The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-01-07
HOAR STRIKES At
THE GIANT TRUSTS
Powerful Speech in Support
of His Bill.
CRITICISM BY KLUTIZ
On the Passage of The General Staff Bill He
Declares the Field General is Better
Able 10 Command Than the
Strategy Board.
Strategy Board,
(By the Associated Press.)

(By the Associated Press.)
Washington, Jan. 6.-The day in the
Senate was eventful because of notable
speech by Senator Hoar on his bill regu-
lating trusts and the attack by Senator
on Vest 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
country are agreed that some legislation,
State or National, ought to be had for
the regulation and control of what are
called trusts" and of large masses of
capital accumulated by corporations or
| artificial persons holding property and
conducting busines without individual
liability There was, he said, a general
feeling of insecurity and alarm about the
matter and people were dealing with a
| real peril and not with a fancied or
imaginary danger. He argued that if his
| bill should become law and prove effec-
| tive no corporation engaging in the COM
merce which is within the jurisdiction Of
| Congress can keep it's condition a secret.
| VALIDITY on the constitutional power of
| Congress to regulate internal and inter
| state commerce. Should the bill not
| prove eftectual he contended that it
would be easy to extend its operation
| by imposing personal liability on every
! stockholdeT.
The Senator discussed the effect of the
| control of vast wealth by individuals,
| saying that in such system there was
much to threaten Republican liberty.
| Most of the vast fortunes of the present
! day had been accumulated with thirty
! years rs there anything to render it
| unlikely" he asked "as these vast for
! tunes have grown from 100000 to $780,,
| 100000 in thirty years, that in the hands
/ of the next possessoT in another thirty
! or fifty years the hundred million may
! became a hundred thousand million or
| the thousand million thousand thousand
| million. But, great as were the pos
| siblities of the accumulation of great
wealth by individuals, he did not find in
| such accumulation the same peril that is
| found in corporation control of such
! wealth. This was true, he said, because
| the naturally old man dies and his estate
! is distributed under the law, while the
corporation lives for ever 'It never
| goes through the probate court he said.
! Its internal transactions are kept Sc
! cret. 1t is not Jealous for its own honor
or reputation, except so far as its honor
or reputation is essential to it's getting
money. 1t has no soul and no conscience.
! In general, the men who are most power
! full in its management can, if they see
| fit, avoid responsibility to public opin
| ion. They always expect to avoid per-
sonal liability for obligations"
Speaking of corporations, Mr. Hoar
said no power less than that of the en-
tire nation is capable of dealing with
them. The uestion was the most impor-
tant that had come up for long time
for" said he, 'we are to deal not only
| with foreign commerce, but with that
compared with which the foreign COM
merce of the world is but drop in the
| bucket-the domestic commerce of the
United States"
This commerce is," he continued, Gin
the hands of the great corporations and
| it is properly in their hands" Two i'm
portant steps already had been taken in
| the passage of the Interstate Commerce
Law end the Sherman Antitrust Law,
but while both measures had proved ef-
| flcacious, they had fallen short of the
| requirements. Discussing the accom-
| pIishments under the Sherman law, Mr..
| Hoar said that the Attorney General
had gone far already under it to break
up a monopoly which affected the while
freight and passenger traffic of the
| Northwest, another affecting the cotton
traffic of the South, and another the
| prices of beef, prime article of food
He believed that Congress had the
power to go further on the lines indicated
| by Attorney General Knox in his Pitts
burg speech, and the enactment of a law
on the general lines of the bill, he
| thought would be only another step in
the direction of anti trust law His bill
ne considered tentative and experimental
but it was safe and could be modified.
We should proceed safely step by step
| The measure, he said, is based entirely
On the theory that Congress can impose
on corporation created by it obligations
as it shall think fit and reasonable, as
a condition for its being permitted to
engage in commerce with foreign nations
| and among the several States.
A PATHETIC PICTURE.
Senator Vest used as a text for his
| remarks his resolution introduced yester-
| day, inviting the Committee on Finance
| to prepare and report bill removing
the duty on coal Feeble in the extreme
and supporting himself on his desk, he
lcalled attention to the condition of dis
tress which had arisen as a result of the
shortage in the coal supply There was
breathless silence in the chamber as
/. he spoke, and every Senator on the floor