The times., 1897-03-26
The Harrison Trust Specific.

The Harrison Trust Specific.
The Hon. Benjamin Harrison. having
retired from the field of prachcal poll
tics, is devoting himself to political.
economic and social questions from the
academic standpoint. Occupying that atti
tude toward them his views are entitled
TO respect and consideration, for Mr..
Harrison intellectual eminencc and mental
grasp of such matters are not TO be treated
lightly, nor in an unfriendly spirit, when
there is not any reason to suspect that
behind them turks the retainer OF the coGn-
sci, the proximatc interest of the party or
the rancor of the partisan.
Hence, Mr.. HaIrison's views on trusts
and monopolies, delivered before the
students OF Ann Arbor University a few
days ago, are well worth study and re-
Election; especially as we suspect that they
include some pertinent, as well as ncom-
Portable truths.
To epitomize his thought and conclusions:
He recognizes the fact that five-siNths of
the voters of the country favor a general
revision OF corporation laws, and a system
under which Juggling with capitalization
and fixed charges, dishonest "re"rganiza-
ton and a lot of cognate evils and abuses
shall become more difficult He also
asserts that even larger sentiment advo-
Gates a more equal and equitable adjust
ment OF the burdens Of taxation MIR.
Harrison refers To conditions in New York
as one case in point where the cqualized
taxable value OF real estate is shown To be
nearly four billions, while that OF personal
property is represented in the returns
less than half a billion. the notorious fact
being that, ii properly accounted for, the
taxable value of personal property in the
Empire State would appear nearly, If not
quite, as great as that Of the realty.
Regarding trusts and kindred comhina-
tions, the ex-President reminds us that
the bases upon which they rest have been
built by the people, who have originally
invited their organization and investments.
The enforced bankruptcy OF such institu-
tons would be a public harm. Their re
form should not be committed to appren-
tices, and the legislation enacted to ac-
complish it should be Just. He does not
believe that ''siXty-day legislatures are
capable OF the task, distracted as they
are by demands for local legislation and
the wrangles OF focal politics; and hoypred
over, as also they are, by a cloud OF
astute corporation attorneys Great pro-
jeCts OF reform, ike the conception and
application of general laws to reform and
govern such subjects as the restriction
and regulation of trusts and monopolies,
or the distribution of taxation equitabIy
over every Iegitimately contributory ele-
ment, ought to be in the hands of COM
missions of learned, able, pure and pa
tnotic men, having the capacity and ieis-
ure to undertake all the necessary study
and research, and wise enough to formd-
late panacea for the ills complained OF
by the people at large.
Regarded from Mr.. Harrison's point of
view, which we assume to be the acas
delnic, there is much that is admirable
both in his diagnosis and his theory Of
medication; but we are afraid that, III
descending to the plane Of actual appiCa
ton, the remedies would have to be
practical rather than theoretical. For in
stance. Mr.. Harrison cannot bc una ware
that the country is almost completely con
trolled, in the instances where it is not
owned, by the social elements which his
general proEnosis would bring under treat
meut and discipline. Inasnrch as they
dominate the fountains OF honor and
patronage quite as much as they 10 the
'SiNty-day legislatures" and the Congress,
1t may bc doubted If relier could he ex-
pcCtcd In any greater degree from dis
tiuguished commissions, created hy these
legislatures, and influenced, as he
comedies them to be, by corporation at
torncys and acting in cooperation with
sundry Executives, very possibly open
to arguments of partisan or personal
nature
MI Harrison very justly cautions us
against any attempt, i n these connec-
TONS to bring in the millennium on the
morrow" and, as far as this Journal is
concerned, We propose to take his ad
vice. even If the possibility OF such
thing were to be presented TO US in the
form of a plenary commission entirely
composed of ex-Presidents.