10 PROCEEDIiS^aS OF THE 



to year can never become independent, and is likely, sooner or later, to come 

 to want. The loudest complaints against the tyranny of capital are often 

 made by that class of laborers whose opportunities for accumulation have 

 been the most favorable. This is no ars^ument in defence of abuses, of which 

 there are many, and which it is our duty to combat. This we can do 

 successfully only b}^ the mastery of the principles of trade and commerce, 

 both in their theory and application. The masses of our class need better 

 general education, and especially better business education. We cannot 

 fight our enemy successfully, till we understand the details of his position, 

 the nature of his weapons and of his defenses. We can cope with monopo- 

 lists, wdiether of money, manufacture, transportation or politics, only when 

 we can command intellectual and business abilitj^ equal to theirs. We 

 must lifj, ourselves up to a level with them in these respects ; we cannot pull 

 them down to us. 



In the struggle among the industrious, we ask for no special privileges 

 or special consideration. AVe ask for ourselves, only what we demand for 

 all, in the protection of our rights. 



Much evil has been done in thiscountr3'by special legislation. Wealth 

 is virtuall}' voted out of the pockets of one class into those of another, 

 and, need I add, that we have usually been the chief sufferers, and have 

 meekly borne it — may even have delusivel}^ embraced the instruments of 

 torture. Capital and labor both have their rights; moreover, their rights 

 are identical. Special legislation in favor of eitjier is, on general 

 principles, inimical to the prosperity of both. 



The question of insurance is one of magnitude and universal interest. 

 I am satisfied, from the opportunities of observation I have had, that our 

 law, authorizing the formation of county and town insurance companies 

 on the mutual plan, meets in a large degree our wants. These seem to 

 give full average satisfaction, at much less cost than ordinary insurance. 

 I am disposed to recommend the appointing of a committee to secure the 

 careful preparation of a blank form of organization under this law, the 

 same to be kept for distribution when applied for. The best legal talent 

 should be secured for this work. 



I do not refrain from discussing other topics, such as the transportation 

 question, banks and currency, because our interest in these questions is 

 w'aning, or because they are becoming of less importance to us. The public 

 mind, it seems to me, is making progress toward enlightenment on these 

 questions. I see no signs of a yielding of some of the claims of monopolies. 

 These,as well as other interests,are beginning to see that rights always imply 

 obligations. The ground of their existence is the public good. They 

 were endowed with extraordinary powers, and received extraordinary 

 privileges, for an equivalent which they promised, viz: the public good; 

 equity would demand that a failure to furnish the equivalent should work 

 a forfeiture of their right. The regulation of monopolies by law^ just and 

 discriminating, I believe is a necessity which the immense power and 

 overbearing arrogance of these institutions are demonstrating. 



