The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-01-07
SENATORS HOAR
AND VEST MAKE
STRONG TALKS
Former Explains Objects Of
His Bill TO C6ahol the
Trusts
SENATOR VEST MAKES AN
ATTACK ON PROTECTION
Though Very Feeble He Takes Up
the Coal Question and Discusses
1t Forcefully-House Passes
the General Staff Bill.

Washington, January G.-The day in
the senate was eventful because of a
notable speech by Senator Hoar on his
bill regulating bills, and an attack by
Senator Vest on protected industries
through the operation of the Dingley law.
Senator Hoar's utterances were listen
ed to with marked attention. He said that
nearly all thoughtful men in this coun-
try are agreed that some legislation, state
or national ought to be had for the regu-
lation and control of what are called
trusts" and large masses of capital ac-
cumulated by corporations which are arti-
fetal persons holding property and con-
Quoting business without individual liabil-
ity. There was, he said. general feel
ing of insecurity and alarm about the
matter and we were dealing with real
peril, and not with fancy or imaginary
danger. He argued that II his bill should
become law and prove effective no COR
poration engaged in the commerce, which
is within the jurisdiction Of congress can
keep its condition a secret. The bill, he
said depends for its validity on the con-
POWti VI SOhbieSo W te6o
late the international and Interstate
commerce. Should the bill not prove ef-
fectual, he contended that 1t would be
easy to extend its operation by imposing
a like personel lie ..slty on every stock
holder.
Chief Evils of the Trusts.
Mr. Hoar took up the question of trusts
as they now exist, pointing out what he
conceived to be their chief evils, as fol-
lows:
/. Destruction of competition.
g. The management Of local Industries
by absentees in the interest of absentee
capital.
g. Destruction of local public spirit
a. Fraudulent capitalization.
g. Secrecy.
g. Management for the private benefit
of the officials.
T. The power to corrupt elections and
in some cases to corrupt the courts.
s. The want of personal responsibility
to public sentiment.
9. The absence of personal liability for
contracts or wrongdoing.
10. The holGing of vast properties, In
mort main''-in the dead 'hand-if we
may use the ancient phrase of the English
law But 1t has life enough for all pur-
poses of power to serve the will that
Yields 1t. 1t Is dead only to the influence
of any nerve which comes only from the
brain and heart of the people
Is Tentative and Experimental.
Mr.. Hoar said he considered his bill
tentative and experimental, but 1t was
safe and could be modified.
He then presented the following out
lines of the restrictions imposed by his
bill on corporations:
/. Publicity In the conduct or their busi-
ness and the constitution of their or
ganization.
2. The power to stop their business alto
gether IL they violate the laws enacted
by congress.
g. Strict penalties on them and their
officers for such violations.
4. Personal liability for all debts; obli-
cations and wrong doings of the directors,
officers and agents, unless the laws be
fully compiled with. This liability Is Sc
cured by requiring the personal consent
to the provisions of this bill and accept
ance of all of its obligations by such
officers, directors and agents before they
enter upon office.
Senator Vest Speaks.
Senator Vest used as text for his
remarks his resolution introduced yes
terday, including the committee of finance
to prepare and report bill removing the
duty on coal. Feeble in the extreme and
supporting himself on his desk, he called
attention to the condition OF distress
which had arisen as a result OF the snort
age in the coal supply. There was breath
less silence in the chamber as he spoke,
and every senator on the floor turned In
his direction in order to catch his words.
He said that the question was no longer
a partisan one, but one OF humanity ana
that we are not on the verge OIL crlsls'
but actually in 1t. He charged the repub-
lican senators with being silent and dumb
to the state of affairs. having only In
mind the party cry stand pat" He char
acterized the Dingley tariff act as "sa-
cred elephant, with which nothing was to
be done" He sarcastically remarked that
II the whole question was one of raising
money for the next Presidential campaign
that was the end of the discussion. Mr..
Aldrich took exception to some OF Mr..
Vests statements, and at his request the
resolution went over until tomorrow,
when Mr.. Aldrich will make reply.
Mr.. Nelson of Minnesota, who, on yes
terday, began a speech in opposition to
the omnibus statehood bill, resumed his
remarks today but had not concluded his
address when at 4:28 the senate went into
executive session, and two minutes after
wards adjourned.
THE HOUSE.