Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-01-08

Washington, Jan. 6.-The destruc--
ton of competition and local public
spirit, fraudulent capitalization; the
power to corrupt election and in some
cases the courts-these are some of
the evils attached to trusts, according
to Senator Hoar of Massachusetts,
who today stood on the floor of the
senate and delivered a stirring address
on his bill to restrict monopoly.
Talks on Trusts Alone.
Senator Hoar's speech was devoted
entirely to the question of trusts and
partly to an explanation of his recent
ly introduced antitrust bill He began
his address with the assumption that
all thoughtful men are agreed as to the
necessity of legislation, state or nation.
al, for the control of trusts. He said
that as yet, there had been only ap-
prehension and alarm but no serious
injury, except in the case of the recent
coal strike, on account of trusts On
the contrary, the progress of our ma
terlal prosperity has been greater in
the past few years than ever before
had been known and our workmen
We're better off. Still there is, he said.
actual peril, and it is none the less real
because it involves only the future and
{ not the present.
The senator then took up the discus
sion of the effect of the control of
vast wealth by individuals, saying that
in such a system there was much to
threaten republican liberty Most of
the vast fortunes of the present day
had been accumulated within thirty
years.
rs there anything to render it un-
likely" he asked, that if one of these
vast fortunes has grown from
one hundred thousand to a hun.
dred million or thousand mil.
lion in thirty years. that in the hands
OF the next possessor, in another thirty
or fifty years. the hundred million may
become hundred thousand million, or
the thousand million thousand thous.
and million? Is there anything to stop
the accumulation of these snowballs?
Cannot the same power and business
ability and capital that can control all
the petroleum in the country by and by
control all the coal? Can it not buy
up and hold in one mans grasp, the
agricultural and grazing lands of the
new and great states and the coal
mines and silver mines and copper
mines?"
But great as were the possibilities
OF the accumulation of the great
wealth by individuals he did not find
in such accumulation the same peril
that is found in corporate control OF
such wealth. This was true, he said
because the natural man dies and his
estate is distributed under the law
While the corporation lives forever. "It
never goes through the probate court,
. he said, Its internal transactions are
kept secret. 1t is not Jealous for its
own honor or reputation, except so ia,
as it's honor or reputation is essentia
to its getting money. 1t has no sou
and no conscience. In general, the
men who are most powerful in its man
agement can, if they see fit, avoid re
sponsibility to public opinion. They
always expect to avoid personal liza
bllity for obligations"
A Supposition.
The senator said that now the great
corporations are in good hands but
suppose some Napoleon of finance
should come into the control of a thou
sand million dollars, would not thai
possibility be real public danger.
Such power can make wars or it car
prevent wars. 1t can threaten a com
munity with coal famine, a whea,
famine, and it can execute it's threats
He had no fear but that the Ameri
can people could meet such emergen
cies but it were better to forestal
{ them.
Trusts Chief Evils.
Mr.. Hoar then took up the question
of the trusts as they now exist, point
ing out what he conceived to be theil
chief evils, as follows:
Destruction of competition: The
management Of local Industries by alb
sentees in the interest of absentee cap
ital; destruction of local public spir
it; fraudulent capitalization; secrecy
management for the private benefit o
the officials; the power to corrupt cleo
tions, and in some cases to corrup
the courts; the want of personal re
sponsibility to public sentiment; tn,
absence of personal liability for con
tracts or wrong doing; the holding o
vast properties in mortmain-in tn,
dead hand if we may use the ancien
phrase of the English law. But it ha,
life enough for all purposes to sery,