Show WANTS TRUST LAWS CLEARLY DEFINED r president in special message declares it Is not HIS policy to hamper business siness experience has pointed out harmful practices which 1 can now be forbidden washington jan SO 20 president dont wilson app appeared oared before a joint sea elou nion of both houses of congress and the following message on trusts gentlemen of tho the congress in my report on tho the state ot of tho the union which I 1 had tho privilege of reading to you on the let of 0 iscem ber last I 1 ventured to tor for discussion dircus sion at a later dato tho the subject of additional legislation regarding the vory and intricate matter of tru and monopolies tho the timo time now laconic opportune opp to turn to that great question not only because the cur ireney higi which absorbed your attention loit and the attention of tho the country in december Is now disposed of but also because opinion appear to bo be about us with singular rapidity in this other great lold field of 0 ACt action lon I 1 of interpretation legislation has its atmosphere like everything olao and the atmosphere of accommodation and mutual under landing standing which wo we now breathe with jeo much refreshment ii Is matter of sin aero congratulation it ought to make our task very much less logo difficult and aull embarrassing than it would havo have been fiad wo been obliged to continue to act amidst the of acl cion on and antagonism has so ions iong mado it impossible to approach CI uch questions with dispassionate fair coo constructive legislation when successful is 18 always tho the embodiment of f convincing experience and of tho the nature public opinion which finally out of that exPer experience lence legislation la Is a business of interpretation pot of origination and it ie Is now plain what tho the opinion loil la IH to which we must give sive effect in this neatter rj ni atter it Is not recent or hasty opi opinion litwa tho great austh samen who organ iced zed and financed monopoly and those tho adm at it in actual everyday transactions have year yeat after year until now cither either denied its existence aar it ns as necessary for the effective 4 1 develon development ment of the vast business processo azea 0 of the country in alo modern circumstances circumstance of trade and manufacture and finance tout dut all tho the while opinion has made headway against them tho avoral Dual Is convinced that tl ti 0 alij of liberty are tire also the ways of peace and the ways of success na ns well and at last the masters of busl fiess on the great scale have begun to yield their preference and purpose perhaps their judgment also in honor able 1 surrender will not what we m e aro are purposing to do thero are fare Is happily not to hamper bamper or interfere with bus businga insa na as enlightened Ju justness siness men prefer to do it or in any oense to put it under the ban the antagonism between bus business ineis and government Is oer wo we are now about to give to the best beat business judgment cf of america to what we anc to be the business conscience ond honor of the land the govern anent and business men arc are ready to meet earn carh other half halt way ay in a common effort to square business methods with 1 public for and the law the beet best informed men of the business world condemn the methods and processes esses and consequences of monopoly as 49 wo we condemn them and the instinctive judgment of the vast majority of business inen civery everywhere where goes wt wh h them we shall now be their spokesman when serious contests inde when unite in opinion and purpose those who are to change their ways of Pu justness siness joining with those who ask for the change it Is to possible to effect 01 in the way in which Dru prudenc dent and thoughtful and patriotic men would ash dish to beo u it brought about with as few ae as slight ae as easy and simple business readjustments as possible in the circumstances nothing es essential sendal disturbed nothing torn up by tho the roots no ino parts rent asunder arunder which c can cin in be left in wholesome combination fortunately tuna tely no measures of weeping or ingvel change are necessary it will bg understood stood that our object Is not to tin setti business or anywhere seriously 0 to break its established courses athwart on the contrary we desire tho the laws we wa are now about to pass to to the bulwarks and safeguards of industry against the forces that have disturbed it what we have to do can too be done in a new spirit in thoughtful moderation v without revolution of an ont untoward omard kind private monopoly intolerable wo we are all agreed that private is indefensible and intolerable and our program is folvi founded ded 1 upon that khat conviction it will be boa a comprehensive but not a radical or blo 1 nr and there are its items the changes which opinion deliberately and for which ba waits jt awaits with acquiescence in the 9 first place for lam laws a which will effectually prohibit and lind prevent each sach interlocking of tho the personnel perz onnel ot of tho the directorates or of great corporation corporations banks and railroads industrial commercial nod and public bernico bodies as in effect result in making those ho borrow and those who lend practically ono one and tho the same those who sell and those who buy but tho the same persons trading with mith ODO ode another under dif forcum names and in different com bombina bIna eions and those who affect to compete in fact partners and masters of 0 soma whole held field oi ol 01 1 hu business siness sufficient focient timo should bo be al alloyed loved of 0 course in which to effect these changed of organization without in coven lonco or confusion such a prohibition will work much moro than a more negative good by correcting tho the serious evils which have arisen because for example the men who havo have been tho the directing spirits of the great investment banks have usurped the place which belongs to independent industrial management working in its it will bring new now men new energies a now spirit of initiative now blood into the management of our great bulba enterprises harm and injustice done in thy the second place business bustness men as well moll as those who she direct public at fairs now recognize and recognize with painful clearness tho the great barm harm and injustice which has been done to many it if not all of the great railroad systems of tho the cot country by the way in which they have bean financed and their own distinctive interests subordinated to the Inter interest estL of the men who financed them and of their bu business I 1 0 enterprises which these men to pro cromite mite the country Is ready therefore to and accept with relief as well as approval a law which will confer upon the interstate commerce commission the power to superintend intend and regulate tho the financial operations by which the railroads are henceforth to bo be supplied with money they need for or their proper develon development ment to meet the rapidly growing requirements of tho country for increased and improved facilities of transportation we cannot postpone action in this matter without leaving the railroads exposed to many serious handicaps and hazards 1 and the prosperity of the railroads and the prosperity of the country are inseparably connected upon this question those who are chiefly responsible for the actual management and operation of the railroads have spoken very plainly and very earnestly with a purpose wo we ought to bo be quick to accept it will be one step and a very important one toward the necessary separ separation atton of the business of production from the business of transportation the business of the country awaits also has long waited and has suffered because it could not obtain further and more explicit legislative definition of the policy and meaning of the existing anti trust laws nothing hampers business like uncertainty nothing daunts or discourages it like the necessity to take chances to run the risk of falling failing under the condemnation of the law before it can make zure just what the law Is definition nilon now possible surely we are sufficiently familiar with the actual processes and methods of and of the many hurtful restraints of trade I 1 to make definition possible at any rate up to tho the limits of what experience has disclosed these practices being now abundantly disclosed can be eipl explicitly IC and item by item forbidden by statute in such terms as will practically eliminate uncertainty the law itself and the penalty being made and the business man of the country desire something more than tn tnt t the menace of legal process in the ie matters bo be made explicit and intelligible telli gible they desire the advice the definite guidance and information which can be supplied by an administrative istra tive body an interstate trade commission the opinion of the country would instantly approve of such a commission it would mould not wish to see it empowered to make terms with monopoly or in any sort to assume control of business as it tho the government g made responsible it demands such a commission only as in an india pon sible instrument of information and publicity as it clearing bouso for the facto by which both tho the public mind and the managers of great business undertakings she id bo be guided aided as an instrumentality for for doing justice to business where the processes of tha courts or the natural forces of 0 correction the courts are inadequate to adjust the romed remedy to the wrong rong in a way thai that will meet all the equities and circumstances of tho the case producing industries for example which havo have passed tho the point up to wh which ich combination may bo be consistent with tho the public Int inte ernat refit and tho the freedom of trade cannot alwayn bo be dissected into their component unite units na an readily na M railroad companies compan lea or alm liar organizations can be their dia die solution by ordinary legal process may inay oftentimes involve financial consequences likely to ov overwhelm erholm tho the security market and bring upon it break down and confusion contusion there ought to bo be an administrative commission ca pablo pable of directing nud heaping fluch such corrective processes hot only in aid of iho he courts but also by independent suggestion if necessary make punishment certain inasmuch aa as our object and tho the spirit of our nation in these matters Is to moot business half way in ite its processes of correction belt self and die din its legitimate course as little aa as possible wo we ought to see to it and tho the judgment of practical and sagacious men of affairs everywhere would applaud us if wo me did soo zoo to it that penalties and punishments should fall not upon business busine sn itself to its confusion and interruption but upon the individuals who uso use tho the instrumentalities of 0 business to do things which public policy and bound business brae tico condemn every act of business Is dono done at the command or upon th initiative of somo some ascertainable per son or group of persons these should bo be hold held individually responsible and tho the punishment should fall upon them not upon the business organization of which they make illegal use it should bo be ono one of the main objects of our legislation to divest such persons ol 01 their corporate cloak and deal with them as with those who do not represent their corporations but merely by dell dellb birute irate intention break the law questions remain which will need very thoughtful fal and practical treatment enterprises in these modern days of great individual fortunes are oftentimes interlocked not by being under tho the control of tho the same directors but by the fact that the greater part of their corporate stock Is to owned by a single person or group of persons who are an some way intimately ti related in Inte interest resL holding companies we are agreed I 1 take it that hold frig comp companies antes should bo be prohibited but what of tho the controlling private ouner ownership ship of individuals or actually co operative groups of individuals 7 shall the private owners of capital stock be buffered suffered to be themselves in effect holding companies we do not wish I 1 suppose cup EuP poso Pose to forbid the purchase of stocks by any person who pleases to buy them in such quantities as he can afford or in any way arbitrarily to limit the sale of stocks to purchasers shall we me require the owners of stock when their voting power in several companies which ought to be independent of one ono another would constitute actual control to mako make selection in which of them they will exercise their right to vote this question I 1 venture for your consideration there Is another matter in which imperative impera tivy considerations of justice and fair play suggests thoughtful remedial action not only do many of jhb combinations effected or sought to be effected in the industrial orld work an injustice upon the public in general they also directly and seriously injure the individuals who are put out of business in ono one fair way or another by the many dislodging and exterminating forces of comb combination aviation I 1 hope that wo shall agre in giving private individuals who claim to have hilve been injured by these proc processes estes the right to found their suits for redress upon tho the facts and Judg judgment proved and aud entered in suits by the government where tho the government has upon its own initiative sued tho the combinations complained of and won its suit and that the statute of limitations shall be suffered to run against such litigants only from tbs date of the d conclusion of the governments action individual justice it Is not fair that the private liti gant should be obliged to set up and establish again th auw forts which the government has proved he cannot afford he has not the power to mako make use of such processes of inquiry as tho the government has command of thus shall individual justice be done chile the processes of business aro are rectified and squared with the general conscience 1 I have laid the cape before you no doubt as I 1 it t lies in your own mind as it il lies 2 in tho the thought of tho the country what murt every candid man say of 0 the suggestions I 1 have laid before you of the plain obligations of which I 1 have reminded you that these are new now things for which tho the country Is not prepared no but that they aro ar old things now familiar and must of course bo be undertaken if it we are to square our laws with the thought and disiro of tho the cou coutry try until these things are done conscientious business men tho the country over will bo unsatisfied they are in these things ur mentors and colleagues we are now about to write the additional articles of our constitution of peace the peace that te in honor and freedom and prosperity |