The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-06-22
HOLMAN on moHopollEs.
speech Of Hon. william =. Holman,
Of Indiana. In the National House
or Representatives.

hedged in and restricted by wholesome laws,
and sie made subordinate to the public good.
except when they have been organized for the
express purpose Of giving strength to mon
archical power. and then they have been made
subordinate to government, even II organized
10 cypress the people.
But in the United states, both in State and
National Governments, gigantic corporations
with gigantic powers, in numbers and with re-
sources nnexanped in the history OF the world,
have been organized. Every enterprise involv-
ing any considerable amount Of capital seeks
the shelter OF an incorporation. But the great
corporations which have in recent years been
created By States and the Federal Cover ment,
or enlarged by the consolidation Of corr orats
powers granted by several States, like the great
interstate railroad systems, have hecn created
with such utter disregard OF wholesome hmita-
TONS and with such enormous and irresponsi-
bic powers, that even now. almost in their in
fancy they put your Governments, State and
Federal, ut defiance. You have invested them
with powers which belong to the whole people
In organized Government, the right Of eminent
domain, on the theory that they were public
agents organized for public purposes and
for the public good, and to be sub
tect to public control but armed with perpetual
existence and inirenched behind the Dartmouth
College case they aspire to an absolute inde-
pendence Of Government, both in the courts Of
justice and in the halls Of legislation. seeking
to control the very agencies which should re-
strict their power. The four corporations or
gained BY Congress- within the last twenty
years to construct railroads between the Miseis-
sppi river and the Pacific ocean are absolutely
imperial, not only in their franchises but III the
vast public domain you have placed under their
exclusive control
Many States which will take their places in
our Union OF States ut an early period are being
formed and nodded by those corporations and
10 rhtys TAT
When you hear OF farms Of So, 600 acres, aud
even Of 100000 acres, aud zee 4 few men be-
come. under these imperial grants. the owners
OF millions Of acres OF fertile land, and remen-
Der that these grants almost exhaust the agri-
cultural lands Of your once magnificent public
domsin. You begin to see the accnrsed fruits Of
monopoly. which ripen into princely estates.
and land filled with tenants and wretched-
ness. And vet only twenty years ago it Was
the pride and glory of our country that its
wealth was generally jiffuscd and every c,ti-
zen was an independent freeholder, or . free
hold i'll the soil of his country WAS within his
reach All this rapidly recedes. aud large
portion OF the once princcly Inheritance Of the
American people, transformed by the deadly
glance OF monopoly, is threatened with the
system which filled for centuries all Europe
with hopeless people, a system VIII CHI 4 cent
ury of revolutions has only modified and under
which the son Of the Green Isle, in spite Of his
high courage and ever-springing hope, still
suffers the agony Of despair. And these cor
porations are to mold the systems of policy OF
the coming States OF the American Union?
Land monopoly reduced labor in all Europe
INTO scrsitudc for centuries IL land monopoly
and the railroad monopoly, and above all the
monopoly Of the power to control the currency,
likely to he more merciful in America?
|, il true that corporate franchises and COM
hincd wealth We're necessary to develop tho
railroad systems. Here admit the argument
N n9RS hfxS fhs~.lf
behalf Of corporations to control your cur
rency. but where Government authorizes by
Artificial legislation great power, il il bound
by every obligation that can rest upon ! Gov
ernncn' 70 protect the people from the oppres-
Eise ard cxtortionate demands Of that power
hold that il WAS nationa. crime TO permit
The extraordinary consolidation OF the railroad
systems and leave the productive industries Of
the country at their mercy.
The tendency OF monopoly is to the ccaseless
copcsntration and consolidation OF power.
Your vast body Of railroads between the Allan
tic ard the Mississippi and onward, with tho
four great lines have named, to the Pacific
are already 20 combined and consolidated that
number OF men so small that you count them
on your fingers absolutely control the entire
system. and hold ut their mercy the fortunes Of
every industry in the United states. Will this
handful OF gentlemen who control this vast
system be unmiaIfal OF the value OF judges
and leeis!a,ors2 Why talk about the rotten
borough system. once the Disgrace OF England
Can sny man indulge even the hope the power
that organizes States, that holds the industries
OF the country iii its grasp, will have no voice
IN House or Senate? Has power ever been 80
foIbcaring rs this
Let III see how monopoies sustain each
Other A citizen already the owner of an over
grown estate, the fruits OF monopoly by Z sim.
Pile resolution Of lis Board OF Directors il-
creases the capital stock OF great railroad aud
icsies increased taxes on the labor OF the pco-
pie to support the increased volume OF stock
and keep 1t mp to par. and with the proceeds Of
new stock purchases at par $4,000, 900 OF your
4-per-cens. bonds. The value OF controlling
your currency Is so great that as the volume OF
yonr bonds decrease tine premium Of your per
cent? advances to 20 per cent. ~ 1t il now.
and adds almost at once &8000.0OO to his
wealth. But suppose the New York millionaire
finding your nat. onal-ban monopoly made
perpetual. prefers to invest his 81, 90 600 in
your banking system: he deposits them, aud
the Government becomes responsible un,il they
become PAYABLE in 1907 for Their safe keeping
and then the Secretary at your expense will paw
MIN over the sum Of eSe, 00O, 900; you pay him
on his $40. Ua0, 900 4 per cent, he pays yon on
yonr So, goo 600 tho pittance OF | per cent,
snd that only on that part Of the 436, 900. 900
ne keeps in circulation. aud il he should CO.
operate with other banks TO reduce the price OF
tic farmer produce or the value OF stocks, for
the purpose Of speculation. aud calls in his
fS6, 600 coo, he does not even nav that pittance
Of | per cent. while the money Laws in his
vaults. And so, under the auspices OF tue two
great nonopoies. the "shlllful inancier," to
wi,,tni. III the ewes Of the champions OF this
hank ssrt,Gl. II Il much safer to intrnst your
currency tian 10 representatives, Of the people,
by The watering Of stock. increased exactions
Tor Transportation, and through your national
bsnk ssstsm gathers in from the earnings Of
the pcopie s,6 oO0, 900. And can any mortal
tell Low MANY homes were scrimped even in
the bare necessities Of life how many men lost
hope snd sunk into despair while the iron
forces OF the accnrsed principle OF monopoly
were craving together through countless cham
ne!s tllis imperial estate? Is there any other
country where the laws open up such op2ortu-
mites 70 the skiful or INSCRIPTIONS, or give
such advantages To wealth.
have said that even now in their Compare
tive infancy these corporations measure
strength with the Government. II was only A.
ter contest OF years and after repeated fail
nres the measure was finally carried through
Cons Tess, 10 require the combination known a
the Cnlon Pacific Railroad Company to provide
even small sinking fund to meet the t64, 623,
OH OF 8 Der cent. bonds you issued for their
benefit on which the Government has paid
S31 g9, 1884, not q dollar Of which has been
refunded. and even that funding net il being
steadily evaded. The people OF oil sections vi
the Union have by countless petitions called
mon Congress to pass law regulating the In.
tsrsta.e railroad business, preventing unjus,
determinations, and prohibiting extortionale
charges; but the railroad lobby has appeared il
force and tie measure fails. But more thar
Oil, the skii.fui gentleman who Oh
tained from Congress tho imperial grant.
OF land now hold near 10000, 900 OF acre,
clearly forfeited to the United States by thu
lapse OF the time within which the laws max
Ing the grants required their roads to be con.
structed, aud with only an act declaring tn.
forfeiture necessary 10 restore the fertile land,
to the public domain for free homes for til.
people bu. the act cannot be passel, and mo
nopoly still holds those lands IN lts dead,
grasp. The national banks have transformed
avast boa.ded debt payable in paper money in
10 a debt payable III coin, and then into deb,
payable in gold coin. and now asks that
twcnty-year charter shall bc made perpetual
and Congress hastens 10 do the work Blu
why enumerated When has great power AMI
mated by the spirit OF iIsatiable avarice beer
moderate in lts demands?
Thus, sir, We ei.ter upon our Ne ,ond centur,
L41 sx,f ,.txat .lsl.