The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-10-21

heads ANA become either historical ut
rancorous Ia graphing with what h
bad.
Take such question for instance
az the question. or rather the group
OF questions. connected with the
growth of corporations In this coun-
try. This growth has meant
of course. the growth of individual
fortunes. Undoubtedly the growth of
wealth In this country has had some
very unfortunate accompaniments.
but II seems To me that much the
worst damage that people of wealth
can do the rest of US is not any ac-
tual physical harm but the awakening
in our breasts either of the mean vice of
worshipping mere wealth, and the man
of mere wealth. fer tiiG weaitiis sake.
or the equally mean vice of viewing
with rancorous envy and hatred the
men of wealth merely because they are
men of wealth.
Regulation of Corporations.
Undoubtedly there is need of regu-
lation by the Government. in the in
terest of the public, of these great cor
porations which in modern life have
shown themselves to be the most eff
ficient business implements, and which
are therefore. the implements COM
monty employed by the owners of
large fortunes. The corporation is
the creature of the state. 1t should
always be held accountable to some
sovel .aign, and this accountability
should be real and not sham. There
fore, in my judgment, all corporations
doing an interstate business, and this
means the great majority of the
largest corporations doing an inter-
state business, and this means the
great majority of the largest corpora
tions, should be held accountable to
the Federal Government, because their
accountability should be coextensive
with their field of action. But most
certainly we should not strive to pre-
vent or limit corporate activity. we
should strive to secure such effective
supervision over it, such power of reg
ulation over it, as to enable us to guar
antee that it's activity will be exercised
only in ways beneficial to the public.
The unwisdom of any well-meaning
but misguided effort to check corpor-
ate activity has been shown in striking
fashion in recent years by our expert
ence in the Philippines and in Porto
Rico Our nation II legislators very
properly determined that the islands
should not be exploited by adventur-
ers without regard to the interests of
the people of the islands themselves.
But unfortunately in their zeal to pre-
vent the islands from being improper
ly exploited they took measures Of
such severity as to seriously, and in
some respects vitally. to hamper and
retard the development of the islands.
There is nothing that the islands need
more than to have their great natuf-
al resources developed by the
abundant use of capital, which, Of
course, will not be put into them un-
less on terms sufficiently advantageous
to offer prospects of good remunera-
ton. We have made the terms not
merely hard, but often prOhibitory,
with the result that American capi-
tai goes into foreign countries, like
Mexico, and is there used with i'm
menSe advantage to the country in its
development, while it can not go into
our own possessions or be used TO de-
velop the lands under our own flag.
The chief sufferers by this state of
things are the people of the islands
themselves.
1t is impossible too strongly to insist
upon what ought to be the patent fact
that it is only in the interest of the
people of wealth themselves, but in
our interest, in the interest of the
public as a whole, that they should
be treated fairly and justly; that if
they show exceptional business ability
they should be given exceptional re-
ward for that ability. The tissues of
our industrial fabric are interviewer
i'm such complex fashion that what
strengthens or weakens part also
strengthens or weakens the whole. If
we penaliZe industry we shall ourselves
in the end have to pay a consider
able part of the penalty. If we make
conditions such that the men Of ex-
ceptional ability are able to secure
marked benefits by the exercise of
that ability. then we shall ourselves
benefit somewhat 1t is our interest
no less than our duty to treat them
fairly. On the other hand, it is no
less their interest to treat us fairly
by "us' / mean the great body of the
people. the farmers. the wage-workers
the smaller business men and profess
sional men, The man of great means
who achieves fortune by crooked
methods does wrong to the whole
body polite. But he not merely does
wrong to, he becomes source of
imminent danger to, other men of
great means; for his ill-won success
tends to arouse a feeling of resent
ment. which if it becomes inflamed
fails to diferentiate between the men
of wealth who have done decently and
the men of wealth who have not done
decently.
Public Conscience Aroused.
The conscience of our people has
been deeply shocked by the revelations
made of recent years as to the way
in which some of the great fortunes
have been obtained and used. and
there is. | think. in the minds of the
people at large a strong feeling that
q serious effort must be made to
put stop to the cynical dishonesty
and contempt for right which have
thus been revealed / believo that
som ething, and l hope that a good
deal. can be done by law to remedy
the state of things complained of. But
when all that can be, has thus been
done. there will yet remain much
which the law can not touch, and
which must be ro/chcd bG@s force
of public opinion. There are men
who do not divide actions merely into
those that are honest and those that
are not. but create third SUBJ -divis-
ion-that of law honesty; of that kind
of honesty which consists in keeping
clear of the penitentiary 1t is har1
to reach such astute men OF this type
save by making them feel the weight
of a> hoL>t public Indignation. But
this indignation, it is to be effective,
must be INTEL gent. 1t is. OF course,
to the great advantage of dishonest
men of wealth if they are denouncei
I~,@s.