The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1873-11-18
Unfortunate Conditions.

Large moneyed enterprises are espe.
cially liable to abuses and corruption or
misfortune and ruin to their innocent
promoters. The history of railroad cor.
porations, banking institutions, especially
savings banks, governments of large cities
where large sums Of money have to be ex.
pended, and other enterprises involving
large pecuDiary interests, has almost in.
variably disclosed breaches of trust, brib.
cry Of officials, transportation of funds
populations and abuse Of power and ruin
aud misery to innocent parties. The Pa.
ciic Railroad schemes are all illustrations
in point. The Union Pacific has left us
the unsavory memory of the Credit Mo.
bilier The Canadian Pacific has been
abandoned, but "has left TO the Dominion
the unpleasant legacy Of a ministry tar.
nished with bribery and II government
riding into power on corruption" Our
Northern Pacific has already involved in
ruin the house which gave it support and
which used as the pubic must now decide
Legitimate means to force the enterprise
upon the business Of the country. ItAas
also In its remoter consequences brought
all the business interests of the country
into jeopardy. So the Texas Pacific, if
it has not yet developed crime in its op.
erations, it has at least disclose dcriminal
recklessness, on the part of its managers,
as to the interests Of innocent persons who
have contributed to its funds and who to
all present appearances, mus. inevitably
lose heavily on their investments. The
paper of the company engaged in its con.
struction has gone to protest aud the EN-.
barrassment will be serious one. So
the city governments of New York, Brook.
Ign, Philadelphia, Chicago and other
cities in which spasms Of virtuous regard
for honesty and economy have revealed
the hideousncss of high handed misman.
agement and corruption, illustrate more
especially the wicked part of the un.
fortunate circumstances which we mention
as attaching especially to large moneyed
enterprises.
The chief reason why we should refer
10 these unfortunate conditions is that
their causes may be discovered and their
frequent recurrence checked. We have
been accustomed to refer the delinquen.
cies Of city governments to the prostitu.
tion of politics, and the demagoguism
which gets control Of the populace and
uses its power for the deliberate purpose
OF making opportunities for theft and
plumber. This supposition is, no doubt
the correct one. But the defalcations of
bank officials and others in positions of
pecunisry trust must, as rule, be re-
ierred to another principle, Is it not the
corrupting influence Of opportunity, the
power of temptation over weak wills, rath-
er than deliberate dishonesty? If this
be the case, ought not the Legislatures in
granting corporate powers, and stockhold-
ers, and all proper custodians of the pub
lie welfare, whether officially appointed
or made such by the circumstances Of
wealth or influence or opportunity, ought
they not to see TO it that every possible
temptation and opportunity is removed,
and every possible safeguard be thrown
around our institutions aud their admin.
lstrators, however honest and capable we
may believe them TO be- For instance,
there should be a severe penalty rigidy
enforced against speculation and dissipa.
ton and every other form of irregularity
on the part Of bank officers and others
holding large moneyed trnsts 1t should
be unlawful to appoint any improper per-
son as administrator, trustee, receiver OF
assignee, and however noted the abpointee
may be for integrity his action should re.
ceive, in all cases, the closest scrutiny
If he administers honestly he need not OBJ.
ject to it. If he does not administer hon
estly, however small may be his delin
quency, the public good requires exposure
and punishment. The government alone
perhaps, is able TO meet and cope with
the gigantic evils of Encouragement il
large corporations. And there is DANCE
even, that very large corporations, Xix,
the railroads when consolidated as the,
now are in this state and in many othe
states, will get control of legislature an,
governments and carry their schemes witt
high hand. We do not say this imply
ing that anything is, or has been, wron
in the management of great corporation
10 this state, but suggesting that here AN
everywhere, there is danger of wron
where there is opportunity for wrong
and that the proper measures for prevent
ing it should DO taken by removing il
very possibility.