"But see what it contemplates!" The Senator again took the prospectus in his hand and opened the pages. "You propose to control the building and the manufacturing of the world," he continued, reading aloud from the prospectus, "and all the allied trades, to construct and deal in all kinds of machinery, to carry on any other kinds of businesses, to acquire patents and concessions, to erect and maintain gas and electric works, to enter into any arrangement with any government, to promote companies, to lend money--"

"It is summed up in that last clause," Gorham interrupted, quietly; "'to do all such other things as are incidental or conducive to the attainment of the above objects.' You see, I know the articles by heart.

May I ask you to glance over the names of the present stockholders?"

Gorham handed a leather-covered record-book to his companion and then walked to the window, where he quietly smoked his cigar, looking out on the broad avenue while the Senator scanned the names written in the small volume. He appeared indifferent to the smothered exclamations which escaped involuntarily from Kenmore's lips as the latter's eye pa.s.sed on from page to page, and for the time being he seemed more deeply interested in the people pa.s.sing below on the street. His calmness was in striking contrast to the Senator's growing excitement.

"By George!" Kenmore exclaimed at length, rising and advancing toward the window. "This list of names is even more extraordinary than your stupendous plans."

"Does not each one explain the other?" asked Gorham.

"But how did you ever persuade such men as these to lend themselves to any enterprise--no matter how attractive? Why, there is hardly an omission--the leaders of the world in finance, politics, diplomacy, literature, art, and science."

"There are many omissions, as you would discover if you examined the list more carefully," Gorham answered; "not the least of which is the name of the Hon. Mr. Kenmore!"

"I know, I know," the Senator replied, impatiently; "but how did you get them?"

Gorham looked at his questioner attentively for a moment before he answered. "The proposition itself appeals to that human instinct which is more or less developed in us all--self-interest--"

"But that, my dear sir, is nothing more or less than--"

Gorham held up a protesting hand. "Let me save you from using so ugly a word as you have in mind, Senator. You are fully justified in having this thought suggest itself to you--such is the business code of morals of to-day. Yet I consider myself an idealist, and the whole plan on which the Consolidated Companies is based a moral one. I must have succeeded in convincing these men, whose characters are admittedly above reproach, or they could not have been persuaded to become a.s.sociated with our corporation."

"Idealism, monopoly, and self-interest seem ill-mated partners, Mr.

Gorham."

"Must monopoly and self-interest always be translated into selfishness and oppression?"

"As far as I have observed they always have been," Kenmore a.s.serted.

"Perhaps so; but must they necessarily be so exercised? Is it not possible to control these human instincts to the extent of producing beneficent results?"

The Senator considered. "I cannot conceive it to be even within the bounds of possibility."

"Then, unless I can convince you to the contrary, I shall cheerfully withdraw my proposition," Gorham replied, with decision. "You will admit, I feel sure, that were I to eliminate self-interest the great consolidation which we are discussing could not exist."

"Absolutely."

"Will you also admit the possibility--I do not yet say probability--of conducting an organization such as the Consolidated Companies along lines which might be for the public good?"

"Provided the public received the benefits of such economies as your consolidations effected."

"Precisely--or even a part of these economies. Now, many of our stockholders, whose names you see on that list, are in positions of trust. Our directors have endeavored to select only those whose reputations guarantee the honorable observance of their responsibilities."

"Then how can they serve the Consolidated Companies?"

"Let me explain more clearly," Gorham continued. "A franchise for a street railway expires--here in Washington, in Chicago, in London, or in Vienna. Those who are influential in awarding the new franchise are among our stockholders. It is to their self-interest, truly, to place the franchise in the hands of the Consolidated Companies, but it is also to the best interests of the public, who, after all, are most concerned, because the Companies is equipped with men and funds to give them greater efficiency or cheaper transportation than any smaller organization could possibly afford to do. In awarding us the franchise, therefore, these officials are in no way proving themselves false to their trust."

Gorham studied the half-averted face of his companion carefully before he proceeded. "Do you follow me?"

"Perfectly, although not wholly sympathetically," the Senator replied.

Gorham smiled at Kenmore's frankness. "Suppose a government requires a loan of, say, fifty million pounds sterling," he continued. "Here in this little book you will find the names of practically all the financial heads of the governments of the world. You will also find here the leading figures in the world of finance. What is more natural than that the Consolidated Companies be asked to negotiate the loan, to the distinct advantage of both parties and of the Companies itself?

Incidentally I might say that we shall eventually establish an international bank which will further simplify details. If it is a matter of building bridges, we have among our stockholders the officials who will award the contracts and the engineers best fitted to execute them. Acting as a medium for both creator and producer, and in serving their mutual self-interest, the Consolidated Companies can easily become the greatest patron of the arts, both fine and mechanical, that the world has ever seen,--and all this, with profit to itself. Could anything be simpler?"

"You are prepared to build navies and also submarines to destroy them?"

"'To do all such other things as are incidental or conducive to the attainment of the above objects,'" quoted Gorham; "but our energies are always exerted in constructive directions."

The Senator became absorbed in his own thoughts and was silent for several moments.

"I don't see yet how those men were persuaded to a.s.sociate themselves with your corporation," he said, more to himself than to his companion.

"The vast business advantages which it already possesses are quite apparent, but I cannot reconcile the conflict which must exist between the dual capacities of your stockholders as individuals and as public officials or officers of trust. Without intending to cast reflections upon any name I have seen, I can scarcely resist asking myself if every man has his price."

"I claim he has," Gorham stated.

The Senator turned upon him sharply. "Then my first impressions of the principles of your enterprise were correct. I beg--"

"Please hear me out, Senator," Gorham urged. "I believe implicitly that what I have just said is true, yet I venture to repeat to you that I consider myself an idealist and an optimist. A man's 'price' has come to be a.s.sociated with money. I know this phase--what business man does not?

But beyond this, are there not far subtler influences, which in one form or another draw every man away from the course he would naturally steer for himself as surely as the iron deflects the magnet's needle? Ambition influences an honorable legislator apparently to condone acts which he knows are wrong, that he may gain a Governor's chair, from which position he can more surely crush out the evils he has always recognized and abhorred. I do not say that all our stockholders are influenced by the guarantee I have given them that a franchise or a concession awarded to the Consolidated Companies means an advantage to the people they serve, but I have at least convinced them by word and act of my own sincerity, and of the possibility of so conducting the Companies that these results can be obtained. I do not even say that every public official who co-operates with us is actuated by the highest motives in giving the Consolidated Companies special privileges, but I do say that he may properly be so actuated--and the public receives the benefits."

"But think of the power which this corporation must eventually possess, and the powerlessness of any individual or organization, business or otherwise, to oppose it."

"Why should they wish to oppose it?" Gorham continued. "As I have said, the combinations suggested can but result in economies in production and consequent reductions in the living expenses of the ma.s.ses."

"Yet you would hardly suggest that the Consolidated Companies has been launched as a philanthropic enterprise?"

Gorham's smile returned. "Not primarily, yet the people have already been benefited in no small degree. It is entirely possible to conduct it along lines which will reduce the cost of all public utilities and necessities, and yet secure large financial returns to the Companies."

"I was thinking--" Kenmore began, and then stopped.

"Well?" Gorham encouraged, interrogatively.

"I was thinking what an easy thing it is to mistake a temptation for an opportunity."

"Or the reverse," Gorham remarked, significantly, flushing slightly.

"Does it not all depend upon the basis on which the corporation is administered?"

As the Senator ventured no reply, Gorham continued, with more feeling than he had as yet displayed:

"You and I, Mr. Kenmore, are familiar with the contention made by our great captains of industry that they are ent.i.tled to the vast fortunes which they have ama.s.sed as a return for the benefits which the public enjoys as a result of their energy and the risks they have taken. They have opened up new sections of the country, provided transportation facilities which were previously lacking, or have increased those which already existed; they have multiplied industries which promoted increase in population and trade, and have thus largely contributed to the prosperity enjoyed by the communities themselves and by the country at large."

"All of which the Consolidated Companies claims to be doing, or about to do, upon a scale which makes similar past achievements seem insignificant," interrupted Kenmore.

"Yes," Gorham a.s.sented, "but with a fuller appreciation that these accomplishments are not the results alone of individual ability, but far more of the exercise of the corporate power placed in its hands, not for its unlimited personal gain, but intrusted to it by law for public advantage. The law confers upon a corporate organization a power far beyond that which any individual himself could obtain; it enables him to make use of capital which thousands have contributed, toward whom he stands in a relation of trust, and without whom he could not accomplish the individual triumphs which become so magnified in his own mind, and for which he demands so great a recompense. The Consolidated Companies considers itself bound to use franchise privileges and corporate organization for the equal benefit of all those who contribute of their capital, with due regard for those public interests which corporations are created to serve, and to rest content with a fair return upon its own capital and a reasonable compensation for their services, on the part of the officers of the enterprises of which it a.s.sumes the responsibility and direction."

"How long do you think the Consolidated Companies can be run upon such altruistic principles?"

"As long as Robert Gorham remains its president and as long as those men whose names you have seen there remain its directors. This is my pledge.

When the Consolidated Companies, intrusted with the power, credit, and resources of the many corporations which are and will be included in it, but which are not agencies of its own creation and do not belong to it, begins to take advantage of these for personal profit beyond legitimate return upon investment and fair compensation for services rendered, it will be guilty of a gross betrayal of trust. When it issues securities in excess of the requirements of its business and manipulates them for its own profit; when it makes use of its power, its funds, or its credit in enterprises which are not for the equal benefit of all who have contributed to its capital or in the interest of the public, which gives it its power; when it employs its profits so as to affect the market value of securities and then speculates in these for its own advantage,--then it will be flagrantly abusing a power which has been given to it in trust, and its unique position in the business world will be destroyed."