Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1903-01-07
eUMExT FOR mrs BILL.
ACCUMULATION OF VEAL e /. TIL II
RE Most striking Feature of the.
Address Wa. HIS Picture OF the.
Danger. to he Feared from Great.
wealth.

stsSs AO0EC1D WIZ hhA0 - W AAAS
Dangers to BE Feared from Great.
wealth.
WASHINGTON. D. c.. Jan e.-tspe-
-4al. )-Senator Hoar addressed the senate
.o-day. Ills speech was devoted entirely
& to Che question Of trusts and partly to
an explanation Of his recently introduced
B anti-trust bill He began his address
With the assumption that all thoughtful
men are agreed as TO the necessity of
i legislation. State or national for the.
control of trusts.
Any remedy TO be efycctual must deal
s with corporations whether strictly
trusts or not. said he: that as yet there
had been only apprehension 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
material prosperity had been greater In
the past few years than ever before had
been known and our workn1en were bet
ter OF. Still there u.s. he said actual
peril. and It is none the less real because
It involves only the future and not the
i present.
EFFECT OF VAST WEALTH.
The senator then took up the discussion
nth effect of the control of y:-st wealth
s by individuals. saying thai - such a
system there was much to szas. s:aten re-
publican liberty. Most of the vast for
tunes of the present day had been ac-
cumriated within thirty years.ft'Is there
) anything to render 1t unlikely, he
asked. '.that If one of these vast fortunes
/ has grown from a hundred thousand to
hundred million. or a thousand million
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 t1ous-
and million a thousand thousand mil
lion?
ais there anything to stop the accumu-
iation Of these snowbaiIs? Cannot the
game 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 control the railroad and the
pcean-carrying trade? Can it not buy up
md hold in one mans grasp the agricul
cura1 and grazing lands of new and great
States, and the coal mines and silver
mines and copper mines?'
FEARED CORPORATE CONTROL.
But, great as were .tte possibilities Of
The accumulation Of great wealth by indi-
z ,iduals. he did not find In such accumula-
ton the same peril that is found In cor
,orate control Of such wealth. This was
rue, he said, because the natural man
dies and his estate is distributed under
+ the law, white the corporation lives for
sver II never goes through the probate
SQUIRT" he said. Its internal transactions
ire kept secret. 1t is not jealous for its
own honor or reputation, except SO far as
orv essential fo fG
getting money. It has no soul and no
conscience
an general the men who are most pow
.rful in It's management can. If they see
it, avoid responsibility to public opinion.
They always expect to avoid personal
z liability for Obligations
Il confess, he said, i like to see Pier
pont Morgan buying up great lines of
lsean steamships. like to hear of for
sign potentates and principalities and
powers bowling down when he visits the
continent Of Europe. We need great
strength. We need great Individual power
ne are TO rival foreign nations in the
great matters which they also control by
& individual power.
We must. If we can, look out in protect
Ing ourselves not to destroy them or to
tramp Them We can give them law
which will not impair their strength and
not check their natural and rightful
growth, and that, / hope, is all We mean
20 do
WOULD RETAIN TARIFF.
Mr.. Hoar said he did not agree with
those who think they find an adequate
I remedy for the evils of the trusts in the
removal of the tariff from all trust-made
articles. 1t would give the foreign trust
9 an advantage over our individual manu-,
1acturer. lie considered the remedy sug-
gested by himself more likely to prove
effective. lie announced his opposition TO
government ownership of great labor
employing industries, including coal mines
and railroads. Socialism. ne said. fur
i uishes no remedy. but would be quite as
,ad as the trusts themselves.
The dead level proposed by socialism
would be destructive % Of everything
which makes life worth living or man
hood worth respecting. Socialism may
10 for China or for Turkey. but 1t VIII
never be Yankee remedy" We had
no permanent danger to fear from that
Source.
OUTLINE OF RESOLUTIONS.
He then presented the following outline
of the restrictions imposed by his bill on
corporations: First, publicity in the con-
duct of their business and the constitution
of their organization; second. the power
20 stop their business altogether II they
violate the laws enacted : by congress;
third, strict penalties on them and their
officers for such violations; fourth. per-
sonal liability for all debts. obligations
and wrong-dongs Of the directors: officers
piled with. This liability is secured by
requiring the personal consentsto the pro.
visions OF this bill and acceptance OF all
sits obligations by such officers, directors
and agents before they enter upon such
ldiee
AS to the effect Of the measure in case
II should become a law, he said
as If this bill shall become a law ana
Drove effective. no corporation engaging
IA the commerce which is within the 3uriS-
1iction of congress can keep ITS conoi-
lions secret. No such corporation can
= A Ia huSfnpSS on fictitious ca p1Lai or WatereO
stock. No corpora ton can Cypress any
/ rival. whether corporate or inulsioua!l !,
~ any unlawful practicee If 1t DO, II
eiu be on the condition that every one
of Its managers become personally iiapie
for Its debts. and Its torts. and Will also
To heavy criminal liability. This bill! de.
pends for Ats validity on the constitutional
power OF congress TO regulate Nhterna-
3 fional and interstate commerce.
He criticized the Dingley tarln law, ana
said there was no more chance to-day,
4 in his judgment, to reouce a Single GUY
Ia the Dinglcy act than fol. him 10 carry
6 3nsY the Capitoi building on his shoulders.
"a tariff in his opinion. was IAN liloePS n.
dent nutuasity agreement "A protected
Industry, he said. was like a brood Of
d 1cn.llsh sparroWS-when: one gives cry
Tie Others rush TO its rescue.
Mr.. Aldrich, OF Rhode island. took oc-
aston to deny cSrtain statements by Mr..
Vest attributed 10 Mr.. Dinsley to the
eject that the rates of the bin were
d made unnecessarily high In ordSr that
4 reciprocity treaties NIL ht be made.
Isl mr.. Nelson asked where the provision
relating to coal was inserted and MIR.
aAduIich ssaid In the Senate.
Ma Ta~pta haf a