The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1898-02-14

capital and credit. l would give to each
and everyone legally capable of conduct
ing business the one right which makes
corporations safe and attractive-the
right of limited liability upon capital
invested In business, which IL honestly
lost, IL all that is lost, and the man and
his family saved for future enterprises
Give to all in business equal opportuni-
ties before the law, anu IL will give the
merchants, manufacturers. farmers, ar
tisans and even the professions a safer
lease on business life and prosperity.
Proceeding to elaborate this thought
Mr. Cooper adds:
What makes life insurance popular
and valuable? The knowledge that the
amount thus invested Is guarded by law
from attachment for debts. What makes
corporate stocks sell? The knowledge
that we can participate in business with
out other loss than the stock itself In the
event of disaster What influence is
decmating our mercantile, manufactur-
ing and farming classes? That which
pushes them forever out when they fail,
and competition with those better pro-
tected makes failures all too frequent a
failure of the individual strips him of all,
unless he protects himself through
fraud. and an ever-pressing inequallty
EXCUSES the fraud in many minds. The
corporate debtor is free, the trust debtor is
free and forever unknown the individual
is hunted down to the last $500. Wound
merchant. and the wound is fatal, his
business life is done; wound the owner
of stock and you strike that alone; his
energies and investments go ON.
What can a governor do to set Alright
these existing inequalities? Mr.. Cooper
replies
1,,1 n
act conveying to all who desire limited
liability. and asking that it be hedged
by such restrictions as will improve rath-
err than impair business credit. Just as
liberal limited co-partnership acts have
improved credit in England and there
they control more than half the business
transacted The act should be guarded
as good corporate acts are guarded. 1t
should require at least sworn annual
statements, filed in proper city or coun-
ty offices. showing capital invested, liabil-
tiles etc, all open to the business world
Every local newspaper. letter and Dill
head and the large business directories.
would give synopsis of these state
ments and business transactions would
everywhere be facilitated. y governor
could require his attorney general TO
prosecute dangerous trusts under the
common law; he could discover them
through the secretary of internal az
fairs. the insurance and banking COM
missoners The public sentiment which
would nominate and elect such governor
would control the legislature. and win
half of the inevitable battle with syndi-
Gates and trusts.
Tndeniable as it is that much of the
| ado which has in late years been made
against the growing tendency of capi-
| tai to consolidate, massing tremendous
| power into the hands of the few and
| leaving the many almost defenseless
| against imposition and eXtortion, has
been raised ignorantly and with no
well-defned conception of an effica-
cious remedy, vet it is equally unde-
| niable that the tendency must sooner
! or later be subjected to legal safe
guarding and restraint. When the indi-
vidual business man, through no fault
of his own. is threatened with eXtinc-
tion by the giant force of great COM
bine of rivals operating behind the
privileges and immunities of charter
we have presented a situation in oui
mercantile life which is essentially un-
| wholesome, nor is it the part of wis
dom for the masses to sit back and
await in patience the CORY conclusion
of the unequal combat. There must
be some adjustment of the law which
will protect the weak instead of con,
ferring new and dangerous strength
upon the already strong. Otherwise il
will have eventually to be admitted thai
democracy or equality before the law
has ceased to characterize the govern,
ment Of the United States and from
the decadence of it may safely be pre-
dicted dire results in the nations
future.
The proposition advanced by Mr.
Cooper is one that has often been dim
ly outlined in the public's desire.
ought at least to vitalize the contem
porary discussion of this theme.
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