Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1904-08-08

states in which they are incorporated,
since under the United States consti-
tuition the affairs of each state are
subject to state legislation only. 1t
is only to regulate commerce between
two or more states that congress has
power to act. The most satisfactory
and speedy method of eliminating the
watered stock evil is to pass state
laws. regulating the formation of cor
porations. Under the present system
five or more men may file corporation
papers and obtain charter for
corporation capitalized at one million
dollars divided into shares of one
hundred dollars each, when in reality
the shares are not worth the paper
upon which they are engraved. AS
long as the several states are willing
and anxious to grant incorporation
| papers for certain fee therefor, so
long will the evil of watered stock
exist The trouble lies with the states
rather than with the nation.
Therefore when we come to study
the trust in it's true light we can arrive
at no other conclusion than that the
trusts are here to stay and that future
attempts to legislate them out of ex-
istence will result like the attempts
of the past, in utter failure. The
proper course to pursue is to pass or
enforce laws which will in a measure
obviate the difficulties which now
exist and which will in a measure
control and curb their usurpation of
power.
Since the trusts are to be forced
upon US as an issue in the coming
campaign we may we'll study the plat
form declarations of the two great
parties and determine which of these
is entitled to our vote. The republi-
can platform declares that "Combina-
tions of capital and labor are the re-
suit of the economic movements
of the age, but neither must be al
lowed to infringe upon the rights of
the people. Such combinations when
lawfully formed for lawful purposes
are alike entitled to the protection of
the law, but both are subject to the
laws and neither should be permitted
to break Them" Thus do the republi-
can leaders recognize the truth of the
economic theory, and the futility of
prohibiting the trust from doing bust
ness under any form whatever. They
see the dangers of the trust and will
seek to so control them as to reduce
the evils thereof, while the better
qualities will be encouraged.
On the other hand the democratic
platform embodies a d claration
which if it could be fulfilled would
work havoc in the industrial world.
The declaration reads as follows: 1--WE
recognize that the gigantic trusts and
combinations designed to enable cap
ital to secure more than it's just share
of the joint products of capital and
labor and which have been fostered
and promoted under republican rule,
are menace to beneficial competi-
ton and an obstacle to permanent
business prosperity. A private mo-
nopoly isindefensible and intolerable.
Individual equality of opportunity
and free competition are essential to
healthy and permanent prosperity,
and any trust, combination or mo-
nopoly tending to destroy these by
controlling production, restricting
competition or fixing prices should
be prohibited by law"
There is upon the statute books of
the United States law embodying
the exact principles laid down in the
democratic platform. The law was
drafted by one of the most stalwart
republicans ever associated with the
party and is known as the Sherman
Anti-Trus law. 1t has been in force
| through one democratic and two re-
publican administrations. 1t was I'M
der this law that Attorney General
| Knox wrought such havoc among the
trusts. The Northern Securities Com
pany has just been dissolved. A case
Is now pending against the beef trust
and several other powerful trusts are
unoer investigation. The Standard
Oil Trust and the Chicago gas trust had
formal dissolution Immediately af-
ter the passage of the act. The law in
question provides that any combina-
ton of persons for the purpose of
regulating the supply of any commod-
ity, or regulating the price of anv
commodity or for the purpose of re-
stricting competition is illegal. The
penalty for a breach of the law is
fine of $4,000 or one year imprison-
ments.
Neither party offers any new legis-
lation in regard to the trust SO that
the only matter for the voter to con-