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-<<ie—
Freshman First Division.
The following men will comprise the
first division of the Freshman Class for
the: ensuing. term: C: T. Andrews, T,
Andrews, G. S. Arnold, S. N. Arnold,
M. Atwater, D. H. Atwill, C. R. Auchin-
closs, 1, Baker. P.-E. Barbour 1. a.
Benton, L. C. Berman, R. L. Black, A.
G.> 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.
