176 THE CANDLELIGHT SPEECH. [Continued from 175th page.| gether and sold all that there was to be sold, but that the fourth man who ‘wanted to come in and compete with them when their prices got too high, was kept out of the market by question- able, and perhaps evil, means. I am confident, in the light of past experience in other countries, that by application of the principle of publicity, with the at- tendant responsibility in the formation of corporations, and of a strict applica- tion of the law of conspiracy in the later development of those corporations, we could check the more serious evils un- der which we are now suffering, and check them without any loss of the economy of production that attends the consolidation of large industrial enter- prises under a single act. PUBLIC OPINION ALONE WILL SUFFER. But such an application of responsi- bility and of the law of conspiracy, how- ever salutary, would not meet the whole need. The directors of these large en- terprises have a very much greater power than was possessed by any of the direc- tors of small enterprises in the olden time; a very much greater power for good if they manage them well; a very much greater power for evil if they manage them ill. This power is so great that it can only be controlled by public opinion—not by statute. But in America, in spite of many disappoint- ments, we still remain firm believers in statutes. We attempt to apply the law as a quack would apply medicine. We see a symptom. We pass the statute to re- press that symptom, just as the quack in the medical profession sees a symp- tom of disease in the body and prescribes a pill intended to stop that symptom. The result is similar in the two cases. Generally neither the statute nor the pill works at all. In those cases where it does work at all it is apt to produce indirect effects very different from what its original measure proposed. The true medical treatment in the body politic, as in the human body, is the physiological one; to create a public spirit and a public sentiment which shall be adequate to deal with the new con- ditions. It must be understood that where business has been monopolized and is not subject to the control of com- petition a man has certain responsibili- ties that he does not have in dealing with his private business. . SOCIAL DISQUALIFICATION, But some one will say, how are you going to make him understand? There are means enough. Don’t invite him to dinner with you. Don’t let him come to your house. Disqualify him socially. You may say that is not an operative remedy. This is a mistake. When- ever it is understood. that certain prac- tices are so clearly against public need and public necessity that the man who perpetrates them is not allowed to as- sociate on even terms with his fellow- men, you have in your hands an all- powerful remedy. It reaches down a great deal lower than you think. There are not so many strata in society after all. We are really more democratic than we sometimes think we are. The power of public sentiment, when it can once be created, is very much larger, , very much more overwhelming than the mere superficial observer would think. The evil connected with’ indiscrimi- nate denunciation of trusts, with an at- tempt to do away with the good and the evil alike, is not merely that it strives after an unattainable end, but that it puts the strong men, the powerful men who are doing the great business, against you instead of on your side, and makes it impossible to operate, to work out such a reform in public sentiment as re- quires the codperation of these strong men in the community to make it persua- sive and powerful enough to be a basis of general action. When, therefore, any one comes and says, “These trusts are bad: they are so bad that they must be stopped; let us denounce them; let us make sweeping legislation against them,”- I say frankly I admit that they are in many instances bad, but I believe that by indiscriminate denunciation you are weakening instead of strengthening your case and the case of all those who wish to effect read reform. Saat MNT. OV EK LY MANHATTAN TRUST CO. Wall Street, corner Nassau, THE PEOPLE DON’T LIKE “KICKERS.” Why? Because, in the first place, you are protesting against an accomplished fact. - You are a “kicker” and the American people hate a “kicker.” In the second nlace, because statutes are not effective unless they have strong public sentiment behind them, and by pleading for statutes where you have not worked your public sentiment out into clear shape you are pleading for an apparent regulation which will really be no regulation at all and which will tend to perpetuate instead of control the abuses. I say, on the other hand, that there is in the older principles of the common law much which by intelligent discussion and intelligent presentation can be so used as that a very little ad- jective law, a very little supplementary legislation on the part of the states to give it effect, can check the most serious of the evils under which we suffer; and the evils which are not checked in this way are likely to be most speedily met by publicity and public understanding. Let us go slowly; let us accept the in- evitable; let us use what law we have as a heritage from the past to check the worst abuses incident to this inevitable; let us strive to build up a public senti- ment, which may seem a slow means of controlling it, but which is in the long run the only effective one. —_—————---_-<-6-< Blaisdell, W. A. Blount,..jr,, FE. -C: Bowers, S. M. Brereton, C. T. Brown, KK... W. Bumstead, Ko Re Glark #1; Fi. Clark, HoT. Clark: K.-D. CiateeN. 1. Cobb, L. G Coleman, A. M. Collins, D. Ni Coty, Jt. 23 Davidson k: B. Dingey, J. M. Dreisbach, W. L. Doug- lass, H. L. Drury, N. L. Engelhardt, G. B. Everts, R. H. Ewell, E. J. Failing, J. Fairbanks, W. Ferguson, M. Ferry, EK. H. Fitzgerald, A. Fox. G. Gilbert, Be. L.: Gillespie, C.. D. Green, H.-G. Greene, H. E. Griffin, _C.. J. Hamlin; W. L. Harmount, A. Hileman, W. L. Irvine, N. R. Jones, H. C. Kelly, F. S. Wheat, 1. A: Kingman, T. T;-iane,. W. C. Langley, G. S. Leach, C. H. L’Hom- meaen, A. C.. Lone, W.: Ao yon: &, McCulloch, I. McDonald, D. B. Mac- Lane, R. H. Melczer, D. M. Moffat, W. C. Moodie, J. B. Molter, A. D. Mullen, Wa Nixon, GA, KO Olivers a. 1. J: O’Neil, C. S. Parsons, H. A. Plummer, J. F. Putnam, H. Rankin, S. W. Rhoads, G. H. Richards, G. Roberts, Jr., C. Rogers, H. I. Root, H. M. Sawyers, W. Schroeder, Jr.. W.-S. Searles, R. S. eimith. . KR. Stautter, H.R Stern, j; M. Stevenson, Jr., J. B. Sullivan, H. C. Tayior, W. HH Taytor, WR: Terri- berry, Ro Hy Thacher, D.° Thompson, E. V. Thompson, G. J. Thomson, G. R. Tillson, E. P. Townsend, E. P. Truett, A. Tulin, F. B. Utley, H. B. VanDeven- tet, Ay wager, J. B. Wait W. 3. Walker, A. J. Waring, A W. Warner, hE oP RPO ae © Federation of Graduate Clubs. The first annual convention of the Federation of Graduate Clubs was held in the theater of Barnard College, New York, January 9. Thirty-five dele- gates, representing nineteen clubs of the leading universities of the United States, were present. President Seth Low of Columbia delivered the address of welcome and Dr. Wendell M. Strong, Yale ’93, presided. A protest was made against the system by which students may frequently obtain the degree of Ph.D. in Germany a year or two sooner than in this country. The next meeting will be held in Philadelphia. ———_>>—_____.. The annual indoor meeting of the eater cet eB will be held at 7.30 P. M., Saturday, February 3, in Mechanics Hall, ee Tats Sill be entered from the majority of the Eastern universities and colleges, but Yale, in pursuance of the method adopted this season by Captain Bascom Johnson, 1900, will enter no team. NEW YORK CITY. CAPITAL AND SURPLUS, - $1,500,000. A Legal Depository for Court and Trust Funds and General Deposits. Interest paid on balances subject to cheque at sight through the New York Clearing House, and higher rates allowed upon deposits payable at specified dates or subject to notice. The Company is authorized to act as Administrator, Executor, Guardian, and Receiver ; as Fiscal Agent for the payment of Bonds, Coupons, Dividends, etc., of States, Municipalities, Railroads, and other Corporations; as Trustee under Mortgages or Deeds of Trust securing Issues of Bonds, and as Registrar and Transfer Agent of the Stocks and Bonds of Incorporated Companies; as Trustee of Estates and Individuals; and for the transaction of all such business exceptional facilities are offered. OFFICERS. JOHN I. WATERBURY, President. CHARLES H. SMITH, Secretary. JOHN KEAN : ; 9 as y i MOS T. FRE Bo Vice-Presidents W. NORTH DUANE, Treasurer. DIRECTORS. Francis R. Appleton, New York | John Howard Latham, New York August Belmont, New York | E. D. Randolph, New York H.W. Cannon, =, New York | Grant B. Schley, New York A. J. Cassatt, Philadelphia | James O. Sheldon, New York K. J, CLoss, New York | Samuel Thomas, New York Rudulph Ellis, Philadelphia | Edward Tuck, New York Amos T. French, New York | John I. Waterbury, New York H. L. Higginson, Boston | R. T. Wilson, New York John Kean, New Jersey THOROUGH INSPECTIONS SAND 535 INSURANCE AGAINST LOSS OR DAMAGE TO PROPERTY AND LOSS OF LIFE AND INJURY TO PERSONS CAUSED BY STEAM BOILER EXPLOSIONS J. M. ALLEN, President. WM. B. FRANKLIN, Vice-President. F. B. ALLEN, Second Vice-President. J. B. PIERCE, Secretary. L. B. BRAINERD, Treasurer. L. F. MIDDLEBROOK, Asst. Secretary.