The Washington times., 1911-08-29
CRUSH BAD TRUSTS
IS PLEA Of FARRAR,
HEAD OF BAR BODY
Blames People for Present
Spread of Terror in
Country.

BOSTON, Aug. 2s.-In the most SEN
sational address In the history OF the
conservative American Bar Association,
Its president, Edgar H. Farrar, today
fiayed the trusts and the laws under
which they are organized. The big
financial interests Of the country, es-
pecially the money kings OF New York.
were denounced In bitter terms as law
breakers and law evaders, who plan
to control the liquid finances of the
nation In a giant money trust. The
coming conference Of the State govern
ors in New Jersey was urged to devise
a plan to save the country from the in
terests.
Attorney General Wickersham was
assailed for the suggestion that the
Government should fix prices of com=
modities. which was characterized as
''monopolist and socialist reaching a
common ground" and such a plan, Mr..
Farrar said, would ''shatter America 8
free Democracy"
Scores Money Trust.
That the so-called money trust is an
immediate menace also was insisted on
by Farrar, who said:
capital-the life blood Of the commerce
Of the nation-is doubtless the dream of
the dominant financial magnates. II
such a calamity does befall US, there
will surely rise up another Andrew
Jackson. with the power and good will
OF the people behind him, who will
throttle this perversion Of the financial
laws"
As a remedy and deterrent, Mr.. Farrar
suggested that Congress limit the cap
ital Of National banks, prohibit consoli-
dation and prohibit coupling of stock
or directors.
He declared that the agitat ton for the
recall of the judges, as shown In the
Arizona constitution, vetoed by the
President, was only "one of the symp-
toms of the political. social. and econ
omic unrest that now pervades the
whole nation
Question At Issue.
'If there are Frankensteins in cor
porate form straying over the land"
continued Mr.. Fnrrar. spreading terror
and threatening destruction, the people
themselves have created them by their
Legislatures. In forty-one States there
is no limit on capital stock. and twenty
four perpetual charters are permitted.
Mergers or consultations are only spe-
cifically prohibited in two States.
During the last ten years there
has been competition between the
States to invent and adopt the most
corporation laws. The
spur has been greed for revenue.
How will the Republic stand in a
generation from now. if the estates
of all the millionaires and multi
are perpetually incor-
porated, as Is being done in New York
and copied elsewhere? In the agri-
cultural States great corporations are
absorbing and combining the farms.
How can that flrmest of foundations
of free government. a land-owning
yeomanry, exist under such conditions?
tons?
Under the lax State and National
laws great aggregations OF capital
have seized upon all industries presuming
to compete with them. They have no le-
gal grant of monopoly. but monopoly
comes to them by virture OF their size.
and strength. They are a
nest of wasps-a swarm of vermin which
have overcrept the land.
The economic advantages, II any, that
flow from these vast aggregations of
capital are drowned in the firm belief
that they exercise too much political
power, selfishly and unscrupulously, bar
the door to private enterprise, cramp
the Industrial freedom OF individuals,
destroy all ambition for industrial in>
dependence and autonomy.
1.-THE great American national dis