The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1889-07-31
The Salt Combine.

The prospectus of the North American
salt company, which lies before us, is an
interesting document. AS literary per-
Torrance it is entitled to high rank.
Perhaps the most significant portion is
that in which it is explained that the new
company is not trust" The scheme
certainly differs, in some essential particu-
lars. from the ordinary trust
A trust is usually formed, as the circular
says, by grouping together properties,
stocks OF merchandise and good wills,
without purchase, at a fancled valuation,
frequently far in excess of realizable
price, represented by an unlimited amount
of stock or certificates" The capital of
the North American salt company, how
ever, is limited. ''the company supervised
by legal authorities, and the property
coming into the possession of the company
is acquired for cash at a period of its
greatest depression" etc.
There is a marked distinction between
this arrangement and that under which
sugar and most other trusts have been or
gained. They are secret agreements be-
tween corporations, firms and individuals,
made without the sanction of the law, in
violation OF the principles OF common law,
and, in many states, in defiance of express
statutes. This is a corporation, formed in
broad daylight for specific purposes, which
are freely advertised to the world. 1t is a
question whether a corporation can be
lawfully created which contemplates the
establishment OF a complete monopoly OF
any commodity, but such a corporation
at least stands on a different footing than
one Of the dark-lantern trusts
The publicity given to the salt scheme
is in decided contrast TO the dense secrecy
that has enveloped the organization and
operations of the trusts Whether this
publicity argues that the objects and char
acter Of the salt company are better than
those of the regulation trusts is question
able. To our mind there is something
very suspicious in the eager attempts OF
the promoters OF this enterprise to induce
the general public to invest in it. If the
legitimate profits OF the undertaking
promised to be as large as the prospectus
foreshadows, the gentlemen on the
inside would want all the bonds
and shares themselves. Their will
lingness to divide with outsiders suggests
that the salt properties are being acquired
at fictitious values. Their real purpose,
we fancy, is to unload their fifteen millions
of bonds and shares upon a confding pub
lie within a reasonable period, pocket the
4 Il, Ia i
care of itself.
But their avowed purpose is to create a
monopoly of salt. There is a good deal OF
fine talk about the enormous profits to be
realized by introducing improved proc
esses, etc. But it is safe to predict that
all these economies will not prevent a
large advance in the price of salt very
soon after the monopoly is established.
The first duty Of congress when it meets
next winter will be to put salt on the free
list This might not destroy the salt
conspiracy, but it would weaken il
and would be a safeguard against
grossly extortionate prices for salt. II j:
not to be expected, of course, that a re
| publican congress will take such action.
But its failure TO do so will show that nc
protection whatever can be expected from
that quarter against combinations in re
straint Of trade. The salt monopoly may
be attacked in the courts, but with doubt
ful issue and with a certainty that it viii
take long years to determine It, II il car
not be reached by repeal Of the duty OF
SALT as we believe it can be, it is likely (
flourish for an indefinite period
Talmage breaches 100000 people week
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