The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-03-02
HOW LONG?
Senator Tillman Invited to Ad-
dress the American People
Through the Columns Of the
New York World.
ACCEPTS THE OFFER.
Points Out How the People Are
Robbed
By the Trusts and Wall Street
Aided by the Supreme Court.


New York World and syndicate of pa
pers takes up the trusts and monopolies
and writes a strong article about them,
although it is not so fiery as his speeches
OF the sugar trust he says:
"The American Refining company is a
New Jersey corporation, intended to
monOpolize the entire suE + trade of the
country, which it most efectually does
1t has an outstanding stock issue of
$75, 100000. This is supposed to rep
resent the value of their several
refneries and tools of trade. 1t really
represents the amount of money on
which the sugar barons desire the Amer
ican public to pay tribute. The Have
meyers and others engaged in the sugar
refining industry in 1887 turned their
properties into the Sugar Refineries COM
pany and took stock in the concern to
the extent of two or three times the
actual value of their plant
"In other words. according to compe-
tent experts, an appraisement of the
properties comprising the present COM
pany would show an actual value of
about 25,000,000. The trust, in
order to pay its princely dividends of /
per cent per month, is extorting from the
masses a tribute which would be wholly
unnecessary if it were working on an
honest basis. Even now it is claimed in
Wall street that the trust has invested in
cash no less than $11,000.000 in raw
sugars. The management hold their
sessions in secret, and no one but the
Havemeyers and their intimates are per-
mitted to know anything as to profits, in
vestments, or anything else to which
ckholders are justly entitled"
OF the New York clearing house he
says:
1.-The banking business of New York
iC afs.l he IL 41<
ing house, which is simply a trades
union of all the banks, and has paiatial
quarters within a stones throw OF Wall
street. These sixty-six banks have ag-
gregHte capital of about So 600, 900. ard,
in addition, have a surpluS- Of accamuIated
profits of $73, COO 900. They hold on de-
posits from customers about $490, ,OO0, ,O0O.
They have loaned out at interest about
$460,000,000. Their cash on hand con-
sists of about $64,0U0,000 in gold and
$87,000,C00 in paper money. Their hold
ings of silver are quite Insignificant. 1t
is an understood practice among them
never to offer silver money silver GER
titcates one to another in payment of
| balances. The New York sub-treasury
house, and is equally careful in boycott.
ting silver, and never offers it in daily
settlement with banks. This, nOtwith :
standing the fact that all our government
obligations are payable in coin, silver as
we'll as gold"
Tillman continues: "Even more out
rageous is that great combination of cap
ital known as the Coal trust.
"The entire hard coal district is COM
prised within a very limited area. That
area is traversed by the lines of eleven
railroads known as 'the coalers." They
have formed a combine and con-
troll absolutely the entire matter
of coal consumption. Many of them
| own large areas of coal lands and are
miners as we'll as transporters. There
are large number of private miners,
but they are entirely under control OF
the roads embracing the coal comb bine,
since they can get no transit to market
or tide water except over these roads.
"Once each month the sales agents of
| these roads meet and fix upon the output
of coal for the coming month and the
| price at which it ahall be sold This
combine includes several roads now in
! the hands of receivers, and, therefore,
under the control of the United States
| courts.
THE roads enter into the agreements
and are as greedy for their share of the
coal output as any of the others. The
output and price is fixed by the weather,
the demands of trade and is generally
about as much as the roads think they
can squeeze out of the public. The con
| sumption is about 10000, 900 tons a year
SO that rise of only 10c ton means an
extra S4,000,O00 a year in the pockets of
! the coal barons A dollar means S4O,-
100000 year"
Concerning the railroads he says:
"The railroads of the land are now
represented by capital stock of So, ,150,-
| 100000 a funded or bonded debt of
nearly S., 100000, 600. The gross earnings
per year are now about LOO, 900, 600,
leaving, after paying operating expenses
net earnings of bout 1926, 100000. This
| is divided into interests on bonds of about
| $3.50, ,000,0 900 per year, and dividends on
stock of about $50 100000 The passen-
| gers carried reach nearly GOO, 900 900 per
year and tho freight traffic is nearly 7OO.-
| 00o 900 tons a year.
Every cent of the enormous income
| from this leading industry of the couu-
try comes directly from the people, An
examination would show that the money
honestly expended in the production of
all railroads and their equipment is but a
| tithe of the capital nominally invested in
| them, the rest is water, pure and simple:
| but it figures as "invested cepital," as
vested interests upon which the capi-
talists claim the protection of the courts
and the whole government machinery
and always get it,"
Senator Tillman goes on:
THE United States treasury is run as
| though it were Il private corporation.
| The secretary of the treasury goes to
| New York when called upon by his
| masters to receive Instructions. His
| deputies are constant visitors at the office