20
by the Comptroller of the Currency, and additional powers if found necessary. The establishment of such a commission would enable us to punish the individual rather than merely the corporation, just as we now do with banks, where the aim of the Government is, not to close the bank, but to bring to justice personally any bank official who has gone wrong. This commission should deal with all the abuses of the trusts—all the abuses such as those developed by the Government suit against the Standard Oil and Tobacco Trusts—as the Inter-State Commerce Commission now deals with rebates. It should have complete power to make the capitalization absolutely honest and put a stop to all stock watering. Such supervision over the issuance of corporate securities would put a stop to exploitation of the people by dishonest capitalists desiring to declare dividends on watered securities, and would open this kind of industrial property to ownership by the people at large. It should have free access to the books of each corporation and power to find out exactly how it treats its employees, its rivals, and the general public. It should have power to compel the unsparing publicity of all the acts of any corporation which goes wrong. The regulation should be primarily under the administrative branch of the Government, and not by lawsuit. It should prohibit and effectually punish monopoly achieved through wrong, and also actual wrongs done by industrial corporations which are not monopolies, such as the artificial raising of prices, the artificial restriction on productivity, the elimination of competition by unfair or predatory practices, and the like; leaving industrial organizations free within the limits of fair and honest dealing to promote through the inherent efficiency of organization the power of the United States as a competitive nation among nations, and the greater abundance at home that will come to our people from that power wisely exercised. Any corporation voluntarily coming under the commission should not be prosecuted under the Anti-Trust Law as long as it obeys in good faith the orders of the commission. The commission would be able to interpret in advance, to any honest man asking the interpretation, what he may do and what he may not do in carrying on a legitimate business. Any corporation not coming under the commission should be exposed to prosecution under the Anti-Trust Law, and any corporation violating the orders of the commission should also at once become exposed to such prosecution; and when such a prosecution is successful, it should be the duty of the commission to see that the decree of the Court is put into effect completely and in good faith, so that the combination is absolutely broken up, and is not allowed to come together again, nor the constituent parts thereof permitted to do business save under the conditions laid down by the commission. This last provision would prevent the repetition of such gross scandals as those attendant upon the present Administration’s prosecution of the Standard Oil and the Tobacco Trusts. The Supreme Court of the United States in condemning these two trusts to dissolution used language of unsparing severity concerning their actions. But the decree was carried out in such a manner as to turn into a farce this bitter condemnation of the criminals by the highest court in the
