The San Francisco call., 1903-01-10
THE TRUSTS.


II none seems palmer than coming political op-
L n position OF the trusts President Roosevelt
This raises series of serious questions destined to
enliven the politics Of the immediate future No one
can doubt that the people, outside of partisanshp,
desire and expect legislation, not against trusts in
their legitimate aspect, but in the nature Of proper
restraint of the illegtmate to which their power
OF organization may be put
AS far as they have economical production, organ
lied industry and enabled vast expansion of
port trade, it is difficult to impeach them OF in
jury But their repression OF competition is an
offensive feature, and their power to artifciay
manipulate prices is repugnant to the popular sense
Of Justice Overcapitazaton, which is another form
of overspecuation in the development of the
try's resources is to the investors
in their securities.
Certainly no reasonable person deny that 1egis7
laon to recognize and regulate these features of the
trust system is necessary and proper 1t is conserva
tive legislation, intended to preserve every useful
purpose of organized business, and to afford the
statutory regulation OF trusts that has grown up
around and properly hedged in the ordinary corpora
ton Who be found to rail against the law
OF liability of stockholders the regulations against
restraint OF trade the limitation upon the power OF
directors the penalzing of oversale OF capital stock
the law OF corporations?
The trust is expansion of corporate power.
What more reasonable than that the law of corpora
tions should have corresponding expansion?
The President is far sighted and clear sighted His
torcally it is known that unless the artificial per-
sonay q ordinary corporations had been subjected
to proper legal regulation the whole system would
have been prevented from development by popular
fear and prejudice and the worlds business would
still be clumsiy stumbling along in the hands of the
old system OF joint stock companies or limited part
nerships The law curbed the growing corporations,
limited their power for harm, but provided for use
full continuity of business by giving them perpetual
succession.
1t will be the part OF wisdom accept the plans Of
the President. His opponents will not succeed in
convincing reasonable that those plans rad-
cal The radical idea favors the determination Of
incorporated corporations root and branch. 1t
would penalize them from the start striking death
blow their usefulness under the pretense that their
power for harm cannot be curbed.
The Presidents policy is distinctly conservative 1t
goes the full length of the reasonable popular pur-
pose and he keeps faith absolutely with the people
OF this let his opponents take notice. He may be
relied upon do exactly what he says without
equvocation or evasion Therefore it is well to study
what he says carefully and with the understanding
that it is meant and will be done
The country will be quick to notice whether the
opposition to him wnks with eye to socialism
and with the other TO capitalism The people will
be watchiul OF the politicians who may seek full
campaign treasury from combined capital to make a
sham fight and fool somebody at the end
We say now, and desire that it be remembered,
that President Roosevelt keeping faith with the peo-
pie and frankly declaring his views, is strong
enough to carry the country regardless of the size
Of the war chest used against him. There is not a
publicst in the country that will not see that his
views are conservative and that he represents the
popular desire to conserve and regulate and de-
stroy the agencies or any OF them which are capable
OF usefulness. They may be capable of harm also
and their capacity in that respect he proposes de-
stroy
1t has suited the purpose of his opponents rep
resent him as the enemy OF vested and conservative
interests, whose policy will Danish confidence and
cause stress in trade They will not succeed in con-
vncing the country that this is true, nor in bringing
on panic by art6cc an apparent proof that it is
true
There are two alternatives to the conservatism OF
the President One is, as we have said sham fight
grubstaked by the great combinations which, if it
succeed will mean the safety OF their most extreme
/ pretensons The other is a raid of genuine and
sincere fanaticism which, using prejudice as its in
strument, will send whirlwind raging through the
business of the country destroying good and bad
and leaving only wreck and ruin to build upon for
the future The honest and well meaning want neither
of them and because they don't stand with the frank
and outspoken President
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Nearly all the Sherifs in Maine were elected last
I L. l.