New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-10
THE DUTY or CORPORATIONS.

Mr.. Bryan comes East to make war on cor
porations That may sound well in some quar-
tiers But the corporations are nothing hnt the
people Of the United States. acting together for
various purposes of mutual benefit. 1t may
be expected that the corporations. If assaied,
will repel the assault effectively. and they
have nothing 10 do but to state facts. one
LARGE body of them embraces the people
who have nsurances on their lives or property,
including life and industrial' policies. 10 4oI SO
in all The right and the plain duty of the com
panies is to tell the insured not merely by pub
LEGATION in various newspapers which they may
not see, but by personal notices. that ample
money 10 protect their insurance has been IN
vested in loans of various forms. some Of them
technically payable in gold but that II Is by no
means certain that State and other courts Will
make it possible TO enforce a gold loan when
gold has been driven out Of use by silver coins
and cannot be obtained, and that payment Of
loans in silver would compel the companies to
pay silver only TO the insured. Several hundred
millions payable each year. $780, 100000 for
which they are all the time liable, would in fact
be cut In half by free coinage. in spite Of the
utmost efforts Of the companies to maintain their
honor.
Next come the building and loan associations,
which have many hundred thousand investors in
various States and have also loaned in different
ways the money deposited by their members
The law would not make II possible for them 70
collect gold, even where 1t has been specifically
pledged. If gold out of use and out of the
country. These companies also would therefore
he compelled to pay in the same kind Of money
which they receive. The effect would be TO cut
in half the enormous sums invested by millions
of working people and small traders leaving
them with only five years savings out OF every
ten II is for them TO say by their votes whether
they want such change. but nothing can be
palmer than the duty Of the companies to warn
them. not vaguely but by personal notices as
from trusted agents TO those who confde In them
Then come the railroad corporations, with
double responsibility to more than million
stockholders and one to more than a million
hands employed II is the part Of honesty for
them TO give fair notice to their hands that, II
they are to receive nothing but silver for fares
and freights. they will be able 10 pay nothing
but silver to those they employ. so that their re-
ceipts being actually cut down. the wages OF
hands must be reduced TO SO or $40 per week in
50-cent dollars, against a like sum in dollars re-
deemable in gold On the other hand. the COM
panes owe sacred obligation. every one Of
them to their stockholders. who cannot get gold
dividends out Of silver earnings. In fact. where
company has gold bonds. which the courts
would presumably enforce. II would have TO pay
out Of it's receipts about 81 for every 81 payable
IN interest on the bonds. and thus. If il earned
net 100000 In silver hut had a bonded debt call
ing for S350oO0 in gold. IT would have nothing
left for shareholders instead of $500 in gold.
The corporation which does not warn its share
holders of such contingency must be reckoned
unfaithful TO its trust
How many Of these corporations and blocks Of
corporations does Mr. Bryan desire to assail:
Probably he will take the manufacturing corpo-
rations next, and they also will have duty 10
perform.