Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1903-01-09
Ex,ressss Pride IN ABILITY Of sueh
= Nsn- a. .Pierpen< Mergan-De-
cIares Remedy for Tf1st EVIL VIII
Net he Found In Free Traae-Prs.
visions Of MS Dill.

chief Evils Of Trnsts.
Senator Hoar then took up the ques-
ton Of the trusts as they now exist.
pointing out what he conceived to be
their chief evils, as follows:
/. Destruction of competition.
2. The management of local indus
tries by absentees in the interest of
absentee capital.
.. Destruction Of local public spirit.
4. Fraudulent capitalization.
5. Secrecy.
6. Management for the private bene-
6t Of the officials.
2. The power to corrupt elections,
andfin some cases to corrupt the courts.
8. The want Of personal responsible
ity to public sentiment.
9. The absence Of personal liability
for contracts or wrong doing.
10. The holding of vast properties in
mortmain-in the dead hand" If we
may use the ancient phrase Of the Eng
ish law. But it has life enough for all
purposes Of power to serve the will
that yields it. It is dead only to the
influence OF any nerve which comes
from the brain or heart Of the people.
. Pride In Pierpont Asrsan.
Senator Hoar said that many as
were the evils In the great combina
itions Of capital. some Of them would
be counterbalanced by corresponding
advantages, and added:
II confess I like to see Pierpont
Morgan buying up great lines of
ocean steamships. like to hear of
foreign potentates and principaIities
and powers 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.
but great wealth should be con-
trolled as the servant of man and OF
government, and should not be given
the reins of control. We must keep
control over agencies which can make
cities grow or wither."
Senator Hoar said that he did not
agree with those who think they find
an adequate remedy for the evils of
the trusts in the removal of the
tariff from all the trust-made arti-
,cles. He considered the remedy sug-
gested by himself more likely to
prove effective. He announced his
opposition to government ownership
of great labor employing industries,
including coal mines and railroads.
Provisions Of His Bill.
He then presented the following
outline 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 II
they violate the laws enacted by con-
gress; third strict penalties on them
and their officers for such violations;
Fourth, personal liability for all
debts. obligations and wrongdoings OF
the directors, officers and agents, un.
less the laws be fully complied with.
This liability is secured by requiring
the personal consent to the provisions
Of this bill and acceptance of all its
obligations by such officers, directors
and agents before they enter upon OF.
fee.
/. Probable Eject OF the Measure.
! Asto the eject Of themeasure incase
It should become law. he said:
III this bill should become o law
and prove effective, no corporation en-.
gaging in the commerce which is with.
in the jurisdiction Of congress can keer
its condition a secret. No such cor.
poration can do business on fictitious
capital or watered stock. Nocorpora.
ton can Cypress any rival, whether
corporate or individual, by any unlaw.
full practices. II 1t do it win be on
the condition that every one Of its
managers become personally liable for
its debts and its torts, and will be liable
also TO heavy criminal liability. This
bill depends for its validity on the con-
stitutional power of congress- to regu.
late international and interstate com
merce."