The county record. [volume] (Kingstree, S.C.) 1885-1975, 1901-12-05

ter into any proof OF this statement;
the memory OF the lean yeals which
began in 1893 is still vivid, and We 'aa
contrast them with the conditions n
this very year which is now c.oSsnS.
Disaster to great business enterprises
can never have its effects l!m.t'a %
the men at the top. 1t spreads tlrt!:' -
out. and while il is bad for everybody
il is worst for thcGe farthest Go"n.
The capitalist may ta shorn OF his ll$-
u,ieS: but the wag@-wo.Ecr may be de-
prived CT even bare necessities.
The mechanism OF modern business
is SO delicate that extreme care must
ba taken not to interfere with it "a
spirit CT rashneEs or Ignorance. Many
Of those who have made it their "o&a-
ton to dencunce the great Industrial
combinations which age popularity. al
though with technical inaccuracy,
known as trusts" appeal especially
to hatred and fear. These are precise
ly the two emotions, particularly when
combined with Ignorance, which untii
men for the exercise of cool and steady
Judgment. In facing new industrial
conditions, the whole history OF tnr
world shows that legislation will gane-
rally be both unwise and Ineffective un-
less undertaken after calm inquiry and
with sober self-restraint. Much OF the
legislation directed at the trusts wca!l
have been exceedingly mischievCus had
it not also been entirely ineffective. In
accordance with WellknoWn Sc,acl1-
gical law, the ignorant or reckless agi-
tator has been the really effective
friend Of the evils which he has been
nominally opposing. In dealing with
business interests. for the Government
to undertake by crude and ill-conSiGer-
ed legislation to do what may turn out
to be bad, would be to incur the risk -Gi
such far-reaching national disaster that
it would be preferable to undertake
nothing at all. The men who demand
the impossible or the undesirable
serve as the allies Of the forces with
which they are nominally at war, for
they hamper those who would en0eaT-
or to find out in rational fashion What
the wrongs really are to what extent
and in what manner it is practicable
to apply remedies.
All this is true; and yet it is also true
that there are real and grave evils, cuI
OF the chief being over-capitai!zation
because of its many baleful consecuea-
ces; and resolute and practical effort
must be made to correct thcGe evils.
There is a widespread conviction IN
the minds of the American people that
the great corporations known as RUSS
are in certain Of their features and ten
deacies hurtful to the general walfare.
This springs from no spirit Of envy or
uncharitableness. nor lack Of pride IL
the great industrial achievements 1rat
have placed this country at the head
Of the nations struggling for CONNER
cial supremacy. 1t does not rest upon
a lack Of intelligent appreciation Of the
necessity OF meeting changing and
changed conditions OF trade with new
methods. nor upon ignorance OF the fact
that combination of capital in the effort
to accomplish great things is necessary
when the worlds progress demands
that great things be done. 1t Is based
upon sincere conviction that com3ina-
tion and concentration should be, not
prohibited, but supervised and within
reasonable limits controlled; and IN
my Judgment this conviction is right.
7 tits no Limitation upon proper!
. rights or freedom of contract to requiri
that when men receive from Govern
ment the privilege Of doing busines
under corporate form. which frees then
from individual responsibility, and en-
ables them to call into their enterprise:
, the capital of the public they shall d.
so upon absolutely truthful represen
tations as to the value Of the propert,
in which the capital Is to be invested
. Corporations engaged In interstat
commerce should be regulated II the!
are found to exercise license work
ing to the public injury. 1t should b.
, as much the aim Of those who seek TO
social betterment to rid the bushes!
world of crimes OF cumming as to ri'
the entire body politics of crimes Of VII
; lence. Great corporations exist onl.
because they are created and safe
guarded by our institutions; and 1t /!
therefore our right and our duty to SCI
that they work in harmony with hes'
institutions.
The first essential in determining
how to deal with the great industrial
combinations is knowledge Of the Fact
publicity. In the interest OF the pup
lie. the Government should have tn
right to inspect and examine the work
ings of the great corporations engaged
in interstate business. Publicity is .ht
only sure remedy which we can invoke
What further remedies are needed in
the way OF governmental regulation, on
taxation. can only be determined aft"l
publicity has been obtained, by process:
of law ,and In the course OF admin
istration. The first requisite is knowl
edge. full and complete-knowledge
which may be made public to The
world.
Artificial bodies. such as corporations
and joint stock or other associations
depending upon any statutory law for
their existence or privileges, should be
subject to proper governmental super
vision, and full and accurate inforna-
ton as to their operations should be
made public regularly at reasonable in
tervalS.
The large corporations, commonly
! c...lled trusts, though organized in one
! State. always do business in many
States, often doing very little business
,,,I,o~o thoty