New-York tribune., 1892-08-17
lbs. in value is really due to the large decline
in prices of wheat cotton and OIL causeo ''
the enormous production.
SENATOR IN TROUBLE.

a
A. Waterman treasurer of the Arlington
Mills nuts Senator Vest in an unpleasant pre-
J;o.rar+ The controversy arose from dec
TAXATION bv Senator Vest, in his speech OF July
6. that the Arlington Mills declared di''uenu
of so per cent in 1891 that 'his ehoi
proft was made possible because the company
belongs to a trust; that it used shouuy III 'ne
manufacture and crowded down the wages Vi
operatives to the lowest point. Mr whitman
renlied that the dividend in 1891 was only
nor cont that the mills were not IN any way
norrocted with anv trust, nor did he know OF
NV in the ,voollcn manufa cturing business that
the Arlington Mills had never used one pouhu
of shoddy and that they were paying higner
,,.o oos than they have ever paid before. Mr.
yros, ,yas not contented with this explicit de-
MIA, and asserted that the statement Oh MI
Whitman as to the dividends was known 70
be false, unqualifedly, at the time that ne maoe
itr Then Mr. Vest went on: " IL true
that the Arlington Mills did not declare diVi'
dend Of 80 per cent, as | stated in my speech
~ lime G. but they declared dividend OF q
nor cent. as he asserts, and then put INTO tneir
surnlu, $500, ,ooon Mr.. Vest then read the
offcial certificate to the State authorizes IN
which the surplus was given as Ssoo'ooo' anu
added 4: beyond any question for the year
1891 this institution made proht OF 9soI'
500 90"
II 10 amazing that a Senator should make
sucb a blunder as to suppose that the amount
of surplus earnings on the books were the uh
divided profits for single year. Mr.. whitman
hardly needed to tell men acquainted with ousi-
noes that the surplus actually represented an
accumulation of profits extending over more
than quarter OF century" and he suomitteu
a sworn statement from the auditor OF the cor
noration that Mr.. Vests assertion was untrue
Rut there was no excuse for the biunder' oe
cause the known condition OF the business anu
the dividends publicly declared by other pros,
nerous corporations in the same industry shouio
have warned Mr.. Vest that the surplus couiu
not have been earned as profits in single year
,lr Vest was not able to sustain the other
;riur;ous and unfounded statements he had
made against the credit of a reputable company
WOW oould he give an excuse for making them.
THE charge that the dividend had been eA'raor-
dinariy large would have done little harm wi1h-
out these other assertions. 1t Is not OF great
nublic Importance whether one well-manaSed
woollen mill in a year OF gratifying prosper
ity. made little larger or smaller pront' bu'
II is of some public consequence that voters
should realize the intense spirit of hostility with
which Democratic leaders treat American IN
dustries 1t is most discreditable spirit, into
which they are betrayed by theories hostile to
the development of industries in this country
II MFR. Vest could only see himself as others
see him. ne would feel that the exhibition OF
sucb a spirit is reprehensible in any public
man. and would strive to curb his Free race
partisanship, at least far enough TO refraih from
showing that he is exceedingly displeased when-
ever a successful manufacture ILLUSTRATES 'he
virtues of Protection.