Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-01-06
and most ingenious Of his comrades"

and most ingenious of his comrades"
Mr.. Hoar said that many as were the
evils in the great combinations of cap
ital some of them would be counterbal-
anoed by cores ponding advantages,
and added
II confess like to see Pierpont Nor
gan buying up great lines of ocean
steamships. like to hear of foreign
potentates and principalities and pow
ers 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. We must,
If we can, look out in protecting our.
selves, not to destroy them. nor to
cramp them. We can give them law
which will not impair their strength
and not check their natural and right
full growth and that l hope is all we
mean to do. But it will be a bargain
if we buy the dominion of the CONT
nent or the empire of the sea at the
cost of American local public spirit
But, great wealth should be controlled
as the servant of man and Of govern
ment and should not be given the reins
of control. We must keep control over
agencies which can make cities grow
or wither.
Tariff Not a Remedy.
Mr.. Hoar said that he did not agree
with those who think they find an ade-
quate remedy for the evils of the
trusts in the removal of the tariff from
all the trust-made articles. He consid-
cred the remedy suggested by himself
more likely to prove effective. He an
nounced his opposition to government
ownership Of great labor employing
Industries. including coal mines and
railroads. Socialism, he said furnishes
no remedy but would be quite as bad
as the trusts themselves. The dead
level proposed by socialism would be
destructive of everything which makes
life worth living or manhood worth re-
specting. Socialism may do for China
or for Turkey, but 1t will never be
Yankee remedy. We had no permanent
danger to fear from that source"
His Measure Safe One.
We should proceed safely step by
step. The measure, he said, Is based
entirely on the theory that congress can
impose on corporation created by any
state such obligations as it shall think
fit and reasonable as a condition for its
being permitted to engage In commerce
with foreign nations and among the
several states.
He then presented the following OUT
line 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 vio-
late the laws enacted by congress:
third, strict penalties on them and their
officers for such violations; fourth,
personal liability for all debts. obliga-
tions and wrongdoings of the directors.
officers and agents unless the laws be-
fully complied with. This liability lis
secured by requiring the personal coi-
sent to the provisions OF this bill and
Of all Its obligations by
such officers, directors and agents be-
fore they enter upon office.
It's Effect.
AS to the effect of the measure in
case 1t should become law he said:
"If this bill shall become a law and
prove effective no corporation engag-
ing in commerce which is within the
jurisdiction of congress can keep its
condition secret. No such corpora
tion can do business on fictitious capt.
tai or watered stock. No corporation
can oppress any rival, whether corpo-
rate or Individual, by any unlawful
practices. II 1t do it it will be on the
condition that every one of It's mana-
gers become personally liable for its
debts and its acts, and will be liable
also to heavy criminal liability. This
bill depends for Its validity upon the
power of congress to reg
ulate international and interstate COM
merce."