New-York tribune., 1907-12-23

the gullibty of the public, and in the absence of
legal restraint they have palmed of upon 1t Sc
curites and certificates that really represented
nothing but hot air. and water.
The basic idea Of a corporation Is that il is
convenient way to put together capital to develop
real business enterprise Promoters and
schemers have perverted this idea into plan 10
Sell stock for their personal benefit The credulous
purchaser when he has put in his money proceeds
TO watch the ticker to learn the progress of the
business.
few days ago / saw in Boston financial pa
per the statement that a certain group of mining
securities had shrunk ro3. Oo,oo: As happened TO
know something about the property involved It
provoked smile. So far as the mines and prop
erty concerned, they remain just valuable
as they were before. What has happened is that
the fictitious value has been eliminated, leaving the
property unimpaired.
Illustrations might be cited without limit TO show
that the public and spectators combined have cast
Infinite discredit American commercial and
corporate integrity. II seems shame that this
should have happened. We are people of ninety
millions. Is probable that than five
thousand men In number have smirched American
commercial honor and contributed to this great
national reproach. Some of them have made the
calling OF piracy and slave trading look respect
able by comparison Unfortunately, the world at
looking at the result, does not take sufficient
note of the fact that most OF citizens rich and
poor. high and low, honest and law abiding,
anxious to discharge I'm the highest degree their
duty as men and citizens.
We confronted with condition that
cannot be rernedied but must be outgrown. y
panicky frenzy on tho part of the people and Of
legislatures and courts would do no good Inc
wrongs of the past are inbedded in the securi-
tics Of the country that there is no remedy for
them. II the promoters of those wrongs could be
reached without intur.ng the holders of the secu-
ties-that is. reached IN the present state or the
laW-I should say let the law take It's course with
them.
Filming corporations is adequate remedy. II
would reach the innocent stockholders and might
not reach the perpetrators of the wrong In the
main We shall have to accept the past as a closed
book except for the purpose of Furnishing those
who are responsible and who can be reached FOR
ourselves. we should turn our faces TO the future
What need is not frenzy but an amendment OF
our corporation laws so that what has happened in
the past cannot be repeated in the future with
immunity So far as penalties concerned, our
legal artillery should be trained on men who are
guilty and not upon corporations. what We need
is a Gordon of laws framed in relation 10 cor
porations by legislative bodies. and 80 construed
and applied by the courts to render repetition
OF the financial history Of the last twenty-five years
Impossible.
Judicial frenzy is just as baneful as any other
frenzy The judicial frenzy IN Chicago in the case
OF the Standard OIL Company IS an example we
should turn our faces steadily to the future and
try 10 administer worthily the great trust OF the
nation and its resources inherited by US.
II ia pleasant to reflect that Mother Earth IS gen
erous to US as a people 1t is stated that during
this very wear of strain and financial depression
and embarrassment all unrnndful of our failures
our soil and mines have generously supplied us WIN
over 81 100 oo osO worth of products The source OF
this contribution. probably with some ausnnenta-
tion Is the trust which the American people are 10
administer in the future
Notwithstanding the blemish that has oeen pu'
unon the American character by the few men VINO
have oyerreached themselves and defrauded the
public I have unbounded faith in the dynamic
forces of American commercial integrity ana os-
leve that the future will be purer and brighter
financially than the past; that for our failoauS
and our factories and all our resources ~hcn nave
nrosnered so wonderfully there is nothing but prog
ress in sight First let clear away. as rapiuiS
and effectuaIIy as the unsiShtY "rech
which the financial frauds of the past nave eA-
,osad tn view and let contemplate ana sIuuS
tho experience of the past only for the purpose oi
drawing therefron lessons through which we may
ca safeeuard the future 1t is profoundly 10 DC ue-
aired that In the future our corporate nasha'e'
shall understand that common honesty anu 'lu'h-
f,ess are Jewels that just fittingly ornament
tho cornorate manager they do the common
ue e B. HINSDALE-
citizen. -
New York, Dec IL. l%i