Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1899-09-29


money; or, second, in property OF the
actual cash value of the amount OF
the capital stock and in all private
corporations with capital stock is
sued in excess OF the amount actually
paid up as above provided the share
holders shall be liable to the extent OF
twice the face value of the stock held
by each.
In presenting the report of the
committee on Resolutions, Gov. Nc
Millin said he was aware ef the fact
that trusts and combinations in re-
straint of trade are in a degree depend
able upon foreign, State and munich
pal governments for their continu-
ance. He believed it was incumbent
upon the national, State and municipal
governments to restrain the opera.
tions of these trusts and comhina-
tions.
"The situation and perhaps the
efforts Of the conference are misunder-
STOOD" the speaker continued. at is
not the object OF this conference to
crush corporations nor to interfere
with capital in any legitimate form.
The object of these resolutions is not
to crush either corporations or to de.
stroy capital, but to regulate them so
as to meet the fair demands of all
people. This is the purpose and this
is the object We hope to accomplish.
The organization of trusts and COM
binations within the last two years is
the occasion and authority for our
presence here. We are seeking to
ascertain proper power for the cur
tailment of what is apparently a
menacing evil, and the accomplish.
ment Of this object can be effected
through the independent action of the
citizens.
1--WE have the best land in the his
tory of man. We furnish the world
with 81 per cent. of the manufactured
articles of the world and do 80 per
cent. of all the banking. In the mat
ter of agriculture, Notwithstanding
Great Britain, Russia and other coun-
tries, We feed the world. This agricul-
tural class is not organized, and can
not be organized, into trusts or COM
bines, and must be protected against
other interests which can combine.
"The industrial and other import
ant interests are combined to control
the wealth of the country in the
hands of few, and by those means
the sweat and toll of the millions is
controlled.
"Our object is to prevent this. Cor
porations are necessary in proper de.
gree to the successful conduct of busi-
ness, but they should not be so man.
aged and controlled as to destroy bust
ness. 1t is not proper to place the
commerce of this great country in the
hands of three or four people, and
thereby enable them to control the
labor OF the republic.
"When all these industries are COM
bined into one band for the manufac-
ture of given article, they paralyze
labor without extending sufficient pro-
lection. 1t is one OF the objects of
this conference to correct this condi-
tion OF affairs.
"Within recent years, think less
than two years, not less than 200
trusts have organized, with a capital
of 81, ,25O, 100000. If all of the gold of
the earth could be marshaled into one
sum it could not pay the obligations
OF these trusts. If all the silver taken
from the earth were applied, it could
not cancel the obligations of these
combinations.
"Why is this so? 1t is so because
they are capitalized on wind and
water. No national government,
State government or municipal gov
ernment has ever forced them to de-
clare a dividend. You know and /
know they cannot be made to pay q
dividend. One of the objects of these
sessions is to correct this evil as far as
possible.
al recall as a national legislator the
suppression of one trust, marvellous as
that may seem. We had a guinine
trust once. A representative in Con-
gress introduced a resolution in the
tariff bill to place quinine on the free
list. The Senate concurred and the
President signed the bill, and the trust
was utterly demolished. That was the
action of the Federal government.
The national, State and municipal
governments acting in concert can
correct many of these evils. 1t is i'm
possible for the Legislature to regulate
them all. There are other instances
in which the general government can
assist"
Gov. Sayers then put the question
and the resolutions were adopted
without dissenting voice. Attorney
General Campbell, of Colorado, then
moved that committee OF five be ap-
pointed to formulate bill along the
line of the resolutions adopted, and
that the Governors at the conference