The examiner., 1886-03-27
ETERNAL VIGILANCE THE PRICE OF
 LIBERTY.
A PEEP INTO THE CORPORA
 TONS.
Wheels wiahiu yyheeIs.

Wheels within Wheels.
 Let the people awake from slumbering that exhaust capital, which is the fruit and product of their labor, so that the foun- tains and small reservoirs of the masses shall not be exhausted to fill the turbid streams and seas of corrupt magnates, in corporations, who, by exclusive privileges, plunder the community.
 The greatest waste of the product of la Dor, or theft, as it may more properly be called, is by the open gates and inan- cial sluice-ways of stock corporations. This is answered by these self evident l truths of political economy, that the accu- l mutation of wealth by and in the hands of the few, takes it from the many; that the accumulation of wealth is power, which will rule, and poverty to the masses is the result. Never was 8 nation blessed with greater results arising from the fruit of labor, and who holds it? Why tfe la borer divorced from the fruit of his toll? We have in this State about 40, ,00O stock holders in corporations. The wealth of corporations in all the States is more than one third of the wealth of the nation itself, ] and owned by less than one twelfth of the population. And what has made it pos l sible to be SO? Never were the earnings | of labor in ancient or modern republics divested from their proper and legitimate channels to the coffers of magnates as now; !; through corporate facilities.
 l The constitution of Connecticut says, in stSec l." of Article 1. ''That all men, when they form 8 social compact, are equal in rights; and that no man or set of men are entitled to exclusive public emoluments or priveleges, from the community" The l statute provides. that the compensation for the forbearance of property loaned at 8 fixed valuation or for money in the absence of special contract, shall with dividends on deposit in savings banks (free to all for deposit) be limited to six per cent per annum. These enactments are by general statute for all; limiting interest and diyi- dends as specified in the statute. Stock corporations composed of . few only in proportion to the masses, ask for special anactment of law, for exclusive public emoluments and privileges from the com munity, and receive the coveted boon in the form of special charter.
 What are the emoluments and privileges of an exclusive kind, reserved to individu- als in corporate capacity, it will be asked In answer, CD the stockholder is not re- sponsible for the debts of the corporation beyond the par value of the stock; nor for it's shortcomings or the interruptions swindling by the magnates of which. the evidences of the nancy now fill the land. l (2) Dividends, or the earnings on the capi- tai actually paid in, in most stock compan- ies, are unlimited and unrestricted, as the law is now understood; and their charters and articles of association permit. Diyi- dends, may be declared and paid to stock holders of six, eight, ten, fifteen or great CT per cent. on the actual amount of stock, and . surplus fund of from two to twenty per cent. more, all from the yearly earn ings of labor. If the earnings paid di- rectly out in dividends make too great a showing for the people to see, sometimes, stock dividends are declared, or the stock holders are permitted to subscribe for more of the capital stock, when an increase is permitted, and by paying small install ment on the par value, the stock is then treated as fully paid in; and it draws full dividend This helps to hide the great gains of special privilege, and is called "capitalizing." (3) Corporations make it possible for one or two magnates in each corporation to become possessed of great fortunes by reason of opportunities presen- led, for no man Is . great criminal legally or sinner morally, without opportunity. How, it may be asked, are or can magnates in corporations be dishonest? Because, the special privilege of charters and laws make it possible for them to develop the evil in their natures, in wrecking public companies or individuals, especially tele- graph, telephone, express, steamboat, and railway corporations.
 When the job is complete and the wreck beached and ready for plunder-the stock or bonds of the corporation wrecked, which ever interest controlled the corporation, are secretly bought in for few cents on the dollar of it's par value by syndicate, formed by the magnate in power, with holding his own name from the public and the corporation he manages, and when all, or majority has been purchased, by syn dicate, that can be secured of the capital stock or bonds, new deal is had, new management, and then offers of leasing or sale to some corporation is made-the magnate knowing, professedly, nothing of the transaction-until the offer is an- nounced to bis board of directors and the matter Is discussed in full meeting-the magnate taking no deep interest in the matter, more than making valuable sug- gestions, like the spider approaching the fly in his web.
 After lease or purchase made of the wreck disposes of the bonds, or stock at par or more, by reason of the guaranteeing a reasonable dividend on stocks or interests on bonds by the magnate's corporations, and the sea of corruption is filled. Only by payment of five or ten dollars, one hundred is made and in that proportion many transactions have run into the mil- lions. Too many of this class of transac- tions have occurred to need particularizing.