The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-05
j. j. HILL ON EXPANSION
NOTABLE ADDRESS BEFORE MANU-
FACTURERs AT CHICAGO.
How Trusts should Be Com
troIIed by Federal Law.

CHICAGO, June 4-One of the largest
and most enthusiastic gatherings ever as
sembled in the main banquet hall of the
Auditorium was present tonight at din
ner of the Illinois Manufacturers Associa-
ton. James j. Hill, president of the Great
Northern Railway, was the orator of the
occasion, and he closely held the atten-
ton of the associations 400 guests. His
subject was Commercial Expansion" the
banquet being in the nature of a celebra-
ton of the prosperity pointed to by the or
ganization as a result of expansion policy.
Mr.. Hill said in part:
Considering the question from a broad
national standpoint the next interest in
Importance to agriculture is the railway
interest of the country. l think l am safe
in saying that next to the Christian relg-
ion and the common schools no other SIN
gle work enters into the welfare and hap
piness of the people of the whole country
TO the same extent as the railway; no other
work could nave made IL possible 10 Occu-
by the enormous stretches through the IN
terror of our country and people them with
cities, towns and villages.
THE Oriental trade has built up cities of
the old world which are now in ruins. It's
value runs back to the very dawn of MIS-
tory. Early In this century Great Britain
took possession of the trade and has re-
that she furnished the lowest rates of
transportation to and from those countries.
We are now preparing to challenge her for
such share of this business as can be fur
nished by the manufacturer of the United
States With Manila as an American port
in the east and the best ships that can be
built, we should be able to maintain our
selves as a nation in the control of a large
share of this traffic.
1--WE have enjoyed all the benefits of
protective tariff for many years and what
a a N q
up infant industries has already been ac-
complished. The growth OF our enormous
iron and steel industries, which are pointed
out as the result or our protective tariH,
can be more surely traced to our enormous
resources in the iron mines of Michigan,
Wisconsin and Minnesota than from all
other sources.
I'm country as large as ours, carrying
on enormous undertakings, large amounts
OF capital are necessary, and this capital
can be more readily furnished by corporate
ownership than in any other way. The
only serious objection to so-called trusts
has been the method of creating them, not
for the purpose of manufacturing any par
ticular commodity in the first place, but
for the purpose of selling sheaves of printed
securities which represent nothing more
than good will and prospective profit 10 the
promoters. If it is the desire of the general
government through Congress, 10 prevent
the growth OF such corporations il has al
ways seemed to me that a simple remedy
was within their reach. Under the consti-
regulate commerce between the States all
companies desiring to transact business
outside of the State in which they are in
corpOrated should be held TO a uniform
provision of federal law that they should
satisfy a commission that their capital
stock was actually paid up in cash or in
property. at a fair valuation, just as the
capital of the national banks are certified
TO be paid I'D by the controller OF the cur
rency. With that simple law the tempta-
tion to make companies for the purposes
of selling prospective profits would be at an
end, and at the same time no legitimate
business would suffer.
''The laws of trade are certain in their
operation as the laws of gravitation. You
might as we'll try to set a broken arm by
statute as to change a commercial law by
legislative enactment. The survival of the
fittest is the universal law of nature in
every branch, and in it's workings ii is eter-
nal. Let us, therefore, leave we'll enough
alone. That which is good let us keep, and
that which can be made better let us ap-
preach with intelligence and work together
for the accomplishment of results that will
benefit not only one, but all the various
States of the country and in that way Sc
cure the prosperity of the individual and
SeDarate interests as we'll