Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1903-01-10
Nc POINTS OUT The Chief EVILS.
Expresses Pride in Ability of Such
Man as Pierpont Morgan-De-
cLares Remedy for Trust EVIL wiz
Not Be Found in Free Trade-Pro-
visions of His Bill.


The senator then took up the dis
cussion of the effect of the control Of
vast wealth by individuals, saying that
in such system there was much to
threaten republican liberty. Most CT
the vast fortunes Of the present day
had been accumulated within 80 years.
Chief Evils of Trusts.
Senator Hoar then took up the ques-
ton of the trusts as they now exist,
pointing out what he conceived to be
their chief evils, as follows:
l. Destruction Of competition.
2. The management of local indus
tries by absentees in the interest of
absentee capital.
3. Destruction Of local public spirit.
I. Fraudulent capitalization.
| 5. Secrecy.
| E. Management for the private bene-
fit of the officials.
2 The power to corrupt elections,
anGin some Gases to corrupt the courts.
s. The want of personal responsible
ity to public sentiment.
.. The absence of personal liability
Tor contracts or wrong doing
10. The holding of vast properties in
mortmain-in the dead hand,' if we
may use the ancient phrase of the Eng
hsh law. But it has life enough for all
purposes of power to serve the will
that Yields it. It is dead only to the
influence of any nerve which comes
| from the brain or heart Of the people.
Pride in Pierpont Morgan.
Senator Hoar said that many as
were the evils in the great combina-
lions of capital, some of them would
| be counterbalanced by corresponding
advantages, and added:
II confess I like to see Pierpont
Morgan buying up great lines of
ocean steamships. I like to hear of
foreign potentates and principalities
and powers bowling down when he
visits the continent of Europe We
| need great strength. We need great
individual power, if we are to rival
foreign nations in the great matters
which they also control by Individual
| power.
But great wealth should be con-
trolled as the servant of man and of
government, and should not be given
the reins of control. We must keep
control over agencies which can make
cities grow or wither."
Senator Hoar said that he did not
agree with those who think they find
an adequate remedy for the evils of
the trusts in the removal of the
tariff from all the trust-made arti-
Giles. He considered the remedy sug-
gested by himself more likely to
prove effective. He announced his
opposition to government ownership
of great labor employing industries,
including coal mines and railroads.
Provisions of His Bill.
outline of the restrictions imposed by
his bill on corporations:
First, publicity in the conduct of
their business and the constitution of
their organization; second, the power
to stop their business altogether if
| they violate the laws enacted by con-
gress; third, strict penalties on them
and their officers for such violations :;
| fourth, personal liability for all
| debts, obligations and wrongdoings of
| the directors, officers and agents, un-
less the laws be fully complied with.
This liability is secured by requiring
the personal consent to the provisions
of this bill and acceptance of all it's
obligations by such officers, directors
and agents before they enter upon Of
fee.
AS to the effect of the measure in case
it should become law, he said:
IF this bill should become a law
and prove effective, no corporation en-
| gaging in the commerce which is with
in the jurisdiction of congress can keep
its condition a secret. No such cor
| poration can do business on fictitious
capital or watered stock. No corpora
ton can Cypress any rival, whether
corporate or Individual, by any unlaw-
full practices. If it do it will be on
the condition that every one of it's
managers become personally liable for
| it's debts and it's torts, and will be liable
also to heavy criminal liability. This
bill depends for it's validity on the con-
stitutional power of congress to regu-
! late international and interstate COM
merce."