Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1873-01-03
Communications.
wpIrrEy ron THE VERMoNr PHOENIX.
CoRPOR.fTFO.vS .rND RE.vGS y.

Written ron THE VERMoSr PHOENIX.
CoRPOR.sTEO.ys .ryvD Riggs.
In these days of moral and political re-
form, when it is the study of philanthro-
pists and all the better part of community
to elevate and improve the tone of socie-
ty; when we are aiming, not alone TO do
as our fathers before us have done, retain
all the better elements of their wisdom and
add thereto such improvements as our own
knowledge and experience dictates when
it is our aim and purpose 10 make this a
country where life and the pursuit of hap
pincss shall be free and equal for all ;
where the largest possible personal liberty
consistent with public safety shall be the
rule aud not the exception; it becomes,
indeed a very grave question 10 establish
the line of equality between the public and
individual and corporate members thereof
The spirit OF democracy, as opposed 10
arlstocracy, is the largest possible freedom
and good for the greatest number of people ;
while that of aristocracy iS to make the
power and resources of the many rebound
to the benefit Of the few. Else why this
continual struggle between labor and capt.
tai, citizens and corporations? Why this
ever increasing demand upon our legisla-
tors for laws TO promote various enterprise
es for the public good laws which shall
protect the public welfare, and at the same
time give the direct actors and promoters
fair remuneration for their LABOR and capt.
tai invested?
Corporations are the children of the pub
lie, and like many an unworthy child, in
the pride and strength of manhood they
seem TO forget the source of their being,
1 l. s,1 e.,
them. simply as q field of plumber. On the
other hand the public look upon them as
clements introduced into the body polite
for the good of community, and justly de-
mand such management as shall produce
that effect it is only when the directors of
corporations eXtort unreasonable changes
from the public for their services in order
that stock owners may receive large divi-
dends on their investments, or what is
even worse, form rings 10 rob the public,
and even take from the stockholders that
which they seem TO have, that the public
rise in their might and demand justice and
rctributon. Witness the immense earn
ncs of many of our important lines of
railroad the rich dividends paid to fortu-
nate stock owners. Behold for an instant
the colossal fortunes ofring operators then
bark and hear the low murmur of discon-
tent rising from the whole country like
mist from the moist earth. What is this
mark you, she will be heard. If her gent
Ter admonitons are not needed, then shall
come the lightning and thunders of her ven
goance. Surely Tweed, Connolly, Hall,
Jay Gould and Prince Erie, have seen the
lightning, heard the thunder, and felt not
little of the showers drenching. Their
prncely fortunes are but so many taxes
extoried from the public powers entrusted
TO their keeping. Behold your railroad
king riding in his private palace car, with
untold millions at his command: then
look for moment at the manufacturer and
farmer, struggling for competency, or
even for an honorable existence in many
cases, and say if you will. that there is not
great and scandalouS evil, a fatal vam-
pire sapping the very life of our body po-
little What a spectacle, TO behold repre-
sentative of our people at the national capt.
tol, figuring rs the leading spirit in the
Credit MoDlier ring. With such examples
rs these for contemplation, well may we
ask, what rights have the public that cor
porations or rings are bound to respect
Or perhaps might say, where does our right
| begin and their license end? for most ring
operators seem TO consider corporate right
as an absolute license for them to use their
trusts for personal ACKNOWLEDGEMENT. Let
us then ask the question, for what are cor
porations chartered? Certainly not for
private good alone, but for the public.
Why are they given special public powers :?
| Simply because it is Il well understood
| principle ofthe laws of force that com bined
efforts can accomplish greater results than
simple efforts; and as corporations are
from and of the people, the first principle
| underlying their very existence, is that
their powers shall never he used for the
public detrimont, but always for its good.
| What, then, in justice, have they right to
demand Of the public? Simply this and
nothing more, namely, such compensation
as shall give their employees fair pay for all
| services rendered and fair commercial in
| terest on the actual capital invested. All
| colossal fortunes reared by ring operators,
and dividends paid on stock that exists in
| name and not in fact, are nothing more nor
| less than the fruits of robbery of the high
est order; because resulting from perver-
sion Of the object the public have in view
when they grant these special corporate
powers. IT is turning the earnings of the
millions into the pockets OF the few, or
building a monied aristCcracy within the
| lines of an old democracy: dividing a
house against itself. Every dollar earned
| by corporate power, over and above pay
for labor and interest on capital invested,
| honestly belongs TO the source from which
it springs, namely, the peoples and the
people have 4 right TO demand that such
revenues be used for the public good and
turned not into private channels. To a.
mass fortune by ones own private ener-
gy and sagacity, when honorably done, is
both legitimate and praiseworthy; but
when man or ring acting by the author
ity of the Slate turn The proceeds of that
power into their individual pockets, it is
using that power for purposes for which il
was never granted. In a word, it is whole
sale robbery. The prncely fortunes OF
such ring masters as Vanderbilt Jay
Gould and Prince Erie, so much, at least
as has come to be held in their names by
their management of the corporate powers
tl l.,
first and directly, to their stock holders, un.
til they have received full pay and Interest
on their investments; and after that there
is or should be public or state right upon
all corporations acting under the special
powers of the State. and every state should
see to it in chartering corporations that tho
public good shall stand first, and rings anG
instantaneous individual fortunes, be rem
dcred well nigh impossible, through any
application that can be made OF corporate