Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-10-10
A MENACE 70 FUTURE
Judge Grosscup Sounds Loud
Warning Against Encroach-
ments Of Corporations
A NATIONAL LAW is NEEDED
People Are Losing Ownership While a
Few Are Rearine the Benefit of Their
Capitalize Suggests a Remedy
Governor Durbin on Socialism and Its
Dangers.

Chicago, Oct 10.-Judtye Peter S
Grosscup of the United States Circuit
court and Gov w T. Durhin OF Indiana
declared before the members of The
Marquette Clue at the Chicago day
banquet last night that the future o.
the nation was imperiled by conditions
now prevailing
Judge Grosscup, in q speech which
bore indications of being prepared tc
sound what the jurist intended to be
a bugle blast, loud enough TO ring thru
the country. declared that the govern
nent must take from the states the
/ haphazard control of corporations and
make these wealth controlling bodies
bear the same inspection and publicity
/ now borne by banks and trust COM
.1panies.
Gov. Durbin asserted that socialism
/ had its tentacles on the land, and that
ii must be recognized as a steadily
lgrowing menace and be fought accord
Iingly.
Judge Grosscup avowed that the
wealth OF th, country was being
brought under corporate direction. This
in itself he regarded as inevitable, but
| not so the dis soonest methods marking
much of the prevailing control. and not
SD the attempt of corporations TO mar
row the actual ownership OF the vast
enterprises from the many persons to
the few.
/ He stated as his conviction that UNI
| less the ownership of property came
again to be widely distributed among
the people the result would be a reyo-
| luton.
The prevailing policy he said has
already brought on the iorerunners of
such a revolution
| This alarmi st note hc modified by
saying that the time for practicable
reform had not passed Individuals,
he argued. could not come again into
separate ownership Of great industries.
but they could be given an actual and
not variable speculative ownership In
real stock of The concerns.
The whole speech was demand that
corporations be repeopliaed by making
the stock of industrial corporations
trustworthy property, free from stock
market abuse. A national corporation
act he asserted, was the only rem
edy.
This meanis," he said, that there
must be no tinkering or mendng. but
reconstruction the entire reconstruct
tlon of what s aems TO be settled poll
icy. It means that we must take our
corporate policy from live and forty
masters and make of ii n national pol
Icy. not New York policy, nor a New
Jersey policy. nor an Illinois policy, but
an American policy. When some great
national party shall have taken up this
whole subject OF corporate combina-
ton With this purpose In view and shall
have received the mandqte of the Am-
erican people to go ahead the constitu-
tional means for the changes l have
named will be at hand
This was Judge Grosscup's prescrip-
tion in detail:
Put the organization of all corpor-
ations on ba ais that is liked and above
all considerations simple and known;
compel them 10 start on assets reason
ably equal 10 their capital; keep them
subject TO Inspection, as banks and
trust companies are now organized and
and uncertairty-not uncer-
tainty of Judgment but uncertainty re-
specting the facts on which Judgment
acts-will disappear.
In this way and In this way only II,
my judgment will thee government be
saved the scandal of putting its stamp
on the enterprises that In many cases
call irnmedia ely thereafter for prose-
cution as schemes TO Gefraud"
In advancing his contention of pres
ent danger. the speaker pointed out
that former owners We're withdrawing
since Incorporation from any real au-
thority over the plants they once owned
and that they and all owners of cor
poration stock were becoming lenders
Of money to the persons who manipu-
lated the stock and directed the enter
prses.
The actual and beneficial ownership
of the enterprises" he said, finds its
way directly to the borrowers The
lenders are the people at large. As a
mere fiscal fact these conditions show
unexampled popular prosperity.
But they show with equal certain
ty, that as private property changes in
to corporate property. the people at
large are withdrawing in increased
measure. from active ownership in the
properties of the countries, and, IL it
goes on, this nation will be no longer
a nation of property owners. but a ma
tion where the actual property belongs
to a small minority, thru means Dor
rowed largely from the majority. 1t
is 4 significant transformation, one
without pret edent, and one that we
may we'll fear.
Webster once said that In a nation
where the property is owned by the
few. and the political power welded
by all, the political power Will soon be
used to acqu re the property. No truth
ever spoken is worthy of better heed
and no time better than now to heed
it. our republic was founded on the
love of men FOR liberty, and for private
To acquire something to
possess it against all others, to have
Il domain all ones own, however small. |
is an instinct of the American race.
ITO displa ee the old order of things |
under which the active ownership OF |
~ distributed among the people at |
large would not simply threaten rev.
olution, Ii would be revolution.
The prevailing policy has already |
brought in the forerunlers of just such /
4 revolution. The people at large can |
not. on present conditions, enter cor
porate ownership. ard as individual |
property continues to pass more and |
more into corporate cwnership-more
,rt I3tl1 Ina p1r iyy