Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1889-07-18
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We print letter from Il subscriber,
demanding that million dollars shall
be the maximum value of property per-
mitted by the law to individual or cor
porate ownership. We print it as q
feather that shows how public sent-
ment Is beginning 10 run, aud as evil
dence of a feeling that has "A substantial
foundation in good government, though
fn-its development il is likely to run to
extremes. IL will not doto put an arb-
trary limit Of n million dollars upon prop
erty acquisition, which would be pretty
nearly descent into socialism; but
good government does demand that re-
striction shall be placed upon the sue
cession to property, and upon the capi-
tai OF corporations and il has SO de
manded since society has had existence (;
and the trouble now is not 80 much
with the law as with its non-obseryance
The limit put upon the capital Of cor
porations IL made dead letter so far as
Its restriction of their control of
capital is concerned SO that the
Standard oil company is said now
to have swelled, ~ the Standard
lions, and its chief director is put down
q, enjoying n private income of nine
millions of dollars, upon the authority
of n co-director, who pleads guilty TO a
three million income.
1t Is great public danger and a wrong
that calls for remedy that so vast
an aggregation of capital should be
In the control Of the few men constitui-
ing the directory of a corporation or
trust. Nine men manage the
hundreds of millions of the Standard
oil trusts? Who manages them? DO the
people or the government? Theoreti-
cally they do, but practically they do
not seem to do 80. Against the power
of SO much money it is reasonable u
fear that the sword of Justice will be
dulled and such has always been the
fear Of our nation and il has caused to
be inscribed in their laws prohibition
Of the handing down of estates in perpe.
tuity.
This was provision against the wealth
handed from father to sou through the
generations. Then the great corpora,
ton was unknown and the greater trust
had not been dreamed Of. The danger
of inheritance of wealth sinks into insig
nificance beside the threatening look of
hundreds of millions of dollars gathered
In decade into the control of nine men
who move as one.
The trust must be bound. II cannot
be permitted 10 be loose with any hope
that the liberties Of the people may b,
maintained. Our correspondent is righ
In insisting that corporate wealth shall
he strictly limited, but the limit must b,
one OF reason. 1t must be measured by
the proper need of the lawful corporate
object. such limitation upon corpora
tons, ana limitation upon inheritance
u now the law. IL but needs that the
law shall be wisely and fearlessly con.
\ strued. The trust has no lawful ex,
tsfenee. II will not I've held that a sci OF
corporation, chartered Ia attend IL
specific business, can hand thei,
business over 10 another corpora
tion which exists simply 10 com
bine the capital aud franchises of In,
several corporations which is n,
object distinctly hostile to the law an,
dianetiically opposed TO its policy. |
h not probable that the ingenuity of AT
torneys can serve to make that Lawful
which is inherently unlawful and W
lave great confidence that the judiciar,
will abolish the trust. And the Legisla
ture will hearken to the popular deman,
that they shall be extinguished a CIR
which h growing swiftly and which
will surely conform the law 10 lis de
mnnd.