The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-06-03


a mistake when He did. because sell
fishness is merely the outgrowth Of
an instinct of self-preservation. 1t
is the abnormal development Of n
mans desire TO protect himself. |
often wish we might have condition
in which every adult who died might
leave TO his widow and children
enough property for the education Of
his children and the support of his
widow. Society would be benefited
because if man dies and leaves no
provision for his wife and children
the burden falls upon society. But
while | wish to see every person Sc
cure for himself a competency. !
don't want him to destroy more than
he is worth while he is doing that |
believe the principle of monopoly
finds its inspiration in the desire of
men to secure by monopoly what they
cannot secure in the open field of
competition. If | were going to fry
to find the root of the monopol.y evil
| would do as | have often had Occa
sion to dogo back to the Bible for an
explanation: and | would find it in
the declaration that the love of mon
ey is the root OF all evil.
Another thing. that in my jndg-
ment. has aided monopoly is high
tariff. Nobody can dispute that a
tariff-an import duty-enables q
trust to charge for its product
the price of similar foreign pro-
duct plus the tariff.
Now. some have suggested that TO
put everything on the free list that
trust make would destroy the trusts.
| do not agree with this statement as
it is made SO broadly.
1t has been suggested that discrim
nation by railroads has aided the
trusts. No question about il. 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 if we prevented
such discrimination by placing every
producer upon the same footing and
absolutely preventing favoritism,
monopoly might still exist.
THE REMEDY.
The remedy must go further. 1t
must be complete enough to prevent
the organization Of a monopoly.
think men differ more as to the
remedy than they do as to their opin
ion of the trusts. ! venture the opin-
ion that few people will defend mo-
nopoly as a principle. or trust or
ganization as Il good thing. but there
are great differences of opinion as to
the remedy.
We have dual form of government
"a State government and Federal
government. This dual form of gov
eminent has advantages which can
hardly be overestimated. yet ii also
has its disadvantages. When you
prosecute n trust in the United States
court it hides behind State sovereign
ty, and when you prosecute it in the
State court it rushes to seek Federal
iurisdiction--and we have some diff
fcuty in finding a prison for it.
TWO WAYS OF DOING IT.
Every State has. or should have.
the right to create any private cor
poration which. in the Judgment OF
the people of the State. is conducive
to the welfare of it's people. The
people of a 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 de-
stroy that corporation, but if the cor
poration which Expresses them is 4
foreign corporation. created in anoth-
er State. they cannot destroy it. They
should have power to exclude it. In
other words, the people Of State
should have not only a right to create
the corporations they want. but they
should be permitted to protect them
selves against any outside corpora
ton.
But | do not think this is sufficient.
! believe in addition to State RENE
dy there must be a Federal remedy,
and believe Congress has, or shold
have, the power to place restrictions
and limitations, even to the point of
prohibition, upon any corporation or
gained in any State that wants to 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 a law
favorable TO trusts. 1t is not safe to
place the people Of other States at the
tender mercies of the people of such
Il State as may desire to collect its
running expenses from the taxation
of corporations 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 it's origin until it receives from an
authority created by Congress IL
cense authorizing it to do business
Such license can be granted upon con-
ditions which will. in the first place.
prevent the watering of stock: in the
secoAd place. prevent monopoly in
any branch of business: and. third,
am in favor Of an amendment to the
transactions and business of the cor
poration.
If such n law is unconstitutional.
as in favor of an amendment in the
Constitution that will give Congress
power to destroy every trust IN the
country.
STOCK-NATERING.
I do not believe that any State
should permit the organization of a
corporation with single drop of
water in the stock of that corpora
ton. The farmer cannot initiate the
value of his land by Watering the