The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-07-06

where 1 stand on all public questions:
If elected. I shall use all the power
vested in me
To obtain nationwide presidential
preference primaries for the nomlna-
ton of the president and vice presi-
dent of the United States.
To obtain the appointment of fed
eral judges who represent not only
the best legal ability of the country,
but the moral character, the integrity
and the conscience of the nation.
To abolish the life tenure of Office
for all federal judges, excepting the
supreme court, and provide for the
election of federal district judges by
direct vote of the people. and the APP
pointment for a limited number of
years of judges of the circuit courts
of appeals.
The annual report of the commits
sioner of internal revenue for 1911
shows that stocks and bonds repre-
senting lightweight billion, dollars have
been issued by various corporations in
America. This amounts to 20 per cent
of the entire wealth of the country.
Such gigantic capitalization is a la
bility upon which the American people
must pay, directly or indirectly, from
their earnings whatever annual inter-
est and dividends are paid by these
corporations.
The aggregate interest and dividends
paid by these corporations in 1911
amounted, approximately. to forty-fve
hundred million dollars, or an average
of nearly ninety million dollars for
every state in the Union, which, for
the population of Kansas, amounts to
eighty-five million dollars a year, or
$3.50 for family of five persons.
regard as a matter of first impor-
lance the enactment of federal laws
which will protect the people from
being compelled to pay extortionate
- Asr<w1 80
in order that they may, in turn, pay
dividends on stocks and bonds, great
part of which represents neither prop
erty nor value. This, in my judgment,
is one of the chief causes of the high
cost of living.
1 am in favor of prohibiting abso-
lutely the sale, or the advertisement
for sale in the public press, or the
use of the United States malls to sell
the stocks, bonds and securities of
commerce that have not been thor
oughly investigated and approved by
the federal government, with peni
tertiary sentence for violation of such
law. am also in favor of providing
for the widest publicity consistent
with good business of the Standard
Oil company, the Tobacco Trust, the
railroads, the Steel Trust, Sugar Trust
and every form of monopoliStic trade,
and further, of providing for the same
absolute control of all giant corpora
lions engaged in interstate commerce
that now is exercised by the federal
government to control the organiza-
ton and management of national
banks. The national government ex-
ercises the right to know and direct
every detail of the management of a
national bank, including the issue and
sale of its stock, the conduct of its
business and the appointment of a re-
ceiver whenever public interest de-
mands such action. The application
of these principles to all classes of
big business would be more effective
in protecting the rights of the people
against the rapacity and greed of
trusts and monopolies than all the de-
cisions rendered by the supreme court
during the last twenty years.
The federal government has been
prosecuting the Standard Oil COM
pany, for various crimes, in the fed
era1 court for more than a score of
years. During that time the Stand
ard Oil company has accumulated
hundreds of millions of dollars
the violation of federal laws.
1t has wrecked and ruined the f1nan-
cial hopes and fortunes of hundreds,
and perhaps thousands, of persons.
Only recently the supreme court OF
the United States found it guilty of
every crime charged
against the corporation, and the pen
atty inflicted for these crimes pro-
vided only that the corporation must
quit violating the federal law within
six months after the decision was
rendered. AS result of this decision,
the market value of Standard Oil
stock increased more than two hun
dred million dollars within a few
months. This is a fair example of
the prosecution of big corporations in
the federal court and demonstrates
that there is no hope whatever of per-
relief from the extortion and
tyranny of monopolies and trusts I'M
der the laws and through the federal
court as now constituted.
If congress would enact laws vest
ing power and authority in the COM
missioner of corporations, or some
other governmental agency. to make |
rigid examinations and give the full |
est publicity to facts which the pub |
lie should know, to direct every de-
tail of the management of every cor
poration engaged in interstate COM
including physical valuation of |
property, the amount of capital ac-
tually invested, the issue and sale of |
stock, the conduct of business and 1
the appointment of a receiver when |
ever public interest demands such ac- |
ton, including the right to discharge |
any and all officials of these cofpor- |
atoms who are unfaithfu1 to their du- /
ties and do not comply with the rules /
Of the department and the laws of |
the government, precisely as it does
the Standard Oil company, the rail- |
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