THE STATE REVIE\V. 



thousand dollars less? Is the exact point of dan- 

 ger that at which it crosses the million line? The 



HOW GOLD CROSSES OCEAN. 



"He had an inchoate right to one share of th-i 



The captain of one of th 



ig trans- Atlantic IK-W stock for each share owned by him of the 



ittv-d to descend to the heirs of the holder in perhaps fSOOJOtiO or Sl.ooo.ooo, and" which i- the right to one who coTild'as i 



its integrity. paclud in solid wood boxes strengthened with Of course there is a distinction where the new 



The fact of the matter is that Air. Roosevelt has enormous bands of iron, has been placed in the i stock is issued for property but that is not this 



permitted himself to be carried away with the bullion room, access to which is only obtaim > 



popular outcry against great fortunes as a source through the flooring of the saloon, I sign the re- "This rule is just to all and tends to prevent 



of danger to the body politic. Ihere is neither I ceipts and then become responsible for its safetv. the tyranny of majorities, which needs restraint 



rhyme or reason m the claim that great fortunes F rO m this moment till I arrive at port <tl. - well as virtual attempts at blackmail bv small 



are dangerous. Great accumulations of wealth ne ver leaves my person, it hanging suspended minorities which should be prevented" ' 



must be administered in what will prove to be 

 the public interest if their integrity is to be pre- 

 served. Let us take an example. Suppose a cit- 

 izen of Detroit is possessed of ten millions, or 



from my neck inside my clothes by a piece of | 

 ribbon. Do I think it impossible for a thief 

 to obtain access to the strong room? Fifty des- 

 peradoes shipping as passengers might, as you 



twenty millions, or whatever may be the objec- say , wait till we were out in the open and, after 

 tionable and dangerous amount of wealth for one murdering us all, help themselves to some of the 

 person to hold. If his wealth is wholly in the , gold not all, it would be too heavy and then 



FORERUNNERS. 



They excite the poor to make war upon the 

 rich. * * They complain of oppression, 



speculation and the pernicious influence of ac- 



form of moncv, which is rarely the case, the \ o"the"'bo' '""Yes" i cumulated wealth. They cry out loudly against 



holder of that money cannot add to his wealth by might do this B 'ut how are fiftv criminal to a1 ' banks a " d corporations and all the means by 



i J; ..-. i_:- i i _ _i _r ._/_ j :. ,. '"'B"- ." oin ii > wnic jj small capitals become united in order to 



-emble in Xew lork without the police be-* 



grow he must put into bank at interest or invest 

 it in productive enterprise on his own account. 

 The moment he puts it into bank he impOM'-S upon 

 his banker the duty of finding some safe and 

 creditable person who will borrow it and use it 

 in his busine.-s. That at once makes it useful to 

 the public because it is invested in raw material 

 which some one has gathered and in labor to 



duce importnt and beneficial results. They 



ir oommsr aware of their oresence Whv I should ,,-,', 



Carry n a mad hostlllt y a S ains t a11 established 



them before we started. Responsibility for institutions . Thev would choke up the f ountains 



^ T ^}?.^^^^- Na of industry and dry all its streams. 



In a country of unbounded liberty they clamor 



the money is safe enollgh OI1the ocean 







As soon as the officials .consisting generally of 

 a few detectives, clerks of the steamship com- 

 pany arrive the bullion room is opened, the boxes 

 art removed in a strong net, each box ueii.g 

 checked, and when the word "All right" is pro- 



fabricate that raw material into finished products, nounced I heave a big sigh of relief, for'rnv 

 If the owner or the wealth invests it in productive responsibility then a 



enterprises he accomplishes the same purposes as 

 if lie put his money into the bank and let the \ 

 banker become the intermediary between the own- 

 er and the user of the capital. 



responsibility 



STOCKHOLDERS' RIGHTS. 



An important decision declaring the right of 



against oppression. In a country of perfect equal- 

 ity they would move heaven and earth against 

 privilege and monopoly. In a country where 

 property is more equally divided than anywhere 

 else they rend the air with agrarian doctrines. In 

 a country where the wages of labor are high be- 

 yond any parallel, * * * they would teach the 

 laborer that he is an oppressed slave. 



Sir, what can such men want? What do they 



.] 'Ill 1 I *.VJ'*. ippl-tn^ VJ1 ^H V J. V^ ( I\ 31 UIC 111 11 1C llL- 



: be either some t ion of William E D Stokes against the Con- ; moral sentiments and moral habits of societyt 



of the lorm> of debt or liability, or it must be tinental Trust Company of Xew York citv [ ' rom a speech by Daniel Webster in the Senate,. 



real estate and the improvements thereupon. The company increased its capital from $500.000 March 1?. 1838. 



lortune so invested become a men- tl , Sl . ol)0)0 00 and then voted to sell the increase . 



ace to the public." At what point does the own , Ri..: r e, r f ^ r,,-;, -,> i^,,l. or c v.., . v.i. 



to Blair & Co., private bankers of Xew York 



I - . r i - i i * i * AJitiii vx \_v., piitciii. ijciiii\d3 Ol ->c\\ 1UIIV 



crship, let u.s say; of Detroit city bonds, Mich.- cltv- for , 50 a share Blair & Co represented 



Railroad stock and Western Union Mar5 ] la n ],- je i (1 and others of Chicago. Stokes 



telegraph debentun to be a wholly harm- owns .,.,, sharcs ,,,- the stock and V0 6 ted for the 



less and moral proceeding and pass over the liiu- incrc ,- ls , % but voted against the reso l u tion granting 



l,i i'irT>itiini. ',iu i in vn i . r-i 1 1 1 i - - 1 ln for*frj-.f'l-^>. 



to harmfulness and immoralitv ? The fact of the 



all the stock to Blair & Co. 



Stokes insisted he should get his pro rata share 



NEW IRON RANGE. 



In the light of comparatively recent explora- - 

 tions and discoveries, the question is pertinent if 

 another distinct iron range will not have to be 



place among those alreadv making up the- 

 , h o f M atte countv 



' 



matter is that it doesn't pass over the line at 



all. and that to say that it does would be equally Lf"^ ne w stock at par. The trial judge found iron range, if it mav be'called such," follows both 



as absurd a< holdmg-that what was moral before that Stokcs was entit i ed to his share at ;m(1 sijes of the Escanaba rive in a nort i nves terlv 



he noon hour became immoral when the hour found his damages to be $99)450) or the difference and southeasterly direction, from a still undeter- 



13 -\r S "i?" ' u i if between the par value and the market value of mined point somewhere southwest of Clarksburg 



nto the cate the stock at the tjme of the sale to Blair & Co f k , h Q abou mjles Fu _ 



gory ot the alarmists and the spreaders of envy . . . 



The Appellate Division reversed the Trial Term ture explorations may prove that it is even longer 



other forms, he finds worthy of deprecation. 



difference between the price he would have had its rock formations, paid any attention to it in 

 j to pay forjhe stock. $450 a share, which was the their published reports, with the single exception 



price to Blair & Co.. and the market value of 

 Fred Lister and Alderman Dwyer, of Clare, the stock on the day of sale to Blair & Co., which 

 having purchased the sunken logs in the lake was .>.-,.-,(} 



on the east part of section nineteen, Hamil- Judge Yann wrote the opinion of the court, 

 ton township, Clare county, have a number which was concurred in by Chief Judge Cullen 



of Dr. Carl Rominger, who had a cursory descrip- 

 tion of it in his report on ''work done and obser- 

 vations made in the iron region of the upper 

 peninsula west and south of Marquette.' Dr. 

 Rominger's personal investigations were conduct- 



of men at the job of removing them, and a and by Judges Werner and Hiscock. Judge ed during the years 1881 and 1882. and from ob- 



mill is sawing them up into lumber. The Haight wrote a dissenting opinion, concurred in ' nervations made at the old Cheshire mine, now 



work will not be completed before the lake by Judge Willard Bartlett. Judge O'Brien was known as the Princeton, at the south end of the 



freezes up but will be resumed in the spring. ; absent. Judge Vann says : explorations made by G. X". Lonstorf in Sec. 19, 



ral hundred thousand feet of logs are "The subject is not regulated by statute and T. 46, R. 26 at the" north end. he credited the 



expected to be removed. the question presented has never been directly range with having a length of at least nine miles. 



The work is in progress where in th 'ipon by this court. The is-ue of the new Recent drilling by the Cleveland-Cliffs Iron 



ies stood the hustling village of Dodge stock and the sale thereof to Blair & Co. was not Company in the southeast of its property at 



with its electric lights, saw and planing mills 

 and all the accompaning hustle of a lumber 

 town. Orla Barnes, of Lansing, was in those 



a big investor in timber interests there, i longed to them. 

 The village was full of 'activity and there 'The new stock belonged to thc stockholder? 



only a transfer to them of one-half of the voting i Princeton proves that this range has an added 

 power of the old stockholders, but also an equit of at least nine miles more, and the drill- 



able right of one-half of the surplus which be- ' 



ing operations now being conducted by McArthur 

 f Escanaba, on the land on which they own 



in ']". 4i>. R. 2i>. about four mil. 



were those who predicted a future for it. A as an inherent right by virtue of their being stock : f pit. proves that the range has a width, 



branch railroad extended to it from Hatton. holders, to be shared in proportion upon paying near its northern extremity, of at mile. 



hanged. Unlike the "Village of 

 the Plain," there isn't even a deserted house 

 to mark where once stood the "Sweet Au- 

 burn" of picturesque lumber day?. Here and 

 there may be seen a little hole in the ground 

 where once was a cellar, but everywhere 

 now the ungainly stumps, with an occasional 

 clearing not far away, keep silent watch over 

 scenes of early day activity. 



- value, on the value per share fixed by vote McArthur Bros, bought the land for its timber, 



of a majority of the stockholders as ascertained with no thought ,1 wealth, 



by a sale at public auction. While the corpora- A mining man. who has lately taken an active 



tion could not compel Stokes to take new shares interest in the present explorations, which he feels 



at any price, since they were issued for money certain will before many the thor- 



and not for property, it could not lawfully dis- ough exploiting of this range, offers the su. 



pose of those shares without giving him a chance 

 to get his proportion at the same price that out- 

 siders got theirs. 



tion that it be named the Rominger range in 

 honor of the state geologist who first deigned to 

 make mention of it in his report. 



