New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-11
Judge HinsdaIe on Loose Charters.

"
Profoundly moving thoughtful men OF this country.
The feeling is quite general that there is
thing radically wrong; the denunciation OF capital
lists and the denunciation Of corporations and so
called is heard all sides The discussion
IL On. ard has been for many years.
The difficulty to be TO put the finger the
real trouble Of the situation. Any views,
Illustrations of old views If they tend TO clear
up the question and point the way to the real
trouble, valuable. Any suggestion to a
remedy Of the real evil IL It could be pointed out
weldd be of great value 20 the public The purpose
OF This great discussion with all honest IS 10
nd ont where the real evil s II there be evil. in
our present organized financial institutions and 10
apply safe and efficient remedy to such evil
CAPITAL ~ FEW HANDS 4 BLESSING.
g lFhere is floating around in a vague way an opin-
ten that the accumulation of great capital the
hands Of a few men is danger that menaces gen
era1 prosperity and imperils the good order of
ciety. In my opinion. such accumulation is not
contrary to the best development OF the country
to the interest of mass of the people: on the
contrary, such accommodations in the hands OF a few
are essential the development of country and
promote general prosperity. It is only through the
efforts OF millionaire manufacturers and millionaire
merchants and such men engaged in transportation
enterprises that the countless wants of the
OF the people be supplied. This thought cam
not be too often impressed upon the people. and
especially upon the army Of laborers Society and
nfa are in highly developed and complicated
dition. Great t.a concentrated pital is of
sty the medlDSn through which we carry the
affairs and business OF this life The present con-
d4Isn Of civilization and the general diffusion Of
co<ssort with the depend on It. II this cap
ital was divided and diffused among the masses II
wovad lose it's efficiency and force. and produce
shock and check 10 general prosperity and com
tprt.
To illustrate: II such a thing were possible i'm
,ne all of the capital Of the country equally d.
vided between all of the inhabitants. What would
be the result? The farmer would grow his products
Of wheat corr. cotton and other crops but how
could these products of the soil possibly be moved
and gathered together and marketed in the abb
sence of the capitalists to purchase and move the
same? Starvation and want would Immediately
settle upon the great centres Of population. and
the products OF the soil would rot and decay where
they grow.
IT is only concentrated capital that enables a
mine be opened. Difused capital although the
willing hands were there to open mine. could not
accomplish the result If it costs $1,000 900 to
and equip a mine It is only with that of
concentrated capital that 1t be opened. II a
building is to be constructed. diffused capital
do it The monstrous buildings that we have
can only be erected by concentrated capital. The
steamships only be built by concentrated capt.
tai Numerous illustrations of this plain truism
viii occur to any one.
Dlffused and divided capital evil: concen-
ltrated capital is blessing TO the of the
people. What is wanted is free field for all and
honest administration of financial affairs.
Concentrated capital flows in steady stream from
ecapitasts 10 the laborer, and the more there is
OF capital concentrated the more. by force OF
sity. reaches the laborers and producers.
The majority of great capitalists great labor
eTs for their fellow men. Perhaps they think that
they really working for themselves but such Is
net the fact. There is very little of what they &C
cumHlate and that they enjoy. II they
seem ~ spend large frivoIously, even that
money soes TO laborers in one way or another All
excess of capital that they accumulate over and
above their personal is reinvested and re-
employed in material enterprises, and works its
way back to the Iaborer aud producer.
No large capitalist is so situated but that in the
iDsestment and disposition of his property he, Of
necessity. becomes a public benefactor. It is the
nature active capital diffuse its benefits over
wide area; only money held by misers falls to
benefit the community.
We not all capitalists but We should be pro-
foundly thankful that there is a vast number Of
very wealthy capitalists in our country, for we are
entirely dependent upon them and their operations
for ali the comforts that We enjoy, and without
their assistance feeding. clothing and transport
ing Us. I fail to how life would be tolerabe
for as.
No country is so poor in the comforts OF life as
Isolated country with great natural resources
ana no accumulated capital to develop those re-
sources and bring them into the marts of the
world. The soil and climate may be the best, the
mines may be the richest, but without the life
giving aid of accumulated capital all would be
poyerty and desolation.
To fight against accumulated capital in the hands
of the few Is fight against the prosperity of the
country the comforts OF the OF the people,
If therefore, accumulated capital in the hands of
few does work against the comfort and pros
i,erity of the masses. but, the contrary.
Jfuces nightly al the comforts and reinements
OF life that enjoy, cannot trace the evils that
charged 10 exist at this time that factor
CORPORATIONS NECESSARY
! come now to consider corporations and see
what their effect is upon the prosperity and we'll
being of the people Municipal. religious, charita-
BILE and educational corporations excluded from
consideration in this paper; only moneyed bust
Dsss. corporations considered.
Business corporations and moneyed corporations
had their greatest growth and development in the
nineteenth century Many kinds of business cor
porations that know Of were unknown at the
beginning OF that century.
In early times g favorite method Of doing bust
haSs was in partnerships A amount OF bust
ness has been done and is being DONE under
such organizations. Partnerships have served and
ere still serving very useful purpose In the af-
fairs of life.
time came, however, when certain business
transactions needed different organization, and
the plan OF organizing corporations was devised
F2ofn time 10 time the purposes for which cor
para1ons might be formed were extended IT WAS
In the early part OF the nineteenth century that q
bill was introduced into the Connecticut Iegislat
ure.- tho first act TO be passed in the United
States. authorizing the organization of a MANN
featuring corporation This legislation was o,,,ot
iy followed by all OF the States of the Iynion "a
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