
discharge of their public function.
1t would be idle to deny that much SUPER
vision OF business, by commissions both State
and national, has been ineffective and un-
enlightened We think its quality will i'm
prove and we are so convinced that the prin-
clple is permanent. we welcome every mani
hesitation of purpose, by those intimately af-
fected, to promote this Improvement There
should be no conflict or diversity of interest
between honest business and honest govern
ment and the dishonest variety OF either in
these days is pretty certain TO be found out
The Trade Commission is living fact and
no political party that has even a remote
chance to hold office and power would think
seriously OF legislating it out of existence
For business, big or little, to occupy itself
IN making faces al responsible and power
ful agency of government would tend to give
us the same idea OF business as Dogberry
had OF the law.