Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1884-07-23
AGGREGATED POWER.

an article in the North american Reriew on
the Encroachment of Capital, clears
away, nevertheless much of the sensational
rubbish that extremists and demagogues
heap up to confuse and bewilder the pub
lie and lead it to communistic ends. Mr..
Campbells essay as a whole expresses one
thought that deserves more than passing
notice, when..he says, in effect what every
man who is not hidebound and slave to
his dollar knows to be a truism that wealth
should not have undue influence in public
affairs Let us add that aggregated wealth
should not, and in the persons of its best
representatives, does not ask greater protec
ton or greater privileges than are afforded
natural persons. On the contrary, it adj
mits the wisdom of handicapping aggre-
gated corporate wealth by restrictions not
imposed upon the individual, in return for
the creative power being exercised, and in
order that the proper balance may be pre-
served between the power of great corpo-
rate possessions and the single-handedness
of the individual. Aggregated power I'M
restricted in the hands of the few, is always
accompanied by something of a menace to
the expression of the will of governing
power in a republic. But in cities the
wealthy, as a rule do not have the control
of the Government; and oftener than not,
have not that influence that heir conserva-
tive tendency makes desirable. But as
Mr.. Campbell points out, " there is the
same sentiment of helplessness against the
aggregate power and dislike for its abuses"
The power exercised by few bold men in
gambling upon margins, betting on what
the price of a product will be- and then
manipulating the market to win, irrespec-
tive of the injury visited upon producer or
consumer, is not interfered with by the
law-making power. Yet this class of
gamblers aggregate a vicious financial
force that puts the country periodically
upon the raw edge of financial and in
dustrial distress. On this topic our
essayist might have devoted himself at
length with profit, instead of contenting
himself with mere reference to the vice
There is one thought in the paper that de-
serves reproduction, at least in a condensed
form. After reciting that distrust of aggre-
grated financial power does exist, rightly or
wrongly, and that it has been exercised
more than once to the infringement of the
interests of the individuals of commu-
nifty, and that on the other hand unjust
prejudices exist against corporations, and
that they are made the objects of unwise
and undeserved assault, he declares that
the remedies sought for are not agrarian
laws or nihilistic schemes, but greater re-
spect for private rights. He declares that
in truth there is not among the people
blind or senseleSs enmity to enterprise and
its rewards, and that all crusades against
the rights of property are utterly opposed
to the whole instincts of the American
people
We take it that no sensible and thought
full man in this day claims for aggregated
capital on the one hand special privileges
without proper checks; or the right to ex-
erciSe powers that may be destructive of
the common interest; or that shall be sub
versiye of private rights-save only where
that is necessary, after compensation made,
for the public good. Nor, on the other
hand, that aggregated wealth shall be so
crippled as to deprive it of the right to the
returns of its industry or the prerogatives
of ownership before laws so framed as to
conserve the public good without infring-
ing the rights of property or that there
should be accorded to any person. natural
or artificial, immunity from the burdens of
government and the duties due to organ
lied communities; or on the other hand,
that there should be imposition of burdens
as punishment for enterprise or in salts
faction of popular prejudices. If aggre-
gated capital is to be subjected to wise
checks against interference with public
affairs on the one hand, it should be pro-
tected from the assaults of aggregated
political power on the other, that tends to
make it the victim of hatred, selfish ends
extortion and persecution and that. under
demagogic leadership, makes the measure
of due representation of the interests of
aggregated capital the price of integrity
and liberty of action. To the attainment
of this just mean in government, legisla-
ton undertaken should be directed, and to
this ideal adjustment of common interests
the energy Of civilizing influences should
he made to contribute.