The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1903-01-16

monstrous apparition whose presence
endangered the rights of the people If
not indeed ultimately the very life of
the nation. The discussion has reached
such condition and the public mind is
interested to such a degree that feel
ing of apprehension exists. What are
are facts?
We are contented and prosperous
prosperous. We have increased in pop
ulation, in intelligence, in wealth and in
power, and to such an extent that the
| figures that tell the story are beyond
cur power to grasp. Labor was never
SO fully employed. Wages were never
so high. The savings bank deposits
were never so large. In the develop
ment of our prosperity small concerns
have grown to large ones and those
already large have grown larger. AS
their capital has increased competition
has become more vigorous until In
many instances it has become destruc-
tive to profits. The owners of bust
ness will not long conduct it without
return on the capital invested any
more than mechanic will long contin-
ue to work without his wage. In cast
ing about for remedy combination
was devised to replace destructive COM
petition. 1t is business plan evolved
by the necessities of the case to accom-
modate the conduct of business to the
nj, Of fho mr. nr1f
Combination means a larger concern,
but it does not necessarily mean mo-
nopoly. AS a matter of experience 1t is
found that when it approaches monop-
oily new capital is found for new estab-
lishments and competition again ap-
pears. Opportunities for profit are not
long neglected. Our people are too en-
terprising to allow monopolies to exist.
| 1t should be remembered also that the
last census shows that less than 10 per
cent of the factory labor of the country
Is employed by the SO called trusts and
that less than IA per cent of our manu-
featured output is made by them; and
the large number of these concerns
that have appeared, fourished their
brief day and then disappeared forever,
should not be forgotten.
No Cause For Alarm.
AS matter of fact, the country has
no more occasion for alarm than the
Arab has for an ifrit or we have for
the ogre of our childhood. And was the
situation really threatening I still
would have supreme faith4h the ability
of the people of the country to protect
themselves in any emergency that may
arise. The nation was born in war
for human rights. 1t has stood the
strain of the greatest civil war in his
tory fought for human rights. 1t has
given it's treasure and it's blood without
reward to aid it's helpless and oppressed
neighbor for human rights. 1t stands
today respondent in the morning of its
existence, the envy and hope of the
world. Can such a people or the rights
of such a people be in danger from cor
porations, however powerful organized
under and amenable to it's own laws?
Such a danger is impossible. The dan
ger is not to the people from the greed
of corporate power asserting itself I'M
wisely, but to the corporations them
selves.
Because of this alleged danger it has
become the fashion of the day to assail
corporations on general principles, and
the public man who is bold enough to
say word in their favor runs the risk
of bitter criticism as to his motive, as if
it were a crime to be stakeholder and
immoral to be the friend of stock
holder. 1t is time the air should be
cleared The corporations have their
We undertake here in New Jersey to
protect them in their rights.
Revenue From Corporations.
In the past ten years the corporations
organized under our beneficent laws
have paid the state the large sum of
$13,000,000, and for the last three years
the payments have averaged $2,227 ,346.
These corporations represent every con-
ceivable industry. Their capitalization
is many billions, and the number Of
stockholders are hundreds of thousands
if not millions. We have taken their
der which they do their business. We
continue 10 take their money each year
in the shape of taxes, for which we
give them the continued protection of
our laws. The state has it's obligations
to these stockholders. Let us live up to
them frankly and manfully and not be
ashamed of being honest.
Some carping critic who misreads my
words will say that there is something
of more value to the state than money.
That is what | am trying to make
clear. There is honesty and high pur-
pose and the courage of conviction,
hidden alas. at times, but it exists.
The courage to stand firmly on princi-
pie and do right, whether it is for the
private individual, the corporation or
the state. Do not let us be disturbed
by the clamor of the demagogue or the
speeches of those who in these days of
magnificent aud uneXampled prosperity
needlessly alarm the people as to the
power of the nation to deal adequately
with its own, but let us patiently and
constantly do our duty first to the peo-
pie of the state and then to those who
have sought the protection of the state
as that duty shall be made clear.
Bonds of Indemnity.
l call your attention to the advisable
ity of passing law requiring litigants
who seek to enjoin corporations or 9th
ers in the state from carrying out plans