No. 4.] TRUSTS AND THE FARMERS. 201 



road kings, coal barons, captains of industry and merchant 

 princes consecrating their genius to the best service of stock- 

 holders, laboring men, consumers, community, the State, the 

 glory of the twentieth century must surpass that of all the 

 past, and industrial freedom and prosperity of the people, 

 by the people and for the people become an assured fact. 



Here, then, is the farmers' opportunity. In the crisis the 

 farmers of America have never been wanting;. Their voice 

 and deeds overthrew slavery and saved the Union. Their 

 voice and deeds to-day should make plutocracy forever im- 

 possible, and the trust in reality what it is in name, — a 

 trust reposed in stockholders and directors, to the end that 

 the abundant resources of our great empire and the might of 

 our people's labor shall not be prostituted to private greed, 

 but developed for the people's wealth. 



Specifically what measures need to be developed and en- 

 forced ? 



1. The corporation, being a body corporate, created by 

 the law of the State, shall, like any other body, respect and 

 obey the law of the State in which it does business. 



2. Each corporation shall report its accounts and its 

 doings to its stockholders, to the State and to the public. 

 Publicity is a great corrector of abuses. The corporation, 

 being a public institution, created and supported by public 

 law for the public service, has no business with dark lanterns 

 and officers who are know-nothino-s or blessed with foro-etful 

 memories. Railroads and banks must report to the State; 

 so should the sugar trust and all other corporations. 



3. All stock watering should be strictly prohibited. The 

 laws of Massachusetts are admirable reg-ardinof stock water- 

 ing. Improved as best they may be, they should become the 

 laws of every State. Every share of stock should represent 

 dollar for dollar paid in by the stockholders and expended 

 for legitimate purposes. If the business prospers, and pays 

 10, 20 or 50 per cent dividends, so be it. Let the value of a 

 share of $25 par rise to whatever it will bring in the market, 

 — to $765, like the Calumet and Hecla Copper Company; 

 let a share of $100 par rise to $4,000, like the Chemical 

 Bank ; but never allow a company, because it can pay a large 

 dividend, to double its stock, and, selling the stock, thus 



