M. A. C. ALUMNI REUNION. 445- 



power, over a subject wliich has heretofore been in the state's exclusive 

 control. 



A corporation cannot be confined in its operations within a state line. 

 The ri<?ht to free commerce between states prevents that. Their present 

 method of operation is to become chartered under the laws of some state 

 with liberal provisions as to their duration, capitalization and object 

 of incorporation. Their scheme embodies farther this idea: That the 

 stock therein be issued to the owners of practically all the small cor- 

 porations or companies in any particular line of business, in one or 

 perhaps several or all of the states, in consideration of the jH'operty, 

 good will and business of the smaller concerns in the combination all 

 passing to the new^ organization, and by these means one whole industry, 

 or a series of industries, becomes merged into one giant feudal 

 corporation. 



Thus is formed a combination of capital, skill and power in business 

 that has the controlling financial and commercial strength of a giant. 

 The individual, therefore, must compete practically with a business 

 monarchy. It has a distinct head and everyone beneath is in a con- 

 dition of servile dependence. Their methods frequently throttle fair 

 competition by their unduly engrossing and forestalling the market on 

 many lines of products. Their organization frequently closes, without 

 good cause, numerous industries in ditferent parts of the country that 

 had previously been doing a thriving business, and thereby throw labor 

 out of employment. They put dowm prices of goods in one p'ace below 

 the legitimate cost of production to drive a rival out, and raise the price 

 of their wares in another localitv to make their accounts on the deal 

 balance. 



They wield the boycott, the bludgeon of trade and commerce, with tre- 

 mendous influence, by refusing to sell their wares to a man who buys of 

 a rival at the same time he seeks to deal with them. All of these things 

 they have done and now do for the avowed purpose of stifling legitimate 

 competition. 



We should not forget, however, in treating of this question, that a 

 man has a right to buy and sell as he pleases; so has a corporation. A 

 man has a right to indeflnitelv extend his business and holdings. Is 

 this right to be curtailed as to corporations when exercised within their 

 legal objects? Have not corporations, the same as the individual, a 

 right to use new and improved methods in business, the patents, inven- 

 tions and every other device Icnown to the arts of trade and commerce 

 for the cheapening in production and distribution, as well as the bett'r- 

 ment of the manufactured article? All will concede that they have this 

 right. 



Are w^e, however, ready to concede that a comparatively few men of 

 great wealth may form and operate without limit this business machine 

 that works lo the detriment, as many believe, of so nuiny individuals? 

 Is it good for the body politic that a few should be the masters of our 

 country's trade, manufacturing and commerce and so many their 

 servants? 



These institutions do not possess the vested right to lead this kind 

 of a life. The ])resent concentration and ownership of nine-tenths of 

 all the country's personal property into the control of corporate life^ 



