Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1901-12-05

lance TO tnl5 material development OF
leaving as unhampered us is compatbls
with the public good the strong and force
ful men upon whom the success OF bust
ness operations inevitably rests The
slightest study OF business conditions will
satisfy my one capable of forming a
Judgment that the personal equation Is
the most important factor in business
operation; that the business ability OF tho
man at the head OF any business concern,
big or little, is usually the factor which
Axes the gulf between striking success
and hopeless failure.
An additional reason for caution In deal
ing with corporations is to be found In the
international commercial conditions Of to-
day, The same business conditions which
have produced the great aggregations OF
corporate and individual wealth have
made them very potent factors in inter-
national commercial competition. Bust
ness concerns which have the largest
means at their disposal and are managed
by the ablest men are naturally those
which take the lead IN the strife for com
mercial supremacy among the nations OF
the world America has only Just begun
10 assume that commanding position in
the International business world which
we believe will more and more be hers. 1t
Ia If the utmost importance that this po-
sition be not jeoparded especially at a time
when the Overlooking abundance of our
OWE ItluFal RESOURCES anu INC HhAlls bNSl-
ness energy and mechanical aptitude Of
our people make foreign markets essen
tial. Under such conditions 1t would be
most unwise 10 cramp or to fetter tho
youthful strength OF our nation.
Interests of All Endangered.
Moreover. It cannot too often be pointed
out that to strike with ignorant violence
Mt the interests of one set of men almost
inevitably endangers the interests of ALL
tai
the rule which underlies all others. is that
on the whole and in the long run we shall
so UP or down together, There are excep-
tions. and In times Of prosperity some will
prosper far more and in times OF ADVERSE
~ some will suffer far more than others.
but, speaking generally. period of good
times means that all share more or less
In them, and in period OF hard times all
feel the stress to greater or less degree.
1t surely ought not to be necessary to en-
ter into any proof of this statement. The.
memory of the lem years which began In
1898 Is still vivid, and we can contrast
thom with the conditions In this very year
which is now closing. Disaster 10 great
business enterprises can never have Its eff
fects limited to the mon at the top IL
spreads throughout, and while IL is bad
for everybody It Is worst for those far
thest down. The capitalist may be shorn
of his Injuries, but the wagewortcr may
De uepFiNeu ol even bHTe necessities.
The mechanism of modern business is so
delicate that extreme care must be taken
not to interfere with II in spirit of RASH
ness or ignorance. Many OF those who
have made It their vocation to denounce
the great Industrial combinations which
are popularity, although with technical in
accuracy. known as trusts appeal espe-
cially TO hatred and fear. These are pre-
cisely the two emotions. particularly when
combined with ignorance, which unfit men
for the exercise of cool and steady tudg-
ment IN facing new industrial conditions
the whole history of the world shows that
legislation will generally be both unwise
and ineffective unless undertaken after
calm inquiry and with sober self restraint.
Much of the legislation directed at the
trusts would have been exceedingly mis-
chievous had It not also been entirely in
effective. In accordance with we'll
known sociological law the ignorant or
reckless agitator has been the really Eff
fective friend of the evils which he has
been nominally opposing In dealing with
business interests for the government 10
undertake by crude and III considered leg
lslation to do what may turn out to be
bad would DO to incur the risk of such
national disaster that it
would be preferable TO undertake nothing
al ALL The men who demand the impossi-
BILE or the undesirable serve MS the allies
Of the forces with which they are nomi-
nally at war for they hamper those who
would endeavor to find out in rational
fashion what the wrongs really are and to
what extent and in what manner 1t is
practicable to apply remedies
Evils of decentralization.
All this is true. And yet 1t is also true
hat there are real and grave evils, one Of |
he chief being overcapltaization because
lt its many baleful consequences, and a !
-esolute and practical effort must be made !
10 correct these evils.
There Is widespread conviction in the |
minds of the American people that the
great corporations known as trusts are in |
certain Of their features and tendencies |
nurtful to the general welfare. This |
springs from no spirit of envy or uncharI-
.ableness nor lack of pride in the great in |
1ustrial achievements that have placed /
this country at the head of the nations
struggling for commercial supremacy. 1t
does not rest upon lack of intelligent |
appreciation of the necessity of meeting
and changed conditions OF trade
With new methods nor upon ignorance OF 1
he fact that combination of capital in tho |
Effort to accomplish great things is neces- |
'ary when the worlds progress demands |
that great things be done 1t is based |
Upon sincere conviction that combination |
md concentration should be not prohibit /
ID. but supervised and within reasonable |
limits controlled. and In my Judgment this I
Is right.
1t is no limitation upon property rights
Or freedom of contract to require that I
"hen men receive from government tho I
privilege of doing business under corpo- |
ate form which frees them from individ- |
ial responsibility and enables them to call |
nto their enterprises the capital Of the |
public they shall do so upon absolutely |
truthful representations, as to the value of +
ne property in which the capital is to be /
invested. Corporations engaged in inter-
state commerce should be regulated IL I
hey are found to exercise a license work.
ug to the public injury. II should be as |
much the aim of those who seek for social 7
1etterment to rid the business world of 4
crimes OF cunning az to rid the entire
body polite Of crimes of violence. Great /
corpora tons exist only because they are
created and safeguarded by our institu- ,
lions, and 1t is therefore our right and /
Dur duty to see that they work in harmo-
ny with these Institutions
Publicity Needed.
The first essential In determining how to /
deal with the great industrial combina- |
lions is knowledge of the facts-publicity, (
In the interest Of the public the govcrn-
nent should have the right to inspect and
examine the workings of the great corpo-
rations engaged In interstate business
Publicity is the only sure remedy which
we can now invoke, What further rene
dies are needed in the way OF govern
mental regulation or taxation can only be
determined after publicity has been OBJ
teined by process of law and IN the course
Of administration. The first requisite la
knowledge. full and omplete-knowledge
which may be made public to the world
Artificial bodies such as corporations
and joint stock or other associations de-
pending upon any statutory law for their
existence or privileges. should be subject
10 proper governmental supervision, and
full and, accurate information MS to their
operations should be made public regular
Iy at reasonable intervals.
THE large cnrnnrntlnns com m only cnllnd