Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-08-18
moroPoLrEs.


confined to the States, and IN them the
grant of special franchises could not ex~
coed the limits permitted by their Consti-
tutions. Aud if these grants interfered
with the rights of communities or indi'
viduals there was power in the Supreme
Court to redress the grievance. Under
some of their charters the privileges
granted by the State were interpreted by
the corporations, and especially by those
in the carrying trade, SO as to bring them
before the supreme tribunal, and public or
individual wrong was ultimately re-
dressed.
In the States where these corporations
existed they were constantly striving to
extend their powers with little regard to
public opinion or convenience. They
were always aiming to exercise political
control, and the Democrats, on principle,
denounced them as heartless monopolies,
and endesvored by proper legislation TO
protect the people against their aggtes-
sions. In the past few years an impor-
tant change has taken place in endowing
corporations. Now they receive grants
of public moneys, public lands and extra
ordinary franchise. The old doctrine of
the rights of States, in these matters, has
been modified by Congressional action un>
der the rule of Radicalism; and they ira
verse States by virtue of their national
charters almost independent of State
control.
Some of these organizations possess in
the aggregate, territories, income and
privileges, the development of which will
make them, by their power, a third ele-
ment in our system of government. Their
Presidents and Directors will become
more important agents il the body polite
than the Governors or Senators of COM
and their policy will be ag-
gressive against every barrier opposing
the extension of their power. Even now
they have attempted to reconstruct the
Supreme Court.
The Bank of England and the Bank of
France erjoy special privileges that make
them powerful institutions to promote the
national prosperity Of their respective
countriea, and they are under govern
mental control. The public good is their
main object, and their rates of interest
are at different periods the lowest per-
centage that will best promote the inter-
ests of legitimate business. The amounts
in these great Institutions are largely I'M
der individual control, and if the aggre-
gate amounts disposed Of by their direc
tory seem enormous, we can assure our
readers that we have monopoly in our
midst whose power is greater than is
possessed by either of these insti-
tutioDs. 1t is the monster railroad
that spans our CONT
nent; that OWLS lands in the best
valleys of our State; that selected its
routes of travel so as to embrace the lands
covered with timber and the places where
water is abundant. Along the course of
rivers it has the landings, where vessels
can load or discharge. 1t can levy its
tolls at the highest price at which farmers
can send their goods to market without
3 total loss. It can decree
which towns shall be the termini or oP>
ping places Of their trains. 1t can per-
suade or coarce towns into compliance
with their wishes. Where this corporation
desire to benefit community, their cars
are made to tarry-8here from any cause
they dislike their citizens, they hurry be-
yond them, after rapidly landing their
passengers.
There will be in time conflicts between
such q corporation and individuals, as
well as communities. The possession Of
such extraordinary power as the railroad
enjoys tempts its officers to ex-
srciss it, and no matter what may be the
general policy Of the directory, its agents
can warp it 80 as TO benefi. themselves
But we may be informed that thus far
there is no adequate ground for cur accu-
we are alarmists-tnat We
lenOunCe the men who have accomplished
he greatest work of modern times as
mere sordid speculators-that our outcry
against a monster monopoly is a mere
lodge to rally the people to the
support CT the Democracy. Such
S not cur purpose. We dread the
effects of the concentration of wealth in
ne hands Of few; we dread the con-
of power in the hands of 8
United number that the privileged few
viii select as their agents. We make no
war on the individuals, but we find that
he great corporations Throughout; the
Union are combining together; that the
'ailTOads in several States have selected
'ew to control them; that the spirit of
which it WIS supposed would
,xisa from their riyl,y, and which was
he falsely alleged plea made by the Radi-
,al party to endOw taem so mu1i6cently,
It's ceased. Instead of competition we
ave consolidation. Instead of facili-
a'iny the development of Staes and teri
cries by low freighls aad 10y fares, we
ne menaced with decreased accOmmoda.
ion ard high prices.
GEN. GRANT, after reviewing the Com
n issirupr's csse IS said 10 have remarked.