New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-26

sury expect 10 see most Of the large Industrial
,rorporations controlled by the workmen who
nave thus secured the ownership Of the common
stock at a low price and under favora BILE cir
cInstances. When this era is reached the pre-
tered stock viii be in the nature OF a loan on
-rhich no dividends VIII be paid unless the busi
,,ess earns them. In other words the preferred
efock VIII represent capital. and not debt and
-his capital viii be at the risk of the business
common stock, on the other hand will reprs
sent the control Of the property and will very
T7-opery find itself in the hands Of the executive
C6F5cers and Of the workmen. who actually con
5uct the business. When times are good the
yvorknen Will thus share in the prosperity When
zines are bad the capitalist will have TO go
without his dividends upon the preferred stock
There viii be no conflict between capital and
labor when this benehcent system shall have
developed into the general ownership which 1
expect 70 see as soon as the working classes of
this country are sufficiently educated to take
advantage Of this new and favorable situation
TRADES UNIONS MIGHT CONTROL.
an somewhat surprised that so intelligent a
man as Mr.. Mitchell has shown himself to be
has not already used the funds at his command
70 secure the control of OF the great coal
companies, some Of which are organized on the
basis OF preferred and common stock above de-
scrfbed. I have no doubt that he viii sooner or
later adopt this policy and he and his associates
viii then be able 10 understand what The diN7-
culIies are in conducting large mining operations
ana II they be as profitable he thinks they
viii be able 10 secure these profits for the mem
bers OF the trades unions which he represents
with so much ability
II am right in these views it is evident that
the nostrums proposed by Mr.. Bryan for the
regulation Of trusts are Quack remedies. They
are not founded upon knowledge. but spring
from an entire EllsCOnceptiOn Of the nature of
the problem and Of the trend Of modern progress
The great corporations which have sprung into
existence within the last ten years are due to an
evolution which TO more can be arrested than
the how Of the -ides They are not injurious to
the coHu7unity or &c the working classes. They
give moe steady employment and a greater de-
rnsn6 for labor The wages have been raised,
and the price Of the commodities produced have
been lessened. All classes OF the community
have been benefited by their growth, except such
as have been disabled for a time, only to re-
appear in the form Of consolidated organizations
more profitable and more advantageous TO the
community
II does not follow from what have said that
these great corporations do not need regulation.
They have developed evils, which can readily
be corrected by proper legislation. but the or
CARNATIONS themselves cannot be abolished
without injury 20 the growing interests Of the
American people. The limits OF this letter do
not admit Of going into any detail as TO the
legislation required, but, in g general way. II
may be said that the taking out Of charter
ought to involve inspection, supervision and
publicity n the same manner and by the same
agencies we now regulate banks and insur-
snce companies This can be done by the gen
eral Government without depriving the States
of the power Of supervision Of local corpo-
ratious.
I repeat in conclusion. that the right Of as
ISOLATION IS the most important possession Of the
w0rkmen Of this country, and shall be very
much astonished when the matter is properly
brou glt 70 their notice II Nj BTyan's views and
advice shall receive their support in the coming
election. The future is full Of promise for the
productive interests Of the country, but the cleo
ton 0f Bryan on platform which is at war
with the principles Of Democracy would destroy
the confidence which now prevails and abso-
lUtely arrest the progress toward industrial and
commercial supremacy now possible and rapidly
approaching for the United States in the mar
kets OF the world. Very truly yours.
ABRAM S. HEWITT