The commoner. (Lincoln, Neb.) 1901-1923, March 17, 1905, Page 3, Image 3
u mWmmvH ' i m mmrmimnnZtZFZZZZi 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 that way." 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. JJJ Eminently Conservative 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. JJJ 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., JJJ 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- The Commoner. - t 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 earnest. 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 York Herald. 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." JJJ 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 nal explains: 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 3 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 weighed. 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. JJJ Pulling Together 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 Commoner." 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. 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