The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-06
Y corresponding ADVANTAGES and added:

II confess like to see Pierpont Morgan
buying up great lines Of ocean steamships.
like to hear Of foreign potentates and
principalities and powers bowling down
We need great strength. We need great
individual power if we are to rival for
e1gn nations in the great matters which
they also control by Individual power.
We must, if we can, look out in protecting
ourselves, not to destroy them, nor to
cramp them. We can give them law
which will not impair their strength and
not check their natural and rightful
growth and that hope is all we mean to
do. But it will be bad bargain if we
buy the dominion of the continent or the
empire of the sea at the cost of American
local public spirit
but, great wealth should be controlled
as the servant Of man and Of government
and should not be given the reins Of con-
troll. We must keep control over agencies
which can make cities grow or wither."
Tariff or Socialism.
Mr.. Hoar said that he did not agree with
| those who think they find a. ADEQUATE
remedy for the evils of the t. sts in the
removal of the tariff from all the trust
made articles. He considered the remedy
suggested by himself more likely to prove
ffctiv. H announced his opposition to
government ownership of great labor en-
ploying industries, including coal mines
and railroads. Socialism, he said. fur
nishes no remedy but would be quite as
bad as the trusts themselves. The dead
level proposed by socialism would be de
structtve of everything which makes life
worth living or manhood worth respect
| ing. Socialism may do for China or for
Turkey, but it will never be Yankee
| remedy. We had no permanent danger to
fear from that source. Speaking of corpo-
rations Mr.. Hoar said no power less than
that of the entire nation is capable Of
dealing with them. The question was the
most important that had come up for a
long time, for said he. 1--WE are to deal
not only with foreign commerce, but with
| that compared with which the foreign
commerce Of the world is but a drop in the
| bucket-the domestic commerce Of the
! United States This commerce, he con-
tinued, is in the hands of the great corpo-
/ rations and it IS properly in their hands.
! Their work might be benficient as we'll as
otherwise, and for this reason, congress
should go slowly and carefully in devising
a remedy for the ills lest it should bring
! on others which might be worse. Two i'm :
portant steps already had been taken in
| the passage of the interstate commerce
law and the Sherman antitrust law, but
while both measures had proved effica-
cious they had fallen short Of the require
ments. The antitrust law had accom-
plished even more than it's frineds had ex-
pected Of it, but there had been, he said,
much disappointment over the failure of
the supreme court adequately to interpret
the phrase lin restraint of trade" as ap-
piled to case Of business interest. Mr..
Ioar said that the attorney general had
gone far already under the law to break
up a monopoly which affected the whole
| freight and passenger traffic Of the north
west, another affecting the cotton trade of
the south and another the price of beef, a
prime article Of food. He believed that
! congress had power to go further on the
lines indicated by Attorney General Knox
| in. his Pittsburg speech and the enactment
Of a law on the general lines Of his bill
he thought would be only another step in
| the direction Of the antitrust law. His
bill he considerd tentative and expert
mental. But it was safe and could be
modified. We should proceed safely STEP
by step. The measure, he said, was based
entirely on the theory that congress car
impose on q corporation created by any
state such obligations rs 1t shall think I'll
and rea sonable as condition for its being
permitted to engage in commerce with for
He then presented the following outlines Of
the restrictions presented by his bill:
Hoar Bill Restrictions.
First. publicity in the conduct of the
business of corporations, and the consti
tuition OF their organizations; second, the
| power tc stop their business altogether i
they violate the laws enacted by con
gress; third, strict penalties on them ane
, their officers for such violations; fourth
personal liability for all debts, obligations
and wrong doings Of the directors, officers
and agents unless the laws be fully com
| piled with This liability is secured b.
| requiring the personal consent to the pro
visions of this bill and acceptance of all it,
obligations by such officers, directors ant
3 agents before they enter upon office. Al