Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-06-06
COKE ON ARBITRATION.
synopsis Of Senator Coke's Speech in
support OF the Labor Arbiira.
tlOn Bill.
No Interference with state aws--w altered
stock Defined and Condemned
Protection Demanded.

No Interference with state avs W altered
stock Defined and Condemned
Protection Demanded.
Correspondence of the Gazette.
WASHINGTON, May Senator Coke
delivered an able, interesting and exhaus.
tive speech ON the labor arbitration bill
In the senate last Tuesday. He supported
she measure, and believed 1t to DO On.
urely constitutional; It did not interfere
with state laws or the right OF state TO
deal as they now do with individuals
compOsine labor organizations, or with
railroad corporations, who violate those
laws the bill dealt with moral forces and
appealed 90 the highest OF all tribunals In
this country, anintelligont, we!l-inf0nmed
public opinion. In support OF his position
as TO the power OF congress to deal With
this subject be cited, as presidents, the
passage Of river aud harhor bills, the con.
slderation OF interstate commerce bills,
and bills TO give national aid 10 the con.
stfuction OF a ship railway across the
isthmus OF Tehuantepec. lie quoted the
following opinion OF Justice Field dellv-
cred In the County Of Mobile VS., Kimball
GU 5 reports lo2) referring to the power
OF congress to regulate commerce.
That power is indeed without llmlta-
ton. II authorizes congress 70 prescribe
the conditions upon which commerce in
all its forms shall be conducted between
our citizens, and the citizens or subjects
of other countries, aud between the citi-
Gems OF the several states and TO adopt
measures 70 promote ita growth and IN
sure its safety.
He quoted Mr.. Henry " Poor, author
Of Poor's Railroad Manual, as saying that
of SI495, 4Tl,8ll OF the capital stock,
bonds, and other evidences OF indebted
ness issued by the railroads of the United
States at the close OF 1883, at least
$1,000 600, GOO was represented by "wa.
tered stock On this subject Senator
Coke sald
"Wstored stock means stock created
by stroke OF the pen, costing nothing
except The paper and ink used IN making
II, aud representing not penny OF actual
capital or value, but which Is added 10 The
actual, bona tde stock which represents
capital, and counted as part OF the cost
of thQrai road, and freight and passenger
rates are liked high enough to pay dlvi-
dends upon the whole, fictitious as wen
as real Through this device honest
stockholders are deilauded and the peo-
pie compelled to pay nearly double rates
for transportation, because the corpora
lions claim the right TO fair profits or
dividends on the entire stock, "wateredn
as well ps real. This watored stock, rep
rcsOptipg nothing but the wrong which
created ~, stands on the books OF the
railroad corporations, IN the stock mar.
kcts, everywhere, on the footing with
stock honestly presenting cash value,
draws the same dividends, and commands
the same prices, and the people are taxed
In transportation charges to pay Interest
on VI as II 10 represented fan and honest
cash face value.
There has never been time and never
viii be, when the sympathies OF the great
body OF the people have not been aud viii
not be found with the lubuIers and pro-
ducers Of this country, aud opposed 20
the rapaclty and avarlce Of corporate
power; but ours Is conservative, self.
and self-rollant people, who
feel and know that there IN no liberty
without law, and that obedience 10 law Is
the fundamental idea OF all government
and all law and all social order, and this
they will always ineXorably demand as a
Regarding labor and labor organizations
IN this country Mr.. Coke continued;
Tho condition OF the laboring people OF
this country has been greatly advanced
and benefited by organization, as an album
dance OF high authority could be quoted
TO show. Indeed, the history Of the labor
question in Europe and America estab-
fishes beyond controversy that labor or
based on the fundamental
idea Of obedience to law aud sorupulous
regard for the rights Of Others, have more
than all other causes combined, elevated
and improved in every way their mem
bership and tended TO bring labor and
capital into harmonious and just rela-
lions,
The labor organizations OF the country
are in their iniSncy, are crude and UNI
trained, but time viii bring them the wis
dom OF experience and discipline. aud
place in the lead their most intelligent,
conservative, and patriotic men, aud send
to the rear or cxpel from their ranks the
rash, turbulent, and lawless, who when
permitted 70 lead always bring Bbont mis-
chief and trouble. They will find out that
II will not do 10 risk bread aud meat for
their families and the consequences OF
violated law upon the counsels Of such
men, but tina. patient forbearance, even
under wrong, aud obedience to law and
respect for the rights OF others, will bring
10 their support solid public sentiment,
which viii Join with and maintan them
In demanding under the forms Of law All /
hat lust and reasonable men can ask, aud |
that the opposite course Will always iso- |
ate and defeat them. Many Of the capi- !
.alists OF to-day were Iaboring men few |
GcArB ago Many OF the laboriDg men OF TO- |
lay will be capitalists q few years hence |
The great mass Of the American people |
ire laborers In some form OF industry. All |
II them arc free men, armed with the |
lower Of the ballot, and all aspire 20 an
improved and bettered condition. The |
interests Of the laborlng men IN good /
government are precisely those OF ali /
lther good citizens
Senator Coke concluded his speech, |
which wRs listened 70 with marked atten-
ion by the senate, IN the following Lam
,nagc:
Common justice and the public interest
like require that while the whole power
y the state shall guard and protect rail-
Cad property and franchises and cm-
'loyfs against Invasion, injury, or mo.
estatiOn from any quarter, that il shall
lso protect the people against exiorton
nd oppression by the RAILROAD corpora
ions. The honor Of our government,
tate and national, is soiemnly pledged TO
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