Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-02-01

Hthe protection or invested capital r
1.-The time has come for fbe stric,
| supervision of these great corporations
| and the limitation of their s,ock and
| bond issues under some proper public
| official. 1t will make for conservatism.
and strengthen the companies doing a
| legitimate business, and eliminate let
us hope, those which are merely specu-
latlve in character and organized SIM
ply to eaten the unsusDecting or credu-
| lous investor. Corporations have come
in our business world to remain for all
time. Corporate methods are the most
satisfactory for business purposes in
many cases. Every business or enter
prise honestly incorporated should be
protected and the public made to feel
confidence in its corporate organization.
Capital invested in corporations must be
as free from wrongful attack as that
| invested by individuals. and the state
should do everything to foster and pro-
tect invested corporate capital and en-
courage the public in giving to it sup
port and confidence. Nothing will do so
much to achieve this desirable result as
proper supervision and reasonable con-
| tioI oNtT StoNh anu pOEu issues, so IndI
overcapitalization will be prevented
and the people may know when they buy
a share of stock or n bond: o
that the name of the state upon it
stands as a guaranty that there is value
behind it and reasonable safety in it's
purchase. The act must make it clear
that the intent Of the supervision by the
commissioner is not Tor the purpose of
strikin at corporate organizations or in
| vested corporate capital, but rather to
recognize and protect existing condi-
lions and insure greater safeguards for
| the future.
! Capital does not go into 4 state
where reprisals are taken or vested in
terests are injured: it comes only where
wise, conservative, safe treatment is
assured. and it should be our policy to
encourage and secure corporate rights
and the best Interests of stock and bond
holders committed to our legal care.
Under no circumstances would we
countenance attacks Upon law-abiding
property. or do aught but condemn those
who hold up rich men as being evil men
because of their riches. On the con-
trary, our whole effort is to insist upon
conduct, and neither wealth nor prop
erty nor any other class distinction, as
being the proper standard by which to
judge the actions of men. For the hon.
est man of great wealth we have q
hearty regard, just as we have hearty
regard for the honest politician and
honest newspaper. But part of the
movement to uphold honesty must be q
movement to frown on dishonesty. We
attack only the corrupt men of wealth
who find in the purchased politician the
most efficient instrument of corruption
and in the purchased newspaper the
most efficient defender of corruption.
Our main quarrel is not with these agents
and representatives Of the interests.
They derive their chief power from the
great sinister offenders who stand be-
hind them. They are but puppets who
move as the strings are pulled. 1t is
not the puppets. but the strong cunning
men and the mighty forces working for
evil behind and through the puppets.
with whom we have to deal. We seek
, to control law-defyng wealth, in the
first place to prevent its doing dire evil
to the Republic, and in the next place
t" avoid the vindictive and dreadful
radcalism which, if left uncontrolled.
/ it is certain in the end to arouse.
Sweeping attacks upon all property.
upon all men of means, without regard
to whether they do well or i'll, would
sound the deatil-knell of the Republic;
and such attacks become inevitable If
decent citizens permit those rich men
whose lives are corrupt and evil to
domineer In swollen pride. unchecked
and unhindcred, over the destinies OF
this country. We act in no vindictive
spirit, and We are no respecter of per
sons. If a labor union does wrong, VIC
oppose it as firmly as we oppose Il cor
poration which does wrong; and wt
stand equally stoutly for the rights OF
the man of wealth and for the rights OF
the wageworker We seek to protect
the property of every man who acts
| honestly of every corporation that
represents wealth honestly accumulated
and honestly used. We seek to stoI
wrongdoing. and we desire to punish
the wrongdoers only so far as is neces
sary to achieve this end.
There are ample material rewards
| for those who serve with fldellty Inc
mammon of unrighteousness: but they
are dearly paid for by the people who
: permit their representatives. whether
in public life. in the press. or in the
colleges where their young men ar,
taught, to preach and to practice tha
there is one law for the rich and an
other for the poor. The amount OF
money the representatives of certain
great moneyed interests are willing t
spend can be gagged by their recent
publication broadcast throughout The
papers of this country. from the At
lantic to the Pacific, of huge adver
tisements attacking with cnvenomc(
bitterness the administration policy
Of warning against successful dishon
esty, and by their circulation Of pam.
phlets and books prepared with tbs
same object: while they likewise pusl
the circulation of the writings an(
speeches of men who. whether because
they are misled, or because, seeing tht
light, thy yet are willing to sir
against the light, serve these theil
masters of great wealth to the cost Of
the plain people. The books and pam.
| Dhlets the controlled newspapers. the