The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-09-16


service to the public and its stockhold-
ers, will seek secrecy or will insist upon
it. Remember that this secrecy is not
invoked by corporate members against
the public any more than ii is against
their own stockholders.
Ladies and gentlemen, we have but
to provide a single statute, first, that
any stockholders shall have the right to
examine the books of company and
know everything about its concerns. al
though he owns but one share. In ad-
dition to that every corporation should
be compelled to file with the secretary
of state when it organizes statement
of property and to let the public buy
at any capitalization it chooses to
make. Every year 1t should report to
some competent authority full state
ment of it's business That is the law
to-day in nearly every state, and it is
always evaded. The reports are mis-
leading where they are not incompre-
hensible Let these reports be fair,
honest statements of their business,
and then finally extend the powers OF
your superintendents of insurance and
banking to all corporations and let
these reports be verified. and then you
will have honest management of cor
porations and I promise you that this
public distrust and hatred of corpora
tions will disappear from the minds
liberty-loving people, who are but
seeking justice. even through their
prejudice. (Applause)
William Dudley Foulke of Indiana,
the first speaker of the evening, cap
tured the audience from the start. He
said:
Judge Foulke.
Judge Foulke of Richmond, Ind,
said In part:
TT is my belief that the efforts of
state legislation to totally extinguish
all forms of trusts are doomed to fail
ure. 1t is safe to say that the laws
enacted up to the present time have
been worse than useless. Trusts never
grew so rapidly before as they have
since the enactment of these statutes.
If you seek to prevent the union OF
many men of large capital, how can
you frame a law so that it will not also
apply to the union of few men with
small capital? And if you abolish
every partnership and every union,
you take away the only possibility
which the small capitalist has of en-
tering into successful trade at all.
Whether there be any repeal of the
protective system or not, it could well
be abolished in those cases where the
industry is in the hands of monopoly.
''It is evident that the power TO sup
press these combinations, to be effect
i've, must reside in the general govern
ment. Under our federal legislation,
while a single state could prevent
corporation from doing business direct
ly, Il, could not prevent the sale of ar
ticles manufactured in pursuance of
corporate powers lawfully granted by
any other state.
And yet, if the national power is to
be invoked to overthrow our manufac-
turing monopolies, this must be done
by means of an amendment to the con-
Ia. Ill al, II srfa
under the power =, congress. but when
congress shall control all the elements
of production throughout the nation the
manufacture and sale of all things by
which we live, state lines will become
very shadowy things in the presence
of the great forces of a consolidated
republic. Are the people of America
ready for such a change?
1.-The fact is. and we might as well
realize 1t. that the total destruction of
these aggregations of capital is NOR
ally impossible. A great economic ten
dency, supported by economic law. can
not be overthrown by mere enact
ments.
But if legislation cannot overthrow
monopoly, can it not control and guide
these mighty agencies? The reform Of
the tariff laws and of the laws regu-
lating the taxes will do something.
The requirement of publicity will do
great deal more-will invite what still
remains of competition in cases where
prices are excessive; will largely pre-
vent unjust discrimination in the treat
ment of customers; will clearly show
what steps are to be taken by the
commonwealth for the protection Of the
public interest.
ut may be that the time will come
when the state, acting upon the infor-
nation of public reports and examina-
fJoS, Low fnr ton, m,
the subject than 1t has to-day, will re-
sumo more direct control of the mat
ter of prices. though, l think, we all
realize the great danger which threat
ems all private property when govern
ment attempts to regulate prices and
to permit those who have themselves
little or nothing at stake to control the
profits of the property of others. To
attempt such a thing to-day with our
imperfect knowledge of the infinitely
complex forces of our industrial life
would be little short of madness"
Edward Rosewater spoke after Mr.
Foulke. Mr.. Rosewater was applauded
again and again during his address. He
said:
Grave Problems.
Mr.. Rosewater of the Omaha Bee said
in part:
lens generated by the industrial revo-
luton of the 18th century. The trust
is but the outgrowth of natural con-
ditions. The trend of modern civiliZa-
ton is toward Capitalization and con-
centration. This tendency is striking
ly exhibited in the congestion of popu-
lation in large cities, the building of
mammoth hotels, tenement blocks, sky
scraper office buildings, the depart
ment stores and colossal manufactur-
ing plants. The monopoistic combin-
actions of corporate capital known as
trusts have their origin in over-produc-
tlon and ruinous competition. Honest
ly capitalized and managed with due
regard for the well being of their en-
ployes and operated economically for
the benefit of consumers of their prod
uct, these concerns are harmless. With
in the past decade the trusts have,
however, for the most part. degener-
ated into combinations for stock Job
bing. Nearly every trust recently or
ganized had it's incentive in the ire
sLstible temptation held out by the pro-
fesSiOnal DrOmOter TO CaDitaliza rOmDat-