The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-28
TRUSTS AND PRIMARIES
TWO TOPICS DISCUSSED BY THE BAR
ASSOCIATIONS PRESIDENT.
Publicity Not a Sure Remedy for Evils
of Illegal MISUNDERSTANDING
Elections Undesirable.

SARATOGA, n. Y, Aug. 27.-The Ameri-
can Bar Association began its twenty-ffth
annual meeting here to-day. There was a
large attendance of delegates when the
meeting was called to order by President
U. NJ. Rose of Little Rock, who then de-
livered an address. Discussing the trust evil
Mr.. Rose said
"A remedy sometimes proposed with
seeming confidence Is that Of publicity.
Publicity is a good thing. Monopolies de-
light in secrecy. 1t is said that the absent
always suffer- and the public are not in
y1ted to participate in corporate meetings.
Very lately corporations are organizing un-
der conditions that do not permit even all
OF the stockholders to examine the books,
that privilege being reserved for holders
of preferred stock alone. 1t may be that
persons who rely on this remedy are mis-
led by the laws relating to the eXamina-
ton of the books of banks, which are very
easily examined. Banks have only to do
with single commodity, one that has fixed
ana unVarylng values; and the nature or
the business is such as TO call for a written
voucher for every entry. The vocabulary
OF a bank bookkeeper hardly exceeds
dozen words. But even in the case OF
banks, where frauds or Incompetence has
supervened, the task of investigation is
often attended with difficulty and ends in
doubt. The difficulty is enormously in
creased when il comes to like examinations
OF the books of other corporate bodies doing
an extensive and varied business. In such
mysteries OF modern bookkeeping exceed
those of alchemy; reminding one of the
response of a railway president to his legal
ADVISER 10 question as &c what the books
of the company would show regarding
controversy then under consideration.
We'll, said the president, as l foresaw long
ago That this dispute would sometime prob
able arise, and, not knowing exactly what
form IL would assume, L kept the books in a
! flexible condition Flexible bookkeeping
may justly claim a respectable antiquity.
| formed minor charges q
Cicero against NerreS and a contempt
rary poet surmises that it was utilized by
the contractors that built the pyramids.
The remedy of publicity would only serve
TO prolong the present situation. And here
we are again confronted with the want of
state uniformity; While IL can hardly be
gress has power to pass laws for the inves-
tigation OF the affairs of corporations or
ganized under the State laws.
Another proposed remedy is the modifi-
cation OF the tariff laws as far as they
affect prices of commodities sold by the
competition Of the foreign markets; ana to
| that extent it would place limit on the
power to raise prices. 1t would not, of
| course, affect all the trusts; and hence it
would be inadequate, though it might
| prove very useful.
Another remedy suggested is an amend
ment to the federal Constitution giving
| power TO Congress TO control all corpora
| lions; very drastic remedy indeed, one
| that would greatly strengthen the lobby
one that might introduce an era of po-
| litical corruption hitherto unknown.
Lastly, it is suggested that the federal
| Constitution should be so amended as to
enable Congress 10 prevent by appropriate
! penalties the smuggling OF rivals by local I'M
! derselling, by factors agreements and by
| similar devices This would not prevent the
| investment of large sums in corpora tie
| hands; and corporations with large capital
would still have advantage; but laws
| of that kind would no doubt be rigidly en-
! forced by the juries of the country: and
public sympathy in favor of new and strug-
! Cling enterprises would probably go a long
| way to redress the balance"
! on the subject Of primary elections Mr.
| Rose said: LAS TO primary elections some
! intelligent observers are of the opinion
/ that. so far from doing any good, they only
/ make matters worse The objections are
that they prolong the strife of a political
| contest: that they involve much additional
| expense; that they tend to increase fraud
! and corruption, being held in the bosom
| of single political party whose members
are not inclined to reveal party secrets;
/ that by substituting a house-to-house can
vass for free and open public discussion
! they lead to ignoble political scramble,
/ rife with personalities, misrepresentation
1 and SANDER thus lowering the political
/ level and excluding many persons from that
active participation in the elections which
would be beneficial to the public; that. so
far from obstructing the political boss and
/ the political demagcgue, they open q field
peculiarly suitable for their capacity and
/ for the exercise of their faVOrite methods:
! and that one of the effects, if not the pur-
! pose of the primary elections is 10 head off
/ the Independent candidate; whereas when
+ the party machine has done its worst il
| sometimes happens that the independent
| candidate affords the only hope of rescue
/ from a public calamity. l express no opin-
/ iOn on the subject; but il is difficult 10 see
I why the boss and the demagogue, when &C
tive and efficient in a single election. should
| throw up their hands at the prospect of a
! double election"
The Association of American Law Schools
| was in session this evening. An address
| was made by the president. Emlin McClain.
Of the University of College Of Law A
| paper was presented by Joseph H. Beale of
| Harvard and the University of Chicago
I Law Schools, on the First Year Curricu-
/ lum for Law Schools.
The Bar Association in general session
this evening listened to papers by Judge
| NJ. d. Chalmers, of London. parliamentary
counsel 10 the British treasury, on ''Codi-
fcation OF Mercantile Law" and Judge A
NJ Eaton, of Providence, r. l., on The
Origin of Municipal interpretations in Eng
land and in the United States"
William Il. Breen. Of Fort Wayne was
elected a member of the general counsel
board