Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-01-06
SENATOR HOAR SPEAKS
Venerable Senator from Massa-
chusetts discusses His Bill
to Regulate Trusts
M MAKES A GREAT SPEECH

IN MAKES A GREAT SPEECH
Devoted Entirely to the Subject OF
Trusts and an Explanation of His
Remedy for the Trust Evils - Trust
Evils Pointed Out and How They May
y Held in Check.
washington, Jan. 6.-The Vest reso-
lutions, fnstructing the committee on f.
nance to prepare and report bill re-
moving the duty on anthracite coal was
considered in the senate today, during
which Vest criticized the Dingley tariff
law. He said there was no more
chance today to reduce a single duty
1 In the Dingley act than for him to carry
on the capitol building on his should
ers. The resolution went over and
Hoar addressed the senate upon his
anti trust bill.
Hoar's speech was devoted to the
question Of trusts and partly to an ex-
planation Of his recently introduced
ANTITRUST bill. He began his address
with the assumption that all thought
ful men are agreed as to the necessity
OF legislation, state or national, for
! the control OF trusts. He said that
"a yet there had been only apprehen-
sion 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 mater
ial prosperity had been greater in the
past few years than ever before had
been known and our workmen were
better off. Still there Is, he said, actual
peril, and 1t is none the less real be-
cause 1t involves only the future and
j no. the present.
u The senator then took up the dis
cussion OF the effect OF the control of
vast wealth by individuals, saying that
/ In such q system there was much to
threaten republican liberty. Most OF
the vast fortunes Of the present day
had been accumulated within thirty
years.
Is there anything to render it un-
likely" he asked, that II one Of these
vast fortunes has grown from q hun
dred thousand TO hundred million
or 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 thousand mill
lion q thousand thousand million? Is
there anything to stop the accumula-
sfiOn Of these snowbalis? Can not the
same power and business ability and
capital that can control all the Pc
troieum in the country by and by con-
troll all the coal? Can it not control
the railroad and the ocean carrying
trade? Can 1t not buy up and hold In
one mans grasp the agricultural and
grazing lands OF new and great states
and the coal mines and silver mines
and copper mines 2"
But. great as were the possibilities
of the accumulation of great wealth
by individuals he did not find in sucl,
accumulation the same peril that is
found in corporate control of such
wealth. This was true, he said, be-
cause the natural man dies and his
estate is distributed under the law,
while the corporation lives forever. 5.It
never goes thru the probate court" he
said. Its internal transactions are
kept secret. It is not jealous for its
own honor or reputation, except SO fan
as its honor or reputation is essential
to Its getting money. It mas no soul
and no conscience. In general, the men
who are most powerful in its manage
ment can. II they see fit, avoid respon-
sibility to public opinion. They always
expect to avoid personal liability for
obligations"
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 thous-
and million dollars, would not that pos
sstbiiity be q real public danger? Such
power can make wars or it can pre-
vent wars. 1t can threaten conmun-
ity with coal famine. wheat fam
Inc, and II can execute its threats He
mad no fear but that the American peo-
Il PIE could meet such emergencies, but
It were better to forestall them
Trust Evils Enumerated.
MI. Hoar then took UP the question of
the trusts as they now exist, pointing
out what he conceived to be chief evils.
as follows:
/. Destruction Of competition.
= The management of local indus
tries by absentees In the interest of abb
sentee capital.
8. Destruction Of local public spirit.
4. Fraudulent capitalization.
5. Secrecy.
8. Management for the private ben
eft of the officials.
The power to corrupt elections,
and in some cases to corrupt the
courts.
s. The want of personal responsible
1ty to public sentiment.
3. The absence of personal liability
for contracts or wrong doing.
"a 10. The holding of vast properties in
mortnain--in the dead hand" If we
may use the ancient phrase of the Eng
lish law. But 1T has life enough for all
purposes of power to serve the will
tina wields it. 1t is dead only to the
influence of any nerve which comes
from the brain or heart of the people.
Labor Unions No Escape.
Dwelling especially on the want of
competition, he said: H
There is one central power alone
with which the skilled workman must
deal and one dominant will to which he
must submit. There may be a little
help for him by Joining labor union,
where he gets the advantage of asso-