The great West. [volume] (St. Paul, Minn.) 1889-18??, 1891-10-09
PATERNALlSM.
How 1t Exists in the Management Of Our
Railway Stocks.

Railway Stocks.
OF the millionaires in the United
States there are thirty five worth over
thirty millions, and the highest is
placed at one hundred and twenty-five
millions. How were these stupendous
sums obtained? A large proportion
by watering stock of corporations. A
large proportion by forming combin-
ations or trusts, acquiring all that is
purchasable of an article of general
utility or necessity, and advancing the
price SO as to compel consumers to
yield to them the amount exacted as
pay for the trick or scheme that was
worked. These two means represent
how over two-thirds of this wealth
was acquired Is it legitimate? Is it
right? That is not business, nor is it
legal management 1t is true. that if
acquired, there is no law that can be
practically applied to compel them to
refund, and in that sense il is legal;
but it is contrary to the spirit of law
and equity. and if proper remedies
could be applied it could be stopped.
Is it not the duty of the government
to provide for easier, less expensive
and practical remedies that can be APP
pliedP Most assuredly it is. Is there
any law to prevent a corporation like
the Richmond & Danville system from
issuing twenty or fifty millions stock
or bondsP Certainly not. If these
bonds should be issued simply to
divide among it's directors or stock
holders-is there any law to prevent
it? There is not. Then after issued
and made part of it's indebtedness, is
there any law to prevent the tariff and
passenger fare from being fixed so as
to pay the interest on this batch of
watered bonds? There is not? Why?
Because the corporations control con-
gress and congress controls the coun-
try.
But 1t is paternalism to control the
corporations. Yes, that is paternal-
ism in one sense. Anything is pater-
nalisn that interferes with the right
of any man or set of men to manage
their business as they please. Strict
construction of paternalism would not
permit a railroad to be supervised by
a railroad commission, the toll of a
miller fixed by law, the ferriage at
public ferry fixed, a letter or package
carried by the government All these
acts are paternalistic. Yet how many
howlers against paternalism will deny
that this protection of the public
against individual greed has been
wholesome, advantageous and pro-
fitable. Yet on the same principle,
for the same purpose and with the
same ends in view that each of the
paternalistic provisions above enum-
Grated were intended to subserve, all
the demands of the alliance are de-
nounced as paternalistic. Some wise
acres go so far as to declare that be-
cause they are paternalistic that they
are un-democratic. Now put your
faith and your work to test. Thos.
Jefferson was the founder of demo-
cracy. Was not the mail service es-
tablished during the time he figured
as a publiclst and did he not counten-
ance and encourage that as well as all
the other paternalistic measures in ex-
istence in every state, which are enum-
Grated above? It is undeniable that
they did. Then why should they be
so obnoxious to democracy now, when
they were endorsed by the founder OF
the party? There is no sound reason
for it.-Alliance Herald.