Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1886-09-25

. Il
= cago anarchists would soon be realize
Men OF moderate means would be hel
less In all contests with the rich: Ii
: control OF all money-making machinel
e would pass TO the few. With the fo
tune OF Vanderbilt it would be poss
Die to do what now no combinatio
dares even to dream of doing. | kno
That it is customary to declare that th
rich are growing richer, which / d
not doubt, and the poor poorer, whic
every census table denies. On the cor
trary, we see few men with a fe,
thousand forming themselves into
BODY corporate, compact, powerful, an,
aggressive. With the corporation tel
men in New York can gather create
y power than any one man car, poss;bl,
CONTROL Under this law a THOUSAND
men with a thouiand dollars each hay,
combined. capital OF one million. O
dollars. Because OF this legal contriv
ance the power OF wealth is limited b,
wealth itself. 1t is the poor mans dec,
laratlon OF independence; it is the naao
ma c'sGrta OF commerce, it is the law I'M
der which the aristocracy OF wealth has
been destroyed, and an isdustrial re-
public instituted in its stead. go s'li g
Corporate power has been vastly
abused. Our laws need amendment il,
several particulars; and in order 10 se
cure from these institutions the greatest
good, we must take some provision foi
minority representation in the boards
and Tor the frequent auditing, not by
the State but by committee OF stock
holders; still, as they are, the corpora
tions serve a most benefcent purpose
they embody the only practical idea oi
cooperation. Those.drones who from
their closets are preaching a new gospel
which, under the guise OF cooperation
is to take the property Of one industri-
Gus man and distribute it among a hall
dozen idle and inefficient men, should
pause on their way toward communism
and anarchy and study the device known
as body corporate, and they will see
hew fully it realizes the idea of practi-
cal and profitable cooperation.
In America we have carried this de-
vice further than iii any other country.
We have a strange power of adaptation,
and we have adapted it marvelously
well to the need of new country.
Here we have had entire failure in So
called cooperative institutions; but
with the corporation we have been en-
lnently successful, and it is the only
form OF cooperation which has any
chance with our people.
1t is the mistake of many writers to
assume that the stock in large corpora
tions is beld by few persons. An ex-
animation OF any long, or well-estab-
lished company will show that it is the
thousands, of moderate means. who
own this stock-the widows, the minors.
the men with few. hundreds to invest
those who have wearied of work and
have sought some safe income. The
failure OF bank causes keen distress
IN hundreds OF BONES. The Bank of
Kentucky, with a capital of 81 600, 900.
has live hundred and fifty stockholders.
many having one share, and the average
holdings being $1,000. The Bank of
Louisville has about two hundred and
fifty stockholders, with about the same
average. ! do not doubt that most of
The banks in the country would show
exactly the same condition of affairs; so
II is with gas companies, cotton and |
Woolen mills. trading companies, and
,he hundreds of establishments which |
n all our large cities, under a charter
Which exempts the private property of
he partners from risk, are doing much
% increase our commercial impor-
ance.
Since writing This paragraph I have
cad Mr.. Andrew Carnegie's article in
he Forum for July, and as bearing on /
he argument the following extracts are
made:
There are but three railway corporations In
,nich q; capitalists hold considerable interest,
nd the great interest in two of these is held
y various members of family, and in no
ase does IL amount to the control of the
Vhoie steeirail mills, with only one excep-
lon, snow a like state of affairs. One of them
elongs to two hundred and fifteen sharehold-
RS, OF whom seven are employees, thirty-two
re estates, and fifty-seven are women.
Another OF these concerns Is owned by three
undred and two stockholders, of whom one
hundred and one are women, twenty.nine
re estates, representing an unknown num- |
er or indiViduels, and twenty are employees
the company. A large propartion of the
emaining owners are small holders of COM
aratlVely limited means, who have, from
lme to time, invested their savings where
hey had confidence both as to certainty of
ncome and safety of principal. The Merri-
nac manufacturing Company (cotton), of
.oweil, IS owned by twenty-five hundred
harehoders, of whom forty-two per cent are
olders OF one share, ;wenty-one per cent of
wo, and ten per cent of three shares, Twen.
y-seven per cent are holders OF over three
hares and not less than thirty-eight per
ent OF the whole stock Is held by trustees.
uardlans, and executors of charitable, relig-
1us, educational, and financial institutions.
The next term which requires exam
nation and more accurate definition is
monopoly. 1t is phrase very familiar
n the hustings and in the college halls.
ut although familiar it has by misuse
ost its real significance. When ar
aigning the managers of our lines of
candidates and card
writer's, senators and Commissioners,
II alike refer to them as hated monop-
lists. If this verbal inaccuracy serves
My to fill rhetorical gaps, no reason
bic man would object; but careful OBJ.
ervers OF current discussions, as for
Instance writers on ga subseryient
'ress" soon learn that words are things.
t certainly is not asking too much of
hose who care to investigate such ques-
ions as are now under discussions.
hat they will in their own mind clear.
v and accurately define the meaning of