The times. [volume] (Richmond, Va.) 1890-1903, 1895-11-22
HOW ARE THE MIGHTY FALLEN,

| FOUNDERS OF economical principles TO be
I found In any country. But the Journal OK
| Commerce has been a paper OF very
| different order since Mr.. Stone retire"
1 from the control of It. 1t strikes out
now as wildly and as blindly agaihs,
! some OF the soundest and most hAeu
| principles of political economy as any
| Populst I'm the lard. II Is nowhere 50
| prominent i'm this course Of conduct as Ia
its blind war upon what II calls trusts
which IL really a war upon the prnc'pi.
OF incorpora lions with limited liability ior
| tho conduct Of business II rejoices
greatly in the conclusion reached by me
Attorney General vi New York that me
American Tobacco Company is violating
the laws Of New YORK. and must, there
| fore. he proceeded against Ia the courts
that their license TO do business IN re"
| York NAV be taken from them
We have nothing to say against ms
II that company is violating New fork
laws. II IS. OF course, risht that u sha''
fe held accountable for such 'loiauons'
We have no criticisms 20 make 'hereloie,
mon the cxultation CT the JourhA u
commerce that the American iobacco
Company is TO be brought to BOOK i'i'
we srit,cise is the doctrine that t'e
Iournal Of Commerce lays down in giving
uttcrances to it's JOY.
rho Journal of Commerce says thc
American Tobacco Company hao 's
origin in an agreement entered INTO ne
tween FIVE firms and corporations ii'"e
pcndontly engaged in the manufacture u
cigarettes to form a trust Tor 'he pun
pose CO controlling the market Tor 'hal
product. and this. II says. is directly con-
tra1v to the law OF New York tIdt ioi-
bids stock corporations TO combine win
any other corporation or person i"r the
creation OF a monopoly or the uniaWlI'
restraint OF trade We have frequently
nointed out 10 the Journal OF Commerce
that IT wholly misapprehcnds this csse
in taking this view Of It. The American
Tobacco Coynpanv IS not a thing that
ro,,resents several corporations ana INNS
mt compan" is a separate ana nut
pcndent corporation. standing upon l.
own charter. for the stock OF "hl'h W
sens owning prcTcr:y THAI had been there
tofore part Of he assets 81 s';'e ''ncI
cornor,tions. have exchanged that pro
perry. This is not a case OF ~ 'e''
:. ,,; between certain indePende", coz
porations ike the agreement oil lhe H'd'''
of this Union. II is the case of me lor-
nation Of an incorporated emp my Wi'vSe
stock is taken by individuals anu pau 'oi
act of their resources wheftV y '"'y "SF
he located. The journal OF ''Ii'i'e. &c
seems incapable Of understanding ''is
distinction. ami it hammers bhndly away
at the American Tobacco Company az "
"trust." when it is nothing In the "orid
but an ordinary corporation that mas De-
come very wealthy ana very loweIiui'
lis war coll this corporation IS notalns d'
bottom, then, but war upon "'e
D,inoiple of incorporated companies aHu'
If there is any merit in it At an II ~
pecause the principle of incorporates
companies should come 10 an cn1.
In this day of steam. electricity, ana
instant communication. opposition 10 the
orjnciple of incorporation win hn"''n
liability is as fruitless as an argument 40
Niagara that it should cease rs rear
would he. Men find that boy bringing iIer
resources ;C1 thei and operating cohJoin'-
~ i'm one concern, instead Of soif'. :" i'S
in many rival concerns, they AVE 'he
great cost of running many us ne@''s
and eliminate at the same tiine drs'iu'-
tive ;nd unnecessary competition. ihis
is the result of modern con ii.ions that
flow cut of quick transportation of neis"I
u,sseupers. and intelligence. 1T - si8ee
I'm evolution. and il is as idle 20 complain
# the ion lcncy ~ d to resist it as 1t wod'
lac 70 complain of the law of grayitauon
and to seek TO produce a discontinuance
of that IL is the law of the case .ls'
grows ont Of the ndtcr. Of the case. 10"
whilst this inevitable tendency OF pusl-
ness cannot be checked or resisted this
result can be accomplished. By making
seuseless war upon it the great connplNd-
lions of capital may be driven, fcr thelI
own protection, to corrupting our leslsia-
lures and our judiciary as the railroads
have been driven to doing by the sense
less war made upon them.
I'm this connection we may say that we
were very much struck with the following
massage i'm a letter TO one Of the city pa
pers urging the denomination OF Mr.
Cleveland. The writer says:
",rhe great doctrines Of the Democratic
marty are and have always been what me
great body of the people hold. lneS
stand for absolute equality or an men
before the law--that government is Tor
The whole people. and not for the benent
OF the few at the expense OF the MANY
that VaternallSin IS dnOlutl loiii- VI 7ioN
cry: that protection is legalized robbery,
and that II we are to retain even inc
semtlance of freedom we must ma some
yvav 10 set a limit TO corporate power
and corporate greed-to protect the weak
and feeble from the strong ana power
fui-to reach ana compel accumulated
wealth 10 bear its Just share OF me Pubic
burdens. This is the mission of the Dem
Ocratlc party.
1t is strange TO us how man who I'M
uertsands the fundamental principles OF
Democracy as well as this writer can
think that they lead TO any such conclu-
sion as he gives il. We do protest that
II is not the mission OF Democracy 10
make war upon accumulated wealth or
upon the principle Of Incorporated com
panies Tor tho conduct Of business The
wise Democrat rcjoices in the prosperity
OF all men. anG lie cares not how wealthy
any one becomes who acquires his wealth
fairly aud honestly. by his own efforts
and with no favors from the laws. Nor
is the true Democrat opposed to citizens
conducting their affairs through the agen-
CIV OF incorporated companies by wh.,h
their liabilities in Business may be llnifrl
The great bulk Of modern progress is UNI
doubtcdly due to that principle and we
believe our civilization would suffer in
irroparahle injury if the principle were
abandoned or given up.
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ENCORE VEST.
And Vest is heard from again. From