The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-09-17

should permit the organization of any
corporation with single drop of water
in the stock of that corporation. Why
should the corporations be permitted to
put out stock that represents no real
value?
mo man can defend stock that does
not represent money Invested, and only
in the case of a monopoly can you Sc
cure dividends upon stock that does not
represent money invested
I'VE had "a case in Nebraska where
we tried to regulate railroad rates, and
one railroad in our state was capital
lied and bonded for more than five
times what it would cost to duplicate
the road, and yet the judge held that in
fixing rates we had to consider the wa
tered stock as well as the actual value
of that road When the case went to
the supreme court decision was rem
dered which was in substance that in
determining what was a reasonable
rate we had to take into consideration
number of things besides the present
value of that road measured by the
cost of reproduction. and you will find
that if the watering of the stock is per-
mitted then the cry of the innocent
purchaser is raised, and you will be
told that you must protect the man
who bought this stock. My judgment
is that no man can stand in the post
ton of an innocent purchaser who buys
stock in a corporation if that stock is
not represented by actual money in
vested. because he can find out what
the stock stands for IL he will only in
vestiga.e.
IF this license Is granted any corpo-
ration desiring to do business outside
of the state it Is organized in shall
bring to that board or body proof that
that stock is bona fide and that there
is no water in it. My Judgment when
n lya mn 1a a
issue stock represented by no money
you will go more than half the way
towards destroying monopoly in the
United States.
Publicity Demanded.
you can provide for publicity and
that annually or at other times the cor
poration snail make returns of its bust
ness. and when you provide for pub
iicity so that the public shall know
just what there Is in the corporation
you will go another long step towards
the destruction of the principle of
monopoly.
"A third condition ] suggest is that
this license shall not be granted until
the corporation shall show that it has
not had monopoly and is not attempt
ing a monopoly of any branch of indus
try or any article of merchandise and
10 provide that if the law is violated
Now, | may be mistaken, but il has
seemed to me that this method of deal
ing with the trusts would serve an ef-
fective method. | do not say there shall
be no private corporations. but l say
that if a corporation is created by lawit
is created for the public good and it
should never be permitted to do any
thing that is injurious to the public
good.
Ny contentip, is that there is a
vicious principe running through the
various policies which we have been
pursuing: that in our taxation we have
been imposing upon the great strug-
Cling masses the burdens Of the gov
eminent, while we have been devoting
the privileges to the few.
Every unjust tax law is an indirect
form of larceny. If we can secure a
government whose foundations are laid
on justice and laws exemplifying the
doctrine of equality before the law, and
then under such a government and
such laws wealth is accumulated to a
point where it becomes dangerous, then
we can meet that question when it
arises, and l am willing to trust the
wisdom of society to meet every ques-
tion that arises and remedy every
wrong.
Il have faith that these questions
will be settled and settled right, but
want to protest against this doctrine
that the trust is a natural outgrowth of
natural laws. 1t is not true. The trust
is the natural ougrowth of unnatural
conditions created by man-made laws.
You cannot hide behind the doctrine
that it is here and you cannot get rid
of it. | believe that the American peo-
pie can get rid of anything that they
don't want and that they ought to get
rid Of everything that it not good.
Immortal Truths.
Il believe that the Declaration of IN
dependence was the grandest document
ever penned by human hands. The
truths of that declaration are con-
densed into four great propositions
that all men are created equal; that
they are endowed With inalienable
rights that governments are instituted
among men to preserve those rights,
and that governments derive their just
powers from the consent of the gov
erned. Such a government is impos
sible under industrial aristocracy. All
the food and clothing and all that we
eat and wear and use are in the hands
of a few, and instead of being gov
ernment by the people, it will be a gov
ernment of the syndicates, by the syn
dicates and for the syndicates. Estab-
lish such a government and the people
will soon be powerless to secure a leg
leiIitug Lpl any abuse.
II am not willing to place the labor
ingmen of this country absolutely at
the mercy of the heads of monopolies.
When you control the ~rice that a man
is to receive for what he produced, you
control the price that he is to receive
for the labor in the production of that
thing.
Some people have tried to separate
the laboringman who works in the fac
tory from the wOrkingman on the farm.
| warn the laboringmen in the factories
that when they join with the monop-
olies to crush the farmer as soon as
the farmer is crushed the laborngman
will be crushed and his ally will be de-
strOyed.
THE farmer was the first man on the
scene when civilization began and he
will be the last one to disappear.
But my friends, why should we try
to see who could hold out the longest
in suffering? For 100 years all nations
have looked to this nation for hope and
instruction. Let us settle these great !
questions that We have: let us teach |
the world the blessings of a government
that comes from the Deople and let lis