Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1902-06-21
JAMES ]. HILL ON
RAILWAYS AND TRUSTS.
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and a reasonable dividend TO the noiu-
ers of its stock. II that amount is
earned upon a light traffic, the rate per
unit Of traffic Is heavy. The interest,"
Of the territory along the line OF the
railroad rests mainly In the Increase
of the density and volume OF tralllo'
There has been during the last year =
great deal OF public discussion ABOUT
railways competition. II Is always
safe basis to assume that no business
viii continue for any length Of time
II the result OF its transactions is Joss,
and this is equally true OF your Dusi-
ness and OF that OF the railways.
Should the commission be given rate
making power, II would have absolute
dominiOn over the commerce on the
country and over all interests depend
ent upon such commerce. 1t Is 10 pe
feared that evils would result from the
granting and exercise Of such power
compared with which existing evils or
alleged existing evils are as nothing
THE TRUSTS.
Large amounts of capital are needed
IN country where such enormous un-
dertaklngs are carried out, and there
are q few individuals In the country
who might furnish s5O,0OO,OOO or SlUO'-
100000 with which TO carry on any par
tieular branch of business. but there 10
no certainty that they would furnish
one dollar. A man with that amount
OF money does not need all the trouble
and annoyance attending large tus-
mess Of any kind. so that il is neees-
sary that his work shall be done
through corporate effort and no harm
is likely TO come 10 the country grow
ing out OF the magnitude Of the bus
mess
Has the enormous business OF the
Krupp company In Germany Injured
the German nation, or any Of its peo-
pie? ON the contrary, the nation and
the people are proud OF the name of
Krupp. Can any one In this country
point ont an injury inflicted on the peo-
pie which can be traced to the magnl-
tude OF the Carnegie company the
only serious objection to trusts has
been the method of creating them
not for the purpose Of manufacturing
any particular commodity, In the nrst
place, but for the purpose OF selling
sheaves OF printed securities which
represent nothing more than good VIII
and prospective profit to the promot-
ers.
II is the desire of the general govern
ment through Congress TO prevent the
growth OF such corporations, II has al
ways seemed to me that simple REM
edy was within its reach Under the
constitutional provision allowing Con-
gress TO regulate commerce between the
states, all companies desiring Ia trans
N..t1 IL, Af uNp N
which they are incorporated should be
held to uniform provision OF federal
law; they should satisfy commission
that their capital stock was actu9 ~
paid up In cash or In property az
fair valuation, just as the capital OF
the national banks are certified
TO be paid up by the comptroller
Of the currency II is only fair to a
dealer In Minnesota or California or
Oregon that II a company claims 10
have two. twenty, or fifty millions OF
capital. desiring TO do business In ttat
state, the dealer should know that the
company's solvency has been passed
upon by federal commission. and
that its capital was what 1t was adj
vertlsed to be.
Win that simple law the temptation
to make companys for the purpose o.
selling prospective profits would be AT
an end. ard. at the same time, no legit-
innate business would suffer, nor would
any number of individuals, desiring to
engage IN business through a corpora
ton. suffer any hardship because their
actual capital was as they advertised
II TO be. We have been as nation
too ready to look to state and federal
legislation for remedies which are be-
You'd their power to give.
The laws OF trade are as certain in
their operation as the laws of grayita-
ton. You might as well try to set
broken arm by statute as 10 change a
commercial law by Legislative enact
ment. You may obstruct and delay
for time but in the end the inexora-
BILE law Of experience and the survival
Of the fittest will prevail. That is the
universal law OF nature in every
branch. and in Its working II Is eternal.
Let us, therefore, leave well enough
alone. That which is good let us keep
and that which can be made better
let us approach 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 secure the
prosperity OF the individual and separ-
ate intrests as well,
The following remarks on Mr.. Hits
address are quoted from newspaper
interview with Senator Chauncey De-
pew made In Chicago on June 8;
| agree with many things that Mr..
Hill said. His suggestion regarding ir-
rigatlon Of the arid west by the nation
al government Is all right. The gov
eminent also should do more towards
protecting the forests. am TO make
speech on this latter subject In the
senate on Saturday.
also agre with Mr.. Hin that govern
ment ownership Of railroads is imprac-
ticable at present, because Of our weak
civil service. The government has not
got the machinery for successful con-
troll. Even in country like Belgium,
which has governmental machinery,
the results prove that private enter
prise Is the most desirable. II IL more
alert In applying new ideas. methods.
and machinery.
But while not believing in govern
ment ownership, ! do most firmly be-
lieve in such government control of