The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1898-10-15

growth of the city of Minneapolis us an
evidence of the good management OF its
finances. He refers to the fusion legs allure
of 1891 and charges it with excessive ex-
pentliturc. Perhaps the appropli;, .ons We're
larger than they should have BEEN hut If
they were, why did not the Republican gov
ernor veto them: He was there for that
very purpose.
In the last legislative manual, page l54 I
find the following statement OF the receipts
and disbursements of the state treasury:
80, R 90 clip s. nishurs e, ,e! Is,
lsa2 ACKNOWLEDGEMENTS. 5al06t2 7,26'
,s'3 .'...........''....'.. 0'6Sd.ah 4l.S.4Ol
1885 ..................... i.2AS,344 J,l9O,419
If the legislature of 1891 was profuse in its
expenditures the succeeding Republican
ones must have been profigate. 1t increas-
ed the disbursements by over one and one
quarter millions
I'm taking up this subject. my friends
do not wish to he understood as defending
the acts of the fusion legislature. At that
time | wasn't a Popul:st, and l can't say
that l have since become Il POpulist To
be frank with you. my friends, will say
to you that 1 don't know that have any
am a political orphan. But I may add
that I have seen more lonesome orphans
than am here tonight"
The legislature of 1891 is entitled to credit
FOR several things which havs-s;reaty bene-
fitted our people. 1t put the binding Irvine
act alone has saved the farmers of this
state millions of dollars. 1t broke the cord
age trust and reduced the price of that in
dlspensablc article to our farmers by one
half This;sycar. ] am informed that the
trust got jim; its work again. The prison
management sod the entire output Of twne
to dealers carly in the season. BY The
time the farmer needed it, the price had
been doubled. and the prison had not IL
pound to sell. ! think that we have
attention.
The lCekhturc of 1891 also passed the
railroad Legislation under which our SUI
preme court made the now famous decision
IN the Steenersnn case. l. will comment on
that decision later on. 1 venture to say
however, What the effect of that decision
was more far reaching and more conducive
to the future welfare of the state than any
decision every promulgated by our supreme
court. ItWas made possible by that fusion
legislature.
CORPORATIONS AND THEl, ABUSES
The most fertile expedient by which UNI
scrupllohs. n1en have robbed the public
through sGSrlbrations has heen by the prae-
tice kntnsl rs ""Watercd Stock" Now, I
do not wish to be understood as invcighing
against corporations as such. l only con-
denim the abuses that have crept in and
which they have been guilty of. A cor
poration is Il sort Of fictitious personality.
created by the law. 1t is Indispensable for
carrying on many of the operations of mod
crn society. 1t enables men who could
not otherwise embark in business to as
sociate their savings with others, and thus
raise the requisite amount of capital to
undertake enterprises which an Individual
could not carry on. But this being which
the law creates possesses the attributes
and powers not possessed by man. 1t has
brains without moral responsibility. With
such 81 combination you can look for greed
and cunning ami VIC find ii too often. A
wicked man dies: corporations live on for
ever. To entrnSt such beings with the
most important function Of society. such
as transportation. telegraphy, etc. without
surrounding them with proper limitations
and restriction and making them account
able to the state at amy and all times for
their doinss, seems little less than GRIM
nal.
The shares Of stock OF a corporation and
the bonds 1t has issued are supposed to
represent that much money paid into its
treasury and expended for corporate pur-
poses The stock and bonded indebt edness
of the railroads in this state averages in
excess of $5O.0O0 per mile. and this notwith-
standing the fact that they have received
approximately one-third of all our lands,
besides large cash donations. How mu:h
of this capitalization represents money ac-
tllally paid In no one can tell. The legis-
laturc never required the railroads or any
other corporations to make or file any
itemiHed statement of moneys actually nX-
pended in the construction or equipment
of the public undertakings. 1t is safe to
Say that fully onc-hulf of the existing cap
italization Is water" that is. that propor-
ton of the outstanding shares does not
represent any actual capital paid in to the
corporation. Man. generally speaking Is
honest and just The proposition that the
laborcr is worthy of his hire has never been
contested by the American citizen. The
American people are perfectly willing to
in mi al f.iip fr,
ices. But when corporation asks us to
pay income on two dollars when perhaps
less th;tn one dollar was invested. we kick
ana we have right to. Railroad manag-
crs. naturally ambitious to make the stock
OF their corporation dividend paying accord
ing to it's face value, have imposed rates
to produce that result. These rates have
frequently been cXhnrbitant. and have de-
tered industry and the prosperity and de-
velopnent of many sections of the state in
no small degree. Strife and antagonism
between the producers and the railroads
was the RESULT: The railroads were indis-
criminately called robbers. and they in turn
retort"d bN crying confiscation and anarchy
That the condition of affairs has been and
is unfortunate no candid citizen will deny.
The railroads play ii part in production in
commerce., antil i'll social life that is only
second in Importance to the soil itself In
fact. they are virtually partners in all our
business undertakings.
1t is nqDfig,nc of speech to say that a
railroad company is III partnership with
every farmer aibhg the line of It's road. 1t
divides cyray Mshel Of grain. every pound
of beef. even the butter and eggs with the
farmers. yfNous is it not vital to the in
t"rcsts of the farmers that the earnings
of this partnership should hr fairly d.
Nided? In the long run. ii is equally i'm
portant 10 thct railroad. No element or
factor In society can permanently Cypress
another wilhosf suffering injurious conse-