The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1903-01-07
|EVENTFUL DAY in SENATE

the Dingley bill
The resolution went over and Mr. Hoar
addressed the senate on his antitrust bill.
senator Hears speech Vas devoted entire
ly to the question Of trusts and partly TO
an explanation Of his recently introduced
antitrust bill, He began with the assump-
ton that oil thoughtful men are agreed as
TO the necessity Of legislation, state or Ma
tiopal. for the control Of trusts. He said
that, as yet, there had been only apprehen-
sion and alarm, but no serious injury OK
cept In the case OF the reccut coal strike,
on account OF trusts on the contrary. the
progress OF our material standing had heeu
better IN the past few years than had GvCr
been known before. and our workmen were
better on Still. there Is he said, actual
peril aud II Is none the less real because
II involves only the future and not the
The senator then took IN tine discussion
of the eject OF the control OF vast wealth
by individuals, saying that IN such a sys.
liberty.
The senator said that now the great cor
poratlons arc IN good hands, hut suppose
some Napoleon Of inunce should come into
the control Of $1,000OO0.o0U, would not that
possibility be real public DANGER Such a
power can make wars or it can prevent
wars. it can threaten q community With n
coal famine, a wheat famine, and it can
execute its threats. He had no fear but
that the American people could meet such
emergencies, but It would be betsr 10 fore
stall them
Mr.. Boar then took up the question Of tho
trusts as they now exist. pointing out what
he thought were their chief evils. Speak
ing OF corporations, MI Hoar said no power
less than that Of the entire nation Is cspa-
bic of dealing with them. The question
was the most important that hsd come up
for n long time, for he said, "we are
TO deal not only with FOREIGN commerce but
with that compared with which foreign
commerce Of The world Is hut drop IN the
hucket-the domestic commerce Of the
United States.
He then presented the following outline
Of the restrictions imposed by his bill IN
! corporations:
First publicity IN the conduct Of their
! business aud in the constitution Of their
origin; second, the power 10 stop their
business If they violate the laws enacted
/ by congress third, strict penalties on them
| fourth personal liability for all debts. OBJ
/ legations and Nropg.doings of the directors,
| officers and agents unless the laws be fully
complied with
/ P5is liability is secured by requiring the
/ personal consent 10 the provisions OF this
| bill and acceptance Of all Its obligation, by
| such officers, directors and agents before
| they enter upon office.
| AS 10 the effect Of the measure, IN case It
| should become a law, he said
IF this hill shall become q law and prove
| effective, no corporation engaging In the
| commerce which Is within the jurisdiction
| Of congress can keep its condition a secret.
| No such corporation can do business on
! fictitious capital or Watercd stock. No cor
/ poratiOn can Cypress any rival, whether cor.
| porate or individual. by amy unlawful prac-
/ that every one of it's managers become Per
souHlly liable for its debts and its VI l''
, tom, and viii also be liable to heavy Grim.
inaj liability. This bin depends for It's val
/ idlty on the constitutional power Of con.
/ gross to regulate international and inter
/ state commerce.