The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-25
.u]D0E sCLARKE'S ADDRESS.

u1n0E cI,ARKE'S ADDRESS.
The address OF Judge Walter Clark OF
North Carolina, before the state bar
Association, at Hot Springs, va, on '''o
subject Of trusts, was scholarly 'ef.te'
tanning and Instructive, and 1t contained
much that was true. But In many OF
It's statements 1t was misleading ana ~
its conclusion 1t was grossly at la"''' Il
considered from Democratic point OF
view.
Judge Clark is quite right IN saying
that from the beginning there has oeen
struggle between the masses ana the
classes, and in the early days the classes
ruled the masses with an iron nani.
But Judge Clark Is utterly WRONG whoh
he says that ''as regards the toillns 10
borcr his condition Is not substantially
E different in this year OF grace from that5
Of his nameless ancestors who bo"eo
their backs and toiled in poverty ana
main that privileged few could live
In luxury In the thirteenth or thirty-s sec
ond century before Christ"
we do not see how any intelligent man
can institute comparison between the
nyramd bulldogs Of Egypt and the great
body OF American workmen to-day. ana
vet arrive at any such conclusion as
Judge Clark seems to have reached. In
America at least, the condition Of the
workman has steadily imD and Is
better to-day than ever before in the his
SIS tory of the nation. He is not only bet
ter paid, but he occupies a higher posi-
tion In society and In public affairs. Ec
is great factor and powerful factor
In our politics, as Judge Clark well
knows. and in all legislation he must be
seriously reckoned with.
Passing along, Judge Clark takes up
the subject Of trusts and shows that
the great corporations enjoy many priv.
ileges OF government and trade, which
is in the main true and we agree with
him that all such privileges should be
withdrawn. Neither the government nor
the rallrond corporations, which are the
creatures OF government. ought to shHw
any favoritism to corporations which
are not enjoyed by the general public.
We agree. too. that the great danger OF
the corporations lies In theit endeavors
to control the legislative bodl.a national
and State. and that is the vital point
which the .people must watch. and that
Is the one thtng Which they must In thel
own interests and in the interest of tht
government prevent.
But the facts do not bear out Juas
Clark in the statement that the corpora
lions have lowered the price OF labor. J
is true, as he claims. that many OF tn
corporations. II not most OF them. ar
over capitalized. and when they ear
large dividends on watered stock, the
are earning more than they have i
moral right to earn. !, Such eXcessl\
earnings either come out OF the worl
mans toll. or out OF the pockets OF II
consumer.
But notwithstanding this 1t is IA
that the corporations pay Is good wag
as are paid by individuals in the san
line of business, and II the workme
themselves owned the railroads and II
large industries OF the country, at a ia
valuation, after paying fair dvider
on the capital invested. they would n
under existing conditions receive mut
more pay than they now receive.
To be sure there are some exception
to this. 1t is said that the United Stat
Steel Corporation. for example, is earnll
something like 90 per cent: on what Won
be a fair capitalization OF Its various !
dustries. II that be true and II prcse
earnings could be maintained, under
cooperative plan the workmen would
course receive more pay. But 1t IN,
be remembered that these are extraor
nariy prosperous times, and the busin'
world does not believe that the Uni
States Steel Corporation will be able
definitely to earn per cent. on its co
mon stock, else that stock would sur
not be selling at s22 per share, The st
trust has been making great deal
money and the laborers have not h
receiving their fair share OF the prof
although their wages. we take it, are
high relatively as the wages OF worku
In other branches OF industry. But
must be considered that the evil tin
will finally come. and when they do ca
the stakeholder will be the first to sun
d ished, while the pay OF the workman G
on. Intelligent workmeu understand
as well as Judge Clark understands
Recently, when the Virginia CARO-
Chemical Company got into trouble
price OF Its shares went down Will
slump. and the directors at their |
melting decided to pass the dividend
the common SHARES. But nothing