West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1901-04-25

Ohio railfoad 10. the same purpose. II
the Pennsylvania should succeed I'm this
they would control the largest field of bi
luminous coal In our country aud Il th,
PENNSYLVANIA railroad should enter in thi,
Trust Il would control our coal ontput
and price also expect to learn soon tha
our sh'p.yards will also be forced Into en-
tering this combine, as IL already control,
the price of all material they have TO use
or will they wait till the ship Subsidy bal
has been passed by the incoming Congress
so that we might be taxed additionally Tor
their ben 6t
ldestre TO draw attention to two sen
tences In their act of incorporation, which
though placed FAR apart. are explaining
each other. First sentence ITO acquire
own. lease. occupy. use or develop an,
lauds. etc. The second sentence reads
"but not TO engage in any business which
shall require the exercise OF the right OF
eminent domains in the State of New Ter
sey' II sentence No. has any meaning,
Il can only be- that IL the L. :. steel Co.
should not be able TO acquire the coveted
land by any other means. Il could do so by
the exercise OF eminent domains granted
to them 10y the State OF New Jersey. That
this must be SO, otherwise New Jersey
could not have exempted herself from the
use OF such right, as stated in sentence
No ,. These sentences have been placed
so far apart so that the reader might not
see the connection between them.
AS the State OF New Jersey. which exer.
eises such extraordinary powers. why
should 1t not so a step farther aud declare
popular elections abolished. and the
rights and duties OF Congress transferred to
the directors of the U. s steel Co. and
the presidency transferred to the President
OF that company. There is time yet to do
Il before next Congress meets. but Il
should not be wasted. otherwise. IL might
be to late.
IL requires not much foresight to see that
II this concern whose greed seems nothing
can satisfy. is not eaectually stopped In its
mad attempt to- fasten industrial and com
mercial slavery on our people. through
timely action OF Congress. they will not
only send their unfaithful representatives
home, but We might witness scenes which
will rival with those OF the carnival in Paris.
Too many suggestions have been made to
once. That feel encouraged TO state my
idea on this subject also. | propose that
new Department should be created under
the name OF Department OF Industry and
and Commerce. which shall have the c1-
elusive right to issue new charters and re.
wise all existing ones. modify or anull
all suclr which shall form the basis OF
Trusts or monopoIes.
Ia the application Tor charters the object
OF the petitioners mnst be clearly stated,
and confined to a limited field OF our indus
tries, il must also state the amount Of the
capital either in cash or rs equivalent and
name fixed amount OF stocks and bonds
which IL proposes to issue Should they
bo la excess OF liberal allowance FOR the
enterprise proposed The Department
shall have the right TO reduce them to
reasonable extent All existing charters
shall be presented for examination TO the
Department in the time fixed for their
presentation, they must be accompanied
by sworn statements Of the capital invested,
stocks and bonds outstanding and those yet
dispossibe the kind and number Of cstab-
lishments owned or controlled by said Com
pany. and the industries they are en-.
gaged In.
The issue of stocks and bonds above the
amount authorized, shall constitute felony.
and persons guilty Of such acts punished
accordingly. In case company proposes
to increase IT'S means by the issue of addi-
tlona stocks or bonds, the Department
after giving hearing to the Interested
parties. shall have the right either TO grant
or refuse but its action must be liberal
because we do not want to cripple our in
dustrics and commerce. but only prevent
abuse All charters considered Trusts
should be aunulcd. and the Trust either
forced into liquidation or the components
Of the Trust should be permitted to roor-
ganizc forming new companies out out OF
the assets Of the Trust.
The Department OF Industry and Com
merce should be provided with a Board Of
s 70 experts Of known ability. and well
versed IN the different branches OF our in.
dustries and commerce. Their duty shall
be the revision OF all existing charters in
operation. beginning with such which are
considered Trusts. and the issuing Of new
charters they shall also give hearing TO
all parties In interest. and shall submit
their findings 10 the Head Of the Depart.
mcnt for approval
The employment OF the members Of this
Board should be for the same terms as
that Of the officers Of our army with a life
pension
Should such Department be created a
temporary advising Board would also be
necessary TO expedite the work Of revising
and issuing new charters. During the time
Of revising charters. the existing compa.
MICS which arc not considered Trusts.
should not be disturbed in their works but
the issuing Of new charters by states pro.
hibied. a CITIZEN