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Corporations, and especially combinations of corporations, should be managed under public regulation. Experience has shown that under our system of government the necessary supervision can not be obtained by State action. It must therefore be achieved by national action.
It will be said, too, that the administrative bodies will be accountable to the general Assembly. This, I fear, is talking without much consideration of the nature of that Assembly or of these corporations. However, to be subject to the pleasure of that Assembly is not to be subject to law, either for protection or for constraint.
"But," Hazel murmured, in some perplexity, "from what little I know of corporations, I don't see how he can set up any difficulty. If a majority of the stock-holders decide to do anything, that settles it, doesn't it? Bill is a minority of one, from what you say. And I don't see what difference his objections make, anyway. How can he stop you from taking any line of action whatever?"
Terror flew before the soldiers; as soon as the scarlet uniforms and the high caps of the dragoons were descried, corporations, whole cities, sent their submission to the intendant. An almost universal panic chilled all hearts.
No individual as such, was to be permitted to deal in what might be termed products of the natural resources of the country, unless he subjected himself to all the publicity and penalties that would accrue to a corporation, under the new corporate regulations. Corporations, argued Dru, could be dealt with under the new laws in a way that, while fair to them, would protect the public.
If this thing goes through, it will absolutely beggar nearly a hundred men. Broderson wouldn't have a thousand acres to his name. Why, it's monstrous." "But the corporations offered to lease these lands," remarked Lyman. "Are any of the ranchers taking up that offer or are any of them buying outright?" "Buying! At the new figure!" exclaimed Harran, "at twenty and thirty an acre!
The big corporations, driven to the wall, had attempted a desperate coup to save the day. It was all very well for Big Tim to file a libel suit. The mind of the public was made up. The mass meeting at the State House drew an enormous crowd, one so great that overflow meetings had to be held. Every corridor in the building was full of excited jostling people.
In enacting the laws above enumerated the Congress proceeded on sane and conservative lines. Nothing revolutionary was attempted; but a common-sense and successful effort was made in the direction of seeing that corporations are so handled as to subserve the public good. The legislation was moderate.
In the autumn of 1854, before the Crimean War was thought of, Rattazzi framed a bill by which the corporations that took no part in public instruction, preaching, or nursing the sick, were abolished.
Bryan announced that no funds would be received from corporations. According to a New York statute, all campaign receipts and expenditures must be filed. The Republican campaign committee agreed to apply this law in the presidential contest.
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