Cbe Conservative *
produces a tendency to turn commerce
into speculation , to dirert a combination
intended for industrial purposes into
mere speculation with a result of infla
tion of values , from which we have
financial and commercial panics.
"So much of the capital of this coun
try has already found its way into indus
trial securities that any panic in these
securities extends beyond the mere in
dustrial investments. A panic in in
dustrial securities may mean a financial
panic , perhaps permeating the whole
country. The industrial securities have
become so much a part of the finances of
the whole country that a lack of steadi
ness , of confidence in these industrials
produces a lack of confidence in the
finances of the entire country.
Some Safeguards Suggested.
"The statement that electrical energy
advanced as a public utility only as the
public learned by experience how to reg
ulate , control , and insulate , will bear
repetition and renewed application to the
industrial movement today.
"Utilization and restraint of trusts are
the essential elements of the industrial
success.
"This regulation and control can only
be had by an enlightened public opinion
followed by wise legislation.
"Such public opinion and such legis
lation must be founded on a knowledge
- of the facts.
"Publicity with regard to corporations
is of two kinds , public publicity and pri
vate publicity.
"Public publicity is not yet practiced
to any extent by industrial combinations ,
and legislation has not yet been able to
procure it.
- "Private publicity , or information to
the stockholders , is not always carried
out to the fullest extent.
"Knowledge of immediate facts is
sometime conveyed only to an inside cir
cle , a circle less in circumference in
many oases than the board of directors ,
and by no means including all the offi
cers of the corporation.
"Publicity must be secured by legisla
tion either national or state , and the lat
ter , to be effectual , must be practically
uniform among the states.
State Fees a Menace.
"In the field of state legislation we
find one of the gravest dangers surround
ing the corporate questions a danger
both subjective and objective.
"A menace both to the combination
and to the people is found in the com
petitive strife among states for revenue
from corporations.
"Just so long as it is possible fora cor
porate organization in one state to do
business in many other states , just so
long will we find different states offer
ing inducements to capital to inoorpor
ate under their particular laws. ,
"For years the state of Ne\ - Jersey
stood pre-eminent among the charter
granting states until from the revenue
lerived from corporations it practically
abolished the necessity fo/ / state taxes ,
ontributed large sums for schools , for
good roads , and formatters of public use
and utility. At the beginning of this
month the state of New Jersey had in
ts treasury something over $2,000,000 as
a surplus.
"In 1900 the state of New York , al-
hough it had for years waged war upon
New Jersey's system of incorporation ,
gave way to the contrast between the
state of its treasury and that of Now
Jersey. New York out-Jerseyed New
Fersey in so-called liberality to corpora-
ions. It amended its corporation act
upon the theory that the greatest paper
liberality would produce the greatest
revenue.
Liberal Laws for Revenue.
"The staid old state of Connecticut
followed suit and opened its doors , of
fering its inducements to corporations.
The states of Maine and North Carolina
followed the example of New York and
Connecticut. The states of Delaware
and West Virginia had already adopted
every provision which could be suggest
ed to make the state a successful char
ter-granting state and to increase their
revenue , and finally South Dakota comes
forward with a proposition that it will
grant to a corporation everything that it
will ask , and for a consideration so min
ute as to be scarcely worth mentioning.
"The position of many of the states is
antagonistic. States making legal with
in their respective borders what is for
bidden in other states , each endeavoring
to make a Mecca for organizations which
can pay the registration fee and the an
nual tax.
"On the other hand , influenced by the
cry against monopolies , making no dis
tinction between the combination of to
day and the monopolistic trust of yes
terday , other states have filled then ?
statute books with discriminations
against business combinations until it is
almost impracticable to do business
within the state.
"State legislation is each year grow
ing more divergent , and we can look in
that direction with no assurance to any
uniformity of procedure and regulation
of corporations.
National Legislation Required.
"The question is national in extent
and breadth. It can only be dealt with
by legislation equally as broad , that is
national legislation.
"The objection to national legislation
is suggested that it would be unconsti
tutional. The Supreme Court of the
United States found its way out of the
same difficulty when suggested in the
case of the national banking act. It
might be said in the present case that
the public welfare more urgently re
quired a national corporation act than
the same public welfare required a na
tional banking act. "
Mr. Dill suggested that the Roosevelt
act in New York of 1900 was now a
matter of interest as indicative of the
features of a national corporation act
which might be acceptable at Washing
ton.
PLANT TREES.
Some days since we met Walrich
Ubben in Auburn and engaged him
in conversation relative to the farm
he owns and farms six miles south of
town ; and wo found him shedding
no tears because of the large number
of trees planted on this farm by the
former owner some years since.
This farm was owned and improved
by Matthew Peck , one of the best
farmers who came from old England to
make his home in Nebraska. Mr. Peck ,
after putting out the necessary num
ber of trees for shade and wind breaks
about his house and barns , wont to
the lowest land on the farm and
about the bends of the little creek put
out walnut , maple , catalpa , ash and
willows , and these have made a
wonderful growth. Some of the
trees have been cut , the underbrush
cleaned out and no better blue grass
pasture can be found anywhere.
Mr. Ubben has wood for sale and
finds ready sale for catalpa poles for
hay and cattle sheds at twenty cents
each. He approves of the work done
and the way in which it was done by
Mr. Peck. The otherwise waste land
was made to add to the wealth of the
farm ; the low ground was the natural
home of both the willow and the soft
maple , while the other varieties did
better there than elsewhere , and be
sides value of the growing timber and
the shade , Mr. Ubbeu speaks of the
advantage in this growing timber in
inviting rainfall.
And now while talking about trees we
want to again endorse the proposition
of J. Sterling Morton relative to util
izing the unnecessary laud along our
public highways by growing trees
thereon. Nearly every owner of a
quarter section of land has ceded four
acres for public highways , and about
one-half of this land is generally
thoroughly seeded with noxious weeds
which grow undisturbed and in turn
seed the farms. If upon the unused
portions of these lands , trees were
planted , either by the farmers or the
public , 820 trees or double that num
ber , could be grown , and these would
add to the beauty of the roads , the
comfort of traveling , the certainty of
rainfall and the wealth of the fanner
or the public. Auburn ( Neb. )
Granger.
Bead the attractive club offer on page
18 of this issue of THE CONSERVATIVE.