Social sciences; United States -- Politics and government -- 1901-1909
¶The first essential in determining how to deal with the great
industrial combinations is knowledge of the facts—publicity. In the
interest of the public, the Government should have the right to inspect
and examine the workings of the great corporations engaged in interstate
business. Publicity is the only sure remedy which we can now invoke.
What further remedies are needed in the way of governmental regulation,
or taxation, can only be determined after publicity has been obtained,
by process of law, and in the course of administration. The first
requisite is knowledge, full and complete—knowledge which may be made
public to the world.
¶Artificial bodies, such as corporations and joint-stock or other
associations, depending upon any statutory law for their existence or
privileges, should be subject to proper governmental supervision, and
full and accurate information as to their operations should be made
public regularly at reasonable intervals.
¶The large corporations, commonly called trusts, though organized in one
State, always do business in many States, often doing very little
business in the State where they are incorporated. There is utter lack
of uniformity in the State laws about them; and as no State has any
exclusive interest in or power over their acts, it has in practice
proved impossible to get adequate regulation through State action.
Therefore, in the interest of the whole people, the Nation should,
without interfering with the power of the States in the matter itself,
also assume power of supervision and regulation over all corporations
doing an interstate business. This is especially true where the
corporation derives a portion of its wealth from the existence of some
monopolistic element or tendency in its business. There would be no
hardship in such supervision; banks are subject to it, and in their case
it is now accepted as a simple matter of course. Indeed, it is probable
that supervision of corporations by the National Government need not go
so far as is now the case with the supervision exercised over them by so
conservative a State as Massachusetts, in order to produce excellent
results.
Public-domain text, read in full here on John Shaqi.
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