Capital journal. (Salem, Or.) 1893-1895, 1894-07-02
THE FIAT ~ CORPORATION.

The governor VI Massachusetts, has
signed the bill TO allow the Bell Tele-
phone Co. to issue $50.OOO,OOO more
stock, That is practically The creation
Of that amount of additional wealth
for the benefit Of this monopoly. The
stock will probably be sold at a prem
fum. because with unrestrained power
to make the public pay for the use Of
itE service, the stock can be made t.
nav dividends. In addition To allow
ing the owners of this monopoly to
create this added wealth out OF nolb-
ing, virtually by the power Of legisla
tion, 1t is allowed to tax the public t.
pay profitable incomes upon the same.
This has been the uniform practice will
these public corporations all over oni
country. The time will come whei
this must change, as the crtaturfs oi
legislation already are making our gov
ernment topheavy. When tile Great
uYe becomes greater than the creator II
governs. The Pacific railroads today
owe the government Sl50,0OO, 900. They
are pushing refu nding schemes througl
congress to enable them to issue hun
dreds Of millions Of new stocks anc
bonds and forever after tax the peoph
for incomes from those securities, jusi
rs the Bell Go. has succeeded In doing
in Massachusetts,.
The time will come when the govern
ment Of this country will have to stol
this process Of creating millions OF
wealth and mOrtgaging the public
monopoIies In advance for generations
to come only to multiply millionaire
If II does not, they will become the
governing force and the masses OF the
people will pay tribute to two mesters,
corporation Kidding government. and
the corporations themselves.
The granting Of these immense
bounties of millions to the public COT
porations has an important bearing on
the present general strike that has tied
up the public corporations. When the
managers secure by legislation benefits
of millions upon millions, and swell
J.-ejr own fortunes and incomes by the
Aid of government, II Is an outrage that
the same managers shall be allowed t.
grind down the pay Of laborers to the
lowest limit.
The great strike is going to test the
stability of our government to the ut
most that IL has been tried since the
civil war. The government today VII
ually stands between the capitalists
and the laborers of the country. If
anything, the government leans strong.
ly toward the side Of corporations.
The labor unions are fighting aggregat-
cd capital alone aud single handed.
The public is going to snffer great loss
and inconvenience. The mails are
delayed aud all kinds Of fast and per-
lshable freight is suffering damage by
millions. The laborers may he led 10
acts Of violence and bloodshed. The
special privileges granted the capita'-
ists by legislation has had much to do
with bringing our land into Its present
dangerous status When government
fosters the rich mans Interests too
much Il paves the way for career Of
unlimited trouble.
Too much labor saving machinery
il on every hand driving the laborer
TO the wall by robbing him Of employ
ment. On the other hand government
seems to have directed too much to.
ward special efforts In behalf of the
capItalistic classes, and Is doing too little
10 relieve labor. Fifty millions added
70 bell telephone stock should be sup
plemented by fifty millions expended
for internal improvements. The com
mon laborer should be more the object
Of governmental regard than the
monopoly owned by the millionaire.