o the power of rulers, and that the owners of it have hardly any
legitimate way of defending it against the arbitrary exercise of this
power. The corporation is created by the legislature; men cannot combine
their capitals and avoid unlimited liability for the debts of the
combination, unless the law specifically authorizes the proceeding. Of
course, if the legislature has power to make such grants, it must have
power to alter them. In short, property held by a corporation is held at
the will of the legislature, and in a way and to an extent that property
held by an individual is not. It is not very easy for the legislature to
plunder or blackmail individuals, even when they are disfranchised,
because it has to be done by general laws, and direct methods arouse
direct opposition. But, as we have seen, stockholders as a class cannot
defend their rights, and as things are now, their trustees cannot have
much to say concerning the laws that affect their property. Managers of
large corporations are now commonly denounced as unfit to be legislators,
and are practically excluded from the halls of legislation. In some states
they are even specifically disfranchised, so far as holding office is
concerned, and, under the new despotism, ironically dubbed the new
freedom, every man whose wealth and ability make his aid important to many
enterprises, is to be forbidden to participate in more than one. Yet
property is almost entirely subject to the disposition of the legislature!
not entirely, for the courts afford some protection; but even this is now
threatened: we may "progress" so far as to make it unconstitutional for a
judge to declare any law unconstitutional.

It goes without saying that half the property of the country will not
submit to spoliation without a struggle. If it cannot have representation
legitimately, it will try to get it illegitimately or extra legitimately.
The managers of corporations have in the past found many ways to influence
legislation. Despite the prejudices against them, some of them have had
themselves chosen as legislators; even as judges. Some have brought about
the election of legislators who would act in their favor, and have even
bribed legislators. Until recently it was not even unlawful for these
managers to use the money of their stockholders in political
contributions; some managers acted on the "Good Lord! Good Devil!"
principle. Probably most of the politicians paid no railroad fares. Many