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over their business, property and franchises into the control of trustees, or a general organization, commonly called a "trust," the result of which is that competition is destroyed to the injury of the public, and for the benefit only of those interested.

In all such cases, one of two things is certain-perhaps both. There has been actual violation of law, or there have been granted greater corporate powers and franchises than the State ought, or perhaps had power, under its constitution, to give.

What remedy can be applied? If it be a foreign corporation, not concerned in Inter-State Commerce, the way is easy and simple. It is subject to the same restriction as a domestic corporation, and can have no greater powers under the laws of the State. Hence, it may be controlled by the courts in the attempt to perform any illegal acts. It does business in the State merely by the rule of comity. Therefore, the legislature may treat it as it may not the domestic corporation-impose upon it any conditions, or even prevent it from engaging in business within the State.

What shall be said of corporations which the State, itself, has created, when they violate law, or contravene public pol icy? Why should they not be visited? Why should not judicial inquiry be made as to the manner and methods of their operations? Why should not the people, through forms of law, know whether they have honestly been using, or dishonestly abusing, their great privileges? If a small part of what has been said against them be true, why should we not frequently experience the salutary effect of judgments of forfeiture and ouster against them? More than that: why should we not see more instances of their charters, franchises, property and business, seized into the hands of the State, or the offending corporation itself fined to the extent permitted by law?

If such remedies were applied; if a few manufacturing or

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transportation corporations should find their charters and franchises forfeited by the judgment of the courts, and they ousted from the possession and enjoyment of their properties, it is reasonably certain that all corporations would thenceforth confine themselves to their legitimate chartered powers. . Very much of the complaint against them would then disappear. It is also most probable that large stockholders would realize that the safety of their investments rests on honest compliance with law, and their interests would induce them to keep their corporate acts within legal bounds. The influence of such a course would certainly not be in the direction of the violation of law or public policy. We might confidently predict that under such circumstances, if the trust, or the combination, still existed, monopoly would no longer be fostered by the corporation.

This remedy is essentially practical in our own State. The common law affords it; the legislative authority has given it by positive enactment, and the courts have confirmed it by repeated decisions. Able, incorruptible and impartial states attorneys, adequately paid and backed up by healthy public sentiment, can do the State more good, in the proper control of corporations, than a dozen sessions of the General Assembly.

I do not forget that the number of corporations existing and doing business under the laws of the State is very large, and that the task of controlling them is apparently great. This condition exists, and for its existence no class of people and no party is entirely responsible.

The constitutional convention of 1870 was, perhaps, as non-partisan a body as ever assembled in Illinois. It provided, not unwisely, that corporations should be created by general, and not by special, laws. The first General Assembly, under the provisions of our present constitution, enacted a law, authorizing the creation of corporations for almost every lawful purpose. The exceptions, five in number only,

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have practically been removed by subsequent legislation. The expense of incorporation was made merely nominal. The period of corporate existence was permitted to equal the life of three generations of men. The amount of capital was left to the discretion of the incorporators, no matter how large or small, or what the business might be, or how the interests of the public might be affected thereby. The liability of the stockholder was made no greater than his unpaid stock subscription. A statute was left unrepealed that recognized the right of the private corporation to consolidate its property, stock or franchises, with any other. Concurrent legislation not only confirmed this right, but gave the stockholders power to change its name, and the place of its business. They could also increase the capital stock to such amount as they saw fit, and decrease the number of the directors, managers, or trustees. The excuse for granting such privileges is given in the emergency clause of the concurrent statute:-"a large number of corporations in the State desire to change their names, and otherwise comply with the terms of this act."

The invitation thus held out by the State to the people to abandon the individual ownership and management of business, and to substitute therefor the safer and more irresponsible control by the corporation, has been quite eagerly accepted. The private partnership has too largely ceased to exist. Its property has been turned over to the corporation, at generous prices, in payment of stock subscriptions. The partners have become paid officers or employes of the corporation, with liberal salaries. The sale of the partnership property, and the salaries, generally have secured, or have intended to secure, fair dividends to those favored stockholders. Only those unlucky ones, who had nothing but money with which to pay their subscriptions, and were not fortunate enough to obtain good salaried positions, have been at a disadvantage.

If the competition of any other "company" or corporation

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proved annoying, or if such other corporation had had sufficient influence" to secure, from the municipality, a valuable franchise, a majority of its stock could be bought, and consolidation either resulted, or one or the other corporation only continued in nominal existence. If it seemed desirable to exercise powers, not conferred by law, under the original charter, the corporation found, a few years later, a convenient act permitting a majority of its stockholders to enlarge or change the object for which it was formed.

The subsequent history of too many of these bodies corporate can be written with the same words. Their business was continued as long as money could be made out of the public. And, finally, when that condition ceased, it was found that the stockholders, or some of them, had taken the profits, -the creditors had shared the losses.

One or two things may be stated in excuse, if not in justification of the incorporation system of Illinois. It is as good as that of many of the States, and much better than that of others. Some of our citizens are accustomed to journey to distant states to incorporate under laws more lax than our own. It is entirely impartial. Any five citizens, irrespective of race, class, color, or previous condition, may avail themselves of the benefits of its provisions, if they are able to raise the moderate and necessary fees. A "monopoly corporation" can no more be created under our law than a monopoly child could be born within the State. Every citizen has the equal right to have his individuality, and his business, swallowed up by the corporation. By the letter of the law, and the right of consolidation, every corporation has the equal right to buy up the franchises, property and business of other corporations, to the limit of its financial ability, or to the extent of its capacity to borrow money for that purpose. We need not deceive ourselves. The "combine" by individuals is shielded by constitutional law, if not by inalienable right. The "combine,"

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by corporations, is made possible by statute. The strictly legal formation, by corporations, of what is commonly understood by the term "trust" is made easy and simple by the letter of our law.

And yet, the people are not helpless before them. The combinations and conspiracies of individuals to corner and forestall markets are still punishable and preventable by law. The consolidated company, the "trust" and the "combine" have no greater powers or privileges than the individual corporations that organized them. They are as much subject to law, after their formation, as were their constituent members before. We hear no serious complaint of the system of laws that permits their existence. We may insist, as we lawfully can, that every corporate body or association of persons, natural or artificial, whose being is made possible by law, matter by what name it may be called, shall do no act to the injury of public or private right.

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We can not very well undo what has been done in the past thirty years. It is perhaps apparent now, that it would have been better if our laws had confined the object and end of the corporation to the comparatively few enterprises requiring greater than individual capital. Perhaps it would have been better, had the small business of the country been left to die with its owner, and go into liquidation and settlement with his estate. But it is not wisdom to dwell on what might have been, under other circumstances, when the solution of present problems is before us.

It would be a dangerous experiment now to entirely repeal, or radically change, our incorporation laws. It would be more dangerous to attempt, by statute, to revoke charters. Too many rights have become vested, too much property is owned and controlled by corporations, to be destroyed or its value impaired. Drastic legislation is unnecessary and would

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