West Virginia Democrat. [volume] (Charles Town, W. Va.) 1885-1890, 1888-03-23

IhlS resolution would DE OHereu
and passed, were it not that the
politicians now in front are afraid
TO antagonize the millionaire class.
Extracts from the report Of the
n. Y. Legislative Committee to in
vestigate Trusts, dated March 6:
The effect of these combinations
on the public is the same, to-wit:
Aggregated capital having the pow
er to control the output of the neces
sites of life and the destruction of
competition. They are able to fix
the price they pay for raw material
and the price at which they sell the
manufactured article to the consul
mer. The avowed object Of the Cot
ton Seed Oil Trust is to control the
manufacture and sale of the pro-
duct. The cotton seed mills were
transferred to the Trust; their own
ers received certificates to the amount
of the appraised value of the plants.
A central committee issues its or
ders, and 81 of the SO larger mills are
operated as if owned by one man.
1t is the same with kerosene oil, oil
cloth, sugar, envelopes, DC.
The Standard Oil Trust. This is
the original Trust. It's success has
been the incentive to the formation
of ali other Trusts or combinations.
1t is the type of system which has
spread like disease through the
commercial system of this country.
1t was organized in 1882 by about
fifty persons who were engaged in
the production, refining or carriage
of the commodity known as coal or
kerosene oil. The principal office
is in the city of New York. They
entered into an agreement by which
they, holding controlling interests
in certain corporations, and partner
ships, placed their stock in the hands
of nine trustees, who then became
what has since been known as the
Standard Oil Trust, having complete
supremacy over all the industries
whose stock is held. Upon the COM
pletion of the agreement and on the
day of the first meeting of the trus-
tees they caused the value of the
properties of the several corpora
tions known as the Standard Oil
Company of Ohio, whose stock was
in the control of the Trust to be
fixed at $70,000,000, its net earnings
for the six years preceding being
annually 134 per cent. on that sum.
This amount was afterwards in
creased in accordance with provis
ion of the Trust agreement to $780,
100000 and the actual value Of the
property in the Trust control at the
present time is not less than $l48,
100000. This sum in the hands Of
nine men, energetic, intelligent and
aggressive, is one Of the most active
and possibly the most formidable
moneyed power on this continent.
When it is remembered that all this
wealth is the growth of 20 years,
that this property has more than
doubled in value in six years, and
that with this increase the Trust
has made aggregate dividends dur
ing that period of over $4,000, 900,
the people may well look with appre-
hension upon such rapid develop
ment and Capitalization of wealth
wholly independent of legal control
and anxiously seek out the means
to modify, if not to prevent, the
natural consequences of the device
producing it.
The Standard Oil and other trusts
have grown by means like these, and
vex the people and levy their relent-
less toll on the pint of milk, the
meat, and even the loaf of bread. In
this case capital should be subjected
to the rule of which it has always
claimed to be the strongest advo
cate-that no combination or con-
spiracy should be tolerated in this
State which would interfere directly
or indirectly with the exercise of the
boldest competition in every indus
try or calling.
1t is much to be regretted, We
have not room for more of this mat
ter; such information, if it can be
brought before the people, will induce
them to distinguish between the men
who are afraid of monopoly and the
men who are not; such information
will teach the masses the value to
them of the very few men who con-
Germ themselves with politics in or
der to bring about intelligent vot-
ing.
CHEAP MONEY.