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Vol. 73

The New

Publicity Law

Last week, without debate in the Senate and with but a short debate in the House, both branches of Congress accepted the Nelson publicity amendment to the Department of Commerce Bill, and the House of Representatives, with but an hour's debate, accepted the Elkins Anti-Rebate Bill, which had previously passed the Senate, and both measures were enacted into law. Unless the Senate accepts the Littlefield bill, which passed the House unanimously week before last, the anti-trust legislation of the session is completed. Senators Hoar and McComas, of the Senate Judiciary Committee, have been standing with the Democrats in favor of report ing the Littlefield bill to the Senate, but the other Republican members of the Committee have thus far successfully opposed this action. The impression is almost universal in Congress that the Littlefield bill is a more radical anti-trust measure than the Senate can be forced to accept at least at this session. Of the three bills which have been adopted by Congress in carrying out Attorney-General Knox's anti-trust programme-the bill expediting trust cases before the courts, and the bills passed last week to secure pub licity and prevent rebates-the publicity amendment is the only one which is reported to have aroused serious antag onism on the part of the trusts, and its provisions have naturally awakened the greatest popular interest. It creates within the Department of Commerce a Bureau of Corporations whose Commissioner shall have power, under the direction of the Secretary, to make "diligent investigation" into the management of corporations engaged in inter-State or foreign commerce, except railroads, and to report to the President the information so secured, and make public "as much thereof as the President may direct." In

No. 8

the House Mr. Littlefield and nine Democrats refused to vote for this provision, on the ground that the publicity provided was too limited to prove effective. They particularly objected to the fact that no exposure of trust excesses could take place except through the co-operation of three officials, some one of whom might prove lukewarm in the publication of things which the trusts desired to keep secret.

The New Anti-Rebate Law

The Elkins Act forbids railroads to grant freight rates below published schedules, and makes the corporations themselves punishable for offenses against its provisions. Heretofore, under the court decisions, it has been necessary to prove, not only that published rates had been departed from, but also that a greater rebate had been granted to one shipper than another, and only the agent granting the discriminating rebate was punishable. By the Elkins bill the offending railroad agent is exempted from the criminal prosecution to which the amended Inter-State Commerce Law has rendered him liable, in the expectation that this exemption will make successful prosecutions less difficult. When the bill came before the House, the Democrats wished to substitute for the Elkins bill the Littlefield bill, which it had passed the week before, and thus force the more aggressive measure upon the Senate for consideration. The Republicans blocked this procedure by adopting a rule forbidding amendments

to be offered. Mr. Littlefield was unable

to secure from the Republicans the opportunity to criticise the Elkins bill, and when given a moment out of the time allotted to the Democratic leader, he pointed out that only "willful" offenses could be punished under the terms of the Act. Six Democrats voted against the

409

Elkins bill, and Mr. Littlefield refrained from voting. The chief points as to which the Littlefield bill is more radical than the measures just enacted into law are that it stipulates the subjects upon which corporations engaged in inter-State commerce must submit returns, and that it denies to manufacturing corporations the right to use the facilities of inter-State commerce if they received rebates or discriminated in prices in any locality in order to crush competition. This last provision forms the one part of AttorneyGeneral Knox's anti-trust programme which has not in some form been enacted into law.

What More Can Be Done

Under the Constitution, as interpreted by the Supreme Court of the United States, Congress, under the clause giving it control of inter-State commerce, has only limited powers over corporations not specifically engaged in the carrying trade. Whether it can indirectly supervise manufacturing corporations is a question on which the Supreme Court has rendered no authoritative decision. Mr. Littlefield and Attorney-General Knox think it can. Congress has heretofore provided that railroads shall be subject to supervision by the Inter-State Commerce-Commission, and it now provides that all other corporations engaged in inter-State commerce shall be subject to supervision by the newly created Bureau of Corporations, but it has provided no regulations for other corporations. If this legislation proves inadequate to prevent monopolistic control over necessary articles of public comfort and convenience—and we very seriously doubt its adequacy-the people will demand further legislation along more radical lines. Three such lines are possible. One is that of the Littlefield bill, carrying out the suggestion of AttorneyGeneral Knox, prohibiting the instruments of inter-State commerce from carrying articles in the manufacture or sale of which a monopoly is attempted by unfair endeavors to destroy competition. The second is the plan suggested by Professor Jenks in The Outlook-the levying of a small tax on the net profits of all manufacturing corporations, the levy of which would give the Federal Government a right to examine their books, and if neces

sary their officials under oath, for the purpose of ascertaining what those profits. are, and thus would involve a quasi publicity of their affairs. The third plan is a Federal tax on all manufacturing corporations acting under a State charter, the effect of which would be, as was proved by the history of banking in this country, to drive the larger corporations to seek a Federal charter, and thus to bring them directly under Federal supervision. All that can be said respecting the legislation enacted at this Congress is that Congress has, with substantial unanimity, recognized the necessity for some anti-trust action by the Federal Government, and so opened the way to more effective action if the development of events shall prove it necessary. The Outlook thinks it is very clear that such action is Constitutional and possible, in one or all of the above ways, if it shall prove to be desirable.

The Aldrich Currency Expansion Plan

The prospects of the Fowler bill to expand the currency by unsecured bank notes become steadily fainter, but Senator Aldrich, of Rhode Island, last week introduced a more conservative bill to accomplish the same end, which may be adopted before the session ends. It proposes to allow Government funds to be deposited with banks on the security of State, city, and railroad bonds, thus releasing the Government bonds now used for this purpose and permitting them to be used as the basis for further bank-note circulation. The bill also proposes to permit the bonds issued for the construction of the Panama Canal to be used as a basis for bank-note circulation. The latter bonds are of course to be issued upon the faith of our National Government, like other Government bonds now outstanding, and therefore may as safely be used as a basis for banknote circulation. In order to prevent unsafe railroad bonds from being accepted as security for Government deposits, the Aldrich bill stipulates that they must be the first-mortgage bonds of roads which have paid at least four per cent. dividends regularly for a decade. The best feature of the bill-and the one counted upon to prevent Democratic opposition-is that it

stipulates that the Secretary of the Treasury shall require at least one and a half per cent. interest on the public funds hereafter deposited with the banks. This provision will not only yield a revenue to the Government and lessen the danger of corrupting relationship between the depository banks and the Government, but also will permit a slight element of elas ticity in the currency, since the Secretary of the Treasury may fix the rate of interest for Government deposits high enough to keep the banks from demanding all the available treasury surplus save in times of crisis.

Ratified

International good feelThe Alaskan Treaty ing and courtesy carried the day in the Senate last week, and the Alaskan boundary treaty was ratified with but few protests against it, and none of the predicted filibustering. The treaty provides that the questions in dispute shall be submitted to a Commission of six jurists-three to be appointed by this country and three by Great Britain. There is no provision for an umpire acceptable to both sides, as in an ordinary board of arbitration, but a decision unfair to either side is even more surely avoided by the provision that no award is binding unless agreed to by four of the six judges. There is every reason to believe that an agreement can be speedily reached despite this provision, for while the controversy is quite heated in the sections immediately affected--the northwestern part of the United States and Canada-hardly more than one of the Commissioners appointed by either of the two great nations is likely to be selected from the heated sections. The other Commissioners, both of Great Britain and of our own country, will approach this subject in a genuinely impartial spirit and with a strong desire to reach a fair solution. The objection urged in some parts of this country, that we could not consent to any form of arbitration because we were so entirely in the right, was almost as unreasonable as it was discourteous toward our Northern neighbors. There are, indeed, some questions which nations should not arbitrate, but they are questions of principle rather than questions of material interests. Questions of the latter sort, presented in good

The Standard Oil Telegrams

It is not generally the habit of Senator Quay in his game of politics to let the people know what he is really after. It is therefore probably safe to assume that in using the Statehood Bill to block the way to other legislation, his interest was only secondarily in that bill, primarily in something else; and the surmise is not unreasonable--though it is only surmisethat this something else was the anti-trust legislation, to which we may be perfectly sure such a servant of corporate interests as Mr. Quay would be unalterably opposed. They whose works are evil love darkness better than light, and the opposition to publicity comes chiefly, not from those corporations whose operations are such that they have no ground to object to the public knowing about them, but from those who depend on political partnerships and legislative favors, of which, from their point of view, the less said the better. The successful prohibition of legislative activity in the Senate has prevented the Senatorial consideration of the Littlefield AntiTrust Bill, unanimously passed by the House, and might have prevented any anti-trust legislation at this session of Congress had it not been for the generally credited newspaper reports that representatives of the Standard Oil Company had telegraphed to United States Senators protests against any anti-trust legislation. Whether such telegrams were sent we do not know; the report appears, however, to be well authenticated; the Standard Oil Company officials refuse either to admit or deny the report, and the Senatorial denials have been ambiguous and inconclusive. That any of these telegrams, if such were sent, were signed by Mr. Rockefeller's name we think is highly improbable; for Mr. Rockefeller is not without experience in legislative matters, and must have known that, if the telegram or its substance were made public, the fact would injure his cause more than the message could aid it. But Mr. Rockefeller