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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (March 17, 1905)
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MARCH 17. 1905 .
tho occupants "with a pipe and some catarrh cure
the laat man to retire informing him that "no gen
tleman would treat a company of gentlemen in
Deception, secrecy and indifference to tho
rights and feelings of others these have always
characterized the Standard, but it looks as if it
took in too much territory when it tackled Kansas.
Concerning the adoption of the Keane reso
lution for a recess inquiry into the subject of rail-,
way practices and railway rates, the Chicago
Record-Herald fears that it is significant that tb
senate buried Senator Dolliver's "more appro-,
priate" resolution for a similar inquiry by the
joint commission of seven senators and seven
members of the house. The Record-Herald says:
"The 3enate preferred a strictly private inquiry
of its own. Representatives might create an at
mosphere at the hearings which the senators would
find wholly uncongenial."
While admitting that an investigation, pro
vided it be honest, can do no harm, the Record
Herald makes bold to ask: "Will tho committee be
ready to report next fall say in October when
an extra session may be called by the president?"
.Of course the committee will be ready to re
port! Have we not already received Mr. Garfield'3
report on the so-called beef trust? What have
the champions of tho railroad corporations to
fear? Didn't the packers show their books to Mr.
Garfield? Didn't Mr. Garfield's "investigation" of
those books disclose that when the people imagined
they could see a. beef trust, operating in defiance
of law and regardless of the rights of men to
live, they were wholly mistaken?
It is safe to say, however, that when the senate
committee does report, the report will be conser
vative eminently conservative.
President's Inaugural Disap
pointing President Roosevelt's inaugural address
was disappointing. Ushered into the highest office
within tho gift of man and assuming the respon
sibilities of a position to which he was chosen by
an overwhelming plurality, he had the opportunity
of a life-time and he did not improve it. There
Is not a sentiment in the address to lift it above
the common-place not a sentence that will be
ouoted. With the people marshalling for a hand-to-hand
struggle with plutocracy there is no buglo
call no inspiring or encouraging word. In so
far as emphasis is placed on anything it is placed
upon war-like preparation to meet an imaginary
foe. He talks as if this nation, after being unmo
lested for nearly a century, was about to be
menaced by the combined navies of Europe.
In so far as he refers to domestic problems he
deals in generalities and uses phrases which may
be construed to mean anything or nothing. His
friends must regret that he has failed to give the
world a state paper of high merit and those in
terested in reform will see in the address an evi
dence of weakening in his fight against corporate
aggression. The party leaders have been using
the "harmony" argument on him and warning him
that an attempt to secure any radical legislation
will result in a split in his party. If the inaugural
throws any light on the subject at all it indicates
.that the harmony argument is having its effect.,
Corporations Need Restriction
Recent developments show tho necessity for
more stringent laws regulating corporations. Many
of tho evils complained of come from the fact that
the same person is permitted to be a director in
several competing corporations or in corporations
having dealings with each other. The result is
that 3uch a person is constantly dealing with him
self and his own pecuniary interests prevent a
"square deal." A director can not serve two
masters; he is bound to sacrifice the interests of
eome of those for whom he acts. The quarrel
between Carnegie and Frick grew out of Frick's
refusal to sacrifice the interests of the minority
stockholders of the Coke company to the interests
of tho Steel company. Tho Standard Oil company
is extending its influence to various banks and
railroads by electing its directors to places in tho
directorates of these corporations. Fossibly no
one thing has contributed more to the establish
ment of the "system" which Lawson exposes than
this duplicating of directorates. It is the -plan
employed to destroy competition between rail-
loads and manufacturers, and It Is tho plan now
used by tho directors of tho big Insurance com
panies to obtain control of tho trust funds held
by these companies for their policyholders. Tho
laws, both state and national, should prohibit tho
election of any officer or director in a corporation
to a similar position in any competing corpora
tion or in any corporation having business deal
ings with tho corporation with which ho is already
connected. Tho laws might well go farther and
lorbid the purchase of stock by any person whoso
purpose is to secure control of two such corpora
tions. Tho people can regulate corporations when
ever they get ready to deal with tho question in
JJJ , '
"For The People',
New York will return Dopjow, Minnesota
Clapp, and Wisconsin would do well to profit
by their example. Milwaukee Sentinel.
Yes, if Wisconsin ddes as well a3 Now York
has done in deciding to return Mr. Depew to
tho United States senate tho Herald and its
Milwaukee contemporary can shake hands on
tho good results obtained for the people. New
The return of Depew and Clapp is just what
the railroad corporations wanted and if wo under
stand the New York Herald, it would have shaken
hands with its Milwaukee contemporary had tho
senatorial contest in Wisconsin been settled In
favor of a railroad candidate.
But Wisconsin did much better than New York
or Minnesota. Instead of a Depew or a Clapp,
Wisconsin elected a LaFollette.
But the Herald must not forget Nebraska for "
in Nebraska a republican legislature, organized
and controlled by the railroads of the state, elected
to the senate a man who was chosen for that
. honor by railroad lobbyists. Now we presume the
Herald will be prepared to shake hands again "on
the good results obtained for the people."
Perils of Concentration
An interesting discussion has been carried on
between the "American Banker" and tho Wall
- Street Journal on the subject, "Perils of Concentra
tion." The Journal pointed out the remarkable
concentration of banking power in a few New York
city banks and the "American Banker" retorted
that the Journal's criticism was "provincial." Tho
Journal maintains, however, that its criticism is
not "provincial" because it was not based upon a
mere objection to the growth of these institutions.
The Journal says that tho banks should keep pace
with the expansion of the country, but that such
a growth 13 "something very different from the
concentration which is taking place." The Jour
nal says that the banking concentration now going
on "come3 from combination, consolidation, and
other methods employed to secure monopolistic
power," and that "this concentratica has not been
along the lines of commercial banking." The Jour
Tho great banks of concentration are in
close alliance with financial interests inti
mately connected with the promotion of im
mense enterprises, many of them being largely
speculative. The bank credits of the country
are being rapidly concentrated in the hands
of a few bankers, who are more interested in
banking on its financial sido than in banking
on its commercial side.
Such concentration as this Is dangerous in
a political sense. Tho people have already
been greatly disturbed by the concentration
that has taken place in the industrial world,
and tho fear that these aggregations of capital
would become more powerful than the govern
ment itsem has led to the enactment of statutes
like the Sherman anti-trust law and to meas
ures like that of the suit again3t tho Northern -Securities
Company. But concentration in the
industrial world is a far less menacing condi
tion than concentration in banking. The men
or the set of men who control tho credits of
the country, control the country. And, if
this concentration continues at tho rapid rate
with which it has progressed in the past ten
years, there will surely come a time when tho
people, alarmed at the crowth, will rise up In
some vigorous measures to assert their power.
Such an uprising would involve tho most ser
ious consequences and would likely bo carried
to the most unreasonable limite. Yet there
can bo no doubt that further concentration of
banking power in New York is the end In view
of somo of our leading bankors. . They bellovo
that thoro will bo a furthor reduction in tho
number of banks, and of a further increase in
tho powor of tho big banks. That is ono rea
son why this banking concentration needs to
bo studied and its consequences carefully
Thoso who havo boon led to bolieve that tho
dangera involved in tho process of concentration
and combination are not real, will do well to care
fully obscrvo the testimony givon by perhaps tho
most important, and cortalnly tho most Indepen
dent publication in Wall Street.
Commoner readers are taking hold of the spe
cial subscription offer in a .way that is having a
marked effect upon The Commoner's circulation.
A St. Louis, Mo., reader, tindor date of Feb
ruary 21, writes: "I enclose herewith fifteen re
newals, four new and one of which I am in doubt.
The list constitutes the full measure of my order
for cards, namely 20, from G584G-G5."
A Hume, Mo., reader, under date of February
20, writes: "Enclosed, you will find list of twelve
names and their addresses, accompanied by bank
draft for the same. This cost me about an hour's
hustling around and I will perhaps send you In
another list later at my leisure. God bless tho
editor and all connected with your work Is tho
sentiment of this locality."
A Morgantown, W. V., reader, under date of
February 22, writes: "I hand you herewith, sub
scription cards G50UU to G5080 (15) together with
check for $9 in payment of same. Fart of theao
cards as you will notice, are new subscriptions
and a part renewals."
A Webster, la., reader, under date of March
3, says: "Inclosed find draft for $1.50 for which
please send Tho Commoner to the Inclosed list.
This brings my total list up to over one hundred
subscribers for this vicinity. Prosperity to Tho
A Lebanon, Mo., reader, under date of March
7. writes: "Inclosed find draft on St. Louis for
$3.G0 in payment for the inclosed list of six sub
scribers for The Comoner. I now have nine cards
left of the fifty sent me, and I expect- to place
them before long."
A Fayette, Mo., reader in sending a club of
thirty-three subscribers under date of March 4,
says: "I notice by the last Commoner that I am
credited with 81 subscribers. If you will go over
the ll3ts sent In and acknowledged you will find
as follows: January 21, ten; January 30, nineteen;
February 4, ten; February 11, thirty-one; February
18, thirty-three; February 27, fifteen; March 4,
thirty-three total, 151."
Everyone who approves of the work The Com
moner is trying to do, is invited to take advan
tage of tho special subscription offer. According
to tho terms of this offer, cards, each good for ono
year's subscription to The Commoner, will bo
furnished in lots of five, at the rate of $3 per lot.
This places the yearly subscription rate at GO cents.
Anyone ordering these cards may sell them
for $1.00 each; thus earning a commission of ?2.00
en each lot sold, or he may sell them at the cost
price and find compensation In the fact that ho
has contributed to the educational campaign.
These cards may be paid for when ordered, or
they may be ordered and remittance made after
- they havo been sold.
Tho coupon Is printed below for the conveni
ence of those who -desire to participate in the
effort to increase The Commoner's circulation.
THE COMMONER'S SPECIAL OFFER
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