| Show Tf TRUSTS Their Dangers and amid Pointed Out Tho The mechanism of oC modern business is IA ii BO so delicate that extreme core care must be bu betaken taken not nt to Intel interfere fere with It I In II a n r spirit of oC rashness or Ignorance Marty Mary Man Manof Of ot those who have made tt it I their voca to 10 denounce tho tIme great Industrial industria combinations ton H which are aru art RIN popularly al tul although though with technical Inaccuracy known ns as trusts appeal especially to tc hatred and fear ronI These are arc precisely the tho two emotions particularly when combined with Ignorance which unlit t I Imen men for Cor tho the exercise oC or cool and steady stead Judgment In Itt facing now new Industrial conditions the whole history of ot tho tim world shows that legislation will wi gen generally emily be both unwise anti and Ind Ineffective unless undertaken after calm Inquiry and wIth sober Much of tho the legislation directed at nt the trusts tru ts would have been exceedingly mischievous out ous had It not also been entirely In Ineffective ineffective effective in lU 11 accordance with a well wel known sociological law the time Ignorant or reckless agitator luis has been the really realy effective friend ot if the evils evis which he has been licen nominally opposing In neal deal dealIng Ing with business Interests for the th government wih to undertake by crude and legislation to do what may turn tur out to be b bad bail would bo be to Incur tho the risk of ot such na national disaster that It I would be b pro pre preferable tonal terrible to undertake nothing at nt all al the Tho men who demand the Impossible or orthe orthe orthe the undesirable servo serve as nR the allies of the tho forces with which thoy they are aro nomi nominally wih nally nt at war var for they hamper those who would endeavor to find out In rational fashion what the tIme wrongs real really ly iy b are and on to what extent and in what ar manner It ILia Is it practicable to apply rome reme remedies dies EVIL IVIL EVI All Mi this Is true nod and 1111 yet ct It I is la also Al true that there are arc meal ical 11 and grave evils one of ot the tIme chief being overcapitalization because of ot Its Ia many baleful consequences and a resolute and Ind practical tal tl al effort must bo be made lade to correct these theno evils PUBLIC IDEA IEA OF TRUSTS There Thero Is a n widespread conviction In Inthe Inthe inthe the minds ot of the American people that the great grot corporations known as ns trusts are in certain of ot their features and nr tendencies hurtful to tIme the tle general wel welfare fare This springs from no spirit of ot or nor lack luck of ot envy pride In the great groat Industrial achieve achievements this country ments that have placed nt nl the head of or the nations struggling for tor commercial supremacy it I does docs not rest Iest upon a 0 lack hack of Intelligent appreciation of ot the tho necessity of ot meet meeting meetIng ing tug changing and changed conditions of methods nor upon Ig Ignorance Igno trade with now new 11 norance no unCO wih of tho the fact tact that combination of oC capital In tho the effort to 10 accomplish when the tho great things Is necessary worlds progress demands that great things be done It I Is bawl based upon sincere conviction that combination and con concentration should be not prohibited but bul supervised and within reasonable limits controlled and In my m Judgment this conviction Is II right PUBLIC AND C RIGHTS mOnTS It Is no limitation upon property rights 1 or freedom of ot contract to ti t ro re require quire that when shen men muon receive from goy gov government go eminent the privilege of ot doing doln busi busl business ness under corporate from which frees them from Individual responsibility and enables them to rail mil Into their on en enterprises the time capital of ot tin the public they shall do so upon ullon absolutely truthful representations as to thu value of ut the property In liz 11 which the capital Is to be invested engaged in Inter Interstate state commerce should be regulated If It they tho are found to exercise a license working to the public Injury InJun U it I should be b as much the alma aim of those who seek neck for tor al social betterment to rid the time bustness bust busi business ness world of ot crimes of ot cunning as ns to tori rid nela the tIme entire body bol politic of crimes of ot violence ri Urft corporations exist only emily because they are created end oIl sate safe safeguarded guarded by h our Institutions and It ID is I therefore our right and our duty to see ee that they hey thc work In harmony with these theae Institutions REMEDY mEDY PUBLICITY A Tho The first essential In determining how to deal with the great gret Industrial com corn combinations wih Is II knowledge of ot the time facts fact publicity In th the Interest ot of the pub 0 4 lie llo tim tho government should the tho right to t Inspect and aumi examine the work ings of tho limo great corporations In iii Interstate I n I to ness Publicity lubi tell y u is II the tim m only sure smite lum remedy which we wm WI ran now in invoke yoke voke What Wha further remedied me are need neat needed ed cd In II time the way WI of governmental regula lion or 01 taxation fixation can only emily l he deter after publicity has hiI b been een cn oh by Iy of ot if law Inca In ami In iii tho thu th course of ot Time The he first Ir tle ie me meI I o is in II knowledge full UI I complete C knowledge which tony may be bl made public to tho the world orid bodies such as an al amid 11 Joint stock or other ethic upon In lAW for tor their existence telco or privileges hull be to tu proper governmental super supervision vision V and a ii full tul fu I I a tid te Information tion ton as aK al to timely their operations should houll b be made regularly itt ut lt reasonable In Intervals NATION NAIN SHOULD SUPERVISE The Tho large Inlo corporations commonly called calet trusts trust though organized organised In un anI erie state mate Mit always do 0 In mummy many 1 I stators states often doing very cry little lo business In iii the tho state where they thov into tiro O It There Is its It utter titter uter lack at of ummi In tho the state laws about them 1111 HH as M no state stab line ban mummy liny exclusive interest In tim or power over their acts It has bus In i r proven proved Impossible to get adequate i Ie meg em emulation through state action rh IrIe In the t Ito Interest I mite lest of or the tl t w hoi people the time mm nation mm should ii without Yi I hiatt I tim Interfering a g with wih ni tim tho time power lower of HC the time state In iii 1111 mutter It Itself itself self also assume power of ot loll Ild regulation over nil all corporations do doIng doII lug Ing II an nn Interstate business TIN Is m N true into where the tl tim I de derives 11 derives rives a mm 1 portion of Its Ita wealth from rota tho time existence exist of or o f some BOIO monopolistic tic dement or ur tendency ten lcy In II Its Ia business There would bo be no 10 hardship In such super supervision lup r vision Islon i banks ate are subject to It I in their case caso It 1 Is II now accepted as nB a I 1110 matter limit of ot course comm ise Indeed I cud It I t It I 1 that thu t supervision of ot corporations by h the time national government nood not go IN goHO INo HO io o far OH as nf la Is s now time the tl rase casi with tho time su RU supervision exercised over 0 1 them by II so su S conservative te a n state stalo us ni In order to produce excellent results rl MII CONGRESS SHOULD HAVE lA B POWER 1011 When the tho constitution was 11 adopted nt at the tho end of tho the eighteenth century c no flU human wisdom could foretell tho time sweeping changes fluke In Industrial and uld political conditions which were mere ero to tako take place IlIac by tho the beginning of ot tho the twentieth century At lit that time It was wal accepted as ns a R matter later of course courso that time the several states were tho the proper prop r author authorities authorIties Iles to regulate so mar far as 11 WI then tinui tn necessary the time comparatively Insignificant cant and amid OHI strictly localized I corporate bodies bathes of ot the flue Tho conditions tiny day ate now wholly different and wholly mit action acton Is coiled called calel for or I T bell bolo v that a n law can call bo ho 0 framed which will wi enable tIme tho th national government to ex ox exercise ercse control along niong nl ng the lines linea above In to Indicated profiting by hi the experience gained through tho time passage and admin administration adminIstration of ot tho time Interstate Int act aeL act If I however the judgment nf of t ron Con Congress gress Is 18 that It lacks hacks the time constitutional I power powel to pass such an act net then a n con constitutional conI amendment should I to confer tho time power |
