The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1906-10-04

waste and extravaganza in admins
tratiOn, and what is LOW commonly
called graft" which is a combina-
ton of bribery and larceny, but,
what is economically worse, the laws
are SO framed as not to get the best
use out of the taxes paid by the peo-
pie. What we have to fear is not so
much the magnitude of the appro-
priation as that our laws require that
an uneconomical and therefore bad
use be made of them
In proof of this Mr. Fish cites that
in the Post Office Department there
was deficit of $14, 572,5S4 in 1905,
due las he thinks to laws and not
administration Government free
matter cost 100000, 900, rural free
delivery cost s20.S19,944, and the
loss on this he estimates at $15,-
900.
rs it surprising," asks Mr. Fish,
that under laws which not only per-
nit but require such a waste of pub
lie revenues there is a deficit and
that the deficit should be growing
rapidly?"
Il need not repeat that the coun-
try is prospecting and likely to con-
tinue. While fully approaching these
facts, we cannot shut our eyes to the
trouble that has been going on in the
center of financial system.
Having looked into the matter
myself carefully, beg to say to you
in all seriousness that not only in the
insurance companies, but in many
other corporations, there is need of
the advice, and probably Of the knife
of the trained surgeon. Without pre-
tending to any superior knowledge
on the subject, l think that the root
of the evil lies in too few men having
undertaken to manage too many cor
porations; that in so doing they have
perverted the powers granted under
corporate charters, and in their hur-
ry to do vast business have in many
cases done it all.
while the evil applies to corpora
lions generally throughout the whole
country, my meaning can perhaps be
best illustrated by taking the case
Of the three great life insurance
companies of New York-the Mutual
the New York Life and the Equita-
BILE. A year ago these three COM
panies had, as shown in the Direc-
tory of Directors published by the
Audit Company of New York, nine
ty-two (92) trustees or directors who
lived in New York. Of them one was
member of seventy-three (73)
boards; another of f1fty-eight (58);
another of fifty-four go; another
of fifty-three (53); another of forty
nine (49); another of forty-seven
(4D; another of forty-three (43);
and another of fortyone (41): And
to sum up, those ninety-twO gentle
men held fourteen hundred and thir-
ty-nine 1,439) directorships in cor
porations which were sufficiently
we'll known to be recorded in the di-
rectory above referred to-"
In conclusion Mr.. Fish finds that:
I'VE, who-as breadwinners, as tax
payers and as stOckhOlders-prO
vide the wherewithal, suffer because
we have set others to rule over us
without holding them to that strict
accountability for the discharge of
their trust, which the common law
and common sense alike demand.
Indeed, things have come to such
pass that in certain quarters it is
now considered indecorous and ill
bred for us, the many, to even dis
cuss much less to- correct, the short
comings of the elect few. Such was
neither the theory nor the practice
on which our forefathers ordered the
economy of this Republic. !"