The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1904-04-23
COPPORATIoNS AID TRUSTS.

thought in the Empire State. Ont
paragraph In particular needs a great
deal Of elaboration before 1t can bI
regarded as a compend of sound doc
: trine upon the important subject Of
which it treats-a subject OF centra.
Importance for the next quarter Of a
century and one on which the demo
cratic party a and should seize
improbable ground. The paragraph
reads:
Interpretations chartered by the state
must be subject to just regulation by
the state 10 the interest Of the people;
taxation for public purposes only; no
government partnership with protect.
ed monopolies."
There is and will continue to be a
strong temptation to the democratic
party, especially 10 long as it is a
minority party, to take a populistic
position upon the subject of trusts
and corporations. There is something
in the phrasing Of the above declara-
tion which without compromising the
issue gives evidence Of a studied
desire to avoid the appearance a mere
mad dog aversion to corporations.
Corporations are here to stay. Much
as we look back with admiration at
an age of individualism, that age is
passed and cannot be restored by
statutory enactment. The demand is
for a just and settled policy toward
corporations and trusts; a policy that
is not destructive in character but
calculated to regulate them to pur-
poses Of usefulness, harmleSsness, and
profit. 1t is not impossible nor
even difficult to formulate such a
policy. Patient intelligence and
rugged honesty a solve the problem
and put the democratic party on
ground more acceptable to the people
and to the great interests represented
by tie legitimate corporations them
selves than that occupied by the
republican party. The position of
the republican party on this subject
is tnat of mutually in crime. And
the baSeness which conspires with
wrong way on occasion, when the
people are aroused, conspire as de-
structively against it. The distrust
which the great interests of the
country feel toward Roosevelt is due
to the fact that thev believe he would
be equally willing to prove their pal
or their assassin for his own adyan.
tage.
What is needed is a settled policy
toward those associations Of capital
which receive special privileges and
special immunities from the state.
1t is not necessary for their proper
regulation for the state to interfere
with them any further than to guard
the use Of the power which the state
conters. 1t is not merely the priv
ileee but the duty of states to dis
charge their responsibility for sub-let
powers as faithfully and strictly as in
tue case Of those which are reserved
for direct exercise. And in some
cases states do this They confer
upon banks, charter privileges and
limited liability, but they inspect the
banks require published reports for
the information Of customers, regu-
late interest rates, prescribe the laws
O. contracts, fix the maximum OF loans
to a single individual and otherwise
guard these institutions so that they
may prove a blessing and not a curse.
Upon railroads the state confers even
greater powers, including a part Of it's
own sovereign power Of eminent
domain. But the state does not
inspect them, does not in any ADEQUATE
degree regulate their rates, does not
see to it that their capitalization
properly represents their assets, does
not limit their authority to issue
bonds. The state in many instances
authorizes the Incorporation of stock
companies which are "born bank
rupt," and becomes party to a con.
spiracy to sell worthless property to
innocent investors.
If the paragraph from the New
York democracy's statement of prin-
ciples is to be taken as an Indication
Of effort to seek a general solution Of
the problem which trusts and private
corporations afford, it is certainly an
omen of good. Let US be done with
reckless threats and with merely