The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1900-06-02

ton By railroads has aided the trusts No
question about it. IF one man can secure
from railroads better rates than another
man. he will be able to run the other man
out of business. But even five prevented
such discrimination by placing every pro-
Queer upon the same footing and absolute
ly preventing favoritism, monopoly might
still exist
THE REMEDY.
The remedy must go further. Ii must
be complete enough to prevent the organ
ization of monopoly.
[ think men differ more as to the RENE
dy than they do as to their opinion OF the
trusts. venture the opinion that few
people will defend monopoly as princi-
pie, or a trust organization as good thing,
but there are great differences Of opinion
as to the remedy.
We have dual form of government
State government and Federal govern
ment. This dual form of government has
advantages which can hardly be overesti-
mated, yet it also has its disadvantages.
When you prosecute trust in the United
States Court it hides behind State sover-
eighty, and when you prosecute 1t IN the
State Court it rushes to seek Federal jurls-
diction-and we have some difficulty In
finding prison for it,
TWO WAYS OF DOING 1T.
Every State has, or should have, the
right to create any private corporation
which, in the judgment of the people Of
the State, is conducive to the welfare OF
its people. The people OF State are able
always to settle question which concerns
them alone If they create corporation,
and it becomes destructive of their best
interests, they have power to destroy that
corporation; but if the corporation which
Expresses them is a foreign corporation,
created in another State. they cannot de-
stroy it. They should have power to ex-
clude it. In other words, the people of a
State should have not only right
to create the corporations they want, but
they should be permitted to protect them
selves against any outside corporation.
But | do not think this is Sufficient. L
believe in addition to State remedy there
must be Federal remedy, and | believe
Congress has, or should have, the power
TO place restrictions and limitations, even
TO the point of prohibition, upon any cor
poration organized in any State that wants
10 do business outside of the State.
do not believe that the people of one
State can rely upon the people of another
State in the management of corporations.
New jersey has law favorable to trusts
1t is not safe to place the people of other
States at the tender mercies Of the people
of such State as may desire to collect its
running expenses from the taxation of cor
porations organized to prey upon people
outside.
Here is one remedy Congress should
pass law providing that no corporation
organized in any State should do business
outside of the State of its origin until it
receives from an authority created by Con
gress license authorizing it TO do business.
Such license can be granted upon condi-
tions which will, in the first place, prevent
the watering of stock; in the second place,
prevent monopoly in any branch of bust
ness; and, third, provide for publicity as
to all of the transactions and business OF
the corporation.
If such law is unconstitutional, | am
in favor Of an amendment to the Constitu
ton that will give Congress power to de-
stroy every trust in the country.
STOCK WATERING.
| do not believe that any State should
permit the organization of corporation
with single drop of water in the stock of
that corporation. The farmer cannot in
fate the value of his land by watering the
value of that land The merchant in the
store cannot initiate the value Of the goods
upon his shelves. Why should the cor
poration be permitted to put out stock thai
represents no real value?
If the license system were once estab-
lished by Congress the law could from yeal
to year impose such new conditions as NIGH
be necessary for the protection of the pub
lie from the greed and avarice of great az,
gregations of wealth. do not 60 SO tai
as some do and'believe that there shoulC
be no private corporations; but say tina
a corporation is created by law, that it il
created for the public good, and that i
any corporation enjoys privileges toda,
which are hurtful to the public those priv
ileges ought to be Withdrawn from it.