The Camden chronicle. (Camden, Tenn.) 1890-current, 1896-08-14
TRUSTS DID IT.
NOMINATED THEIR BENETA0TOR AT
TIE ST LOUIS CONVENTION.

dates -Cutlery Trust az So. Louis /
How n Expects 20 he Repaid. |
All who pretend to keep posted in
politics and economies know that Nc
Kinloy did not make the Mckinley
bin IN fact that he opposed It's most
distinguishing features, such sas the
sugar bounty aud reciprocity clauses.
They know that Mckinley both in
private business and as an, execution
officer has been pretty much Of a fall
ure and that be is not a statesman aud
has no qualifications 10 40 him for
President Of the United States. Why
then, they ask themselves, was he 80
strong with the people that all Of the
leading politicians combined could not
defeat has candidacy for President? A
few facts may shed light upon this
question.
When Mckinley was Chairman Of
the Ways and Means Committee be
stood aside and permitted the manu-.
facturers ana other bene6ciaries Of
protection b write the clauses Affect
ing them. Not only did he not pro-
test against this high-handel pro-
cedure OF the tariff barons, bat he
asserted that the protected interests
had a right 10 make the laws which
would affect them directly. This made
him popular with the trusts and men
opolies. When it came time TO make
another President those greedy inter
ests we're unwilling to take chances
with ordinary politicians. Quietly
they selected one Of their number, one
Of Ohio's wealthlest citizens, who had
had some experience in managing the
affairs Of their favorites. Fundsgwere
raised from the trusts and Mckinley
boomers were set to work In many
States. The local politicians in
Nebraska as we'll as in New York won
dered where the funds came from TO
pay the very heavy expenses incurred.
They knew of no political assessments
and we're chagrined because they we're
not given control Of the funds and
could not therefore estimate the OK.
tent of the popular uprising" for
Mckinley.
One instance will serve to show how
the Mckinley machine is being
worked, and why it is smashing the
old political machine.
When the Ways and Means Hearings
Committee was sitting in 1890, to find
out just what the protected manufac.
turers wanted, a committee headed by
Mr.. w. F. Rockwell told Mckinley s
Committee that the pocket cutlery in
dustry was in desperate straits and
was badly in need of more protOction.
He stated that he wanted (page sixty
five Of the Hearings) and got it, as
did many another needy manufacturer,
in the exact language of his demand
Paragraph los of the billy.
Rockwelps Committee represented
the twenty-four or twenty-five manu-
facturers in this country, one of the
largest of which was the New York
Knife Company, at Walden, N. Y,
with Thomas W. Bradley as President.
Soon after the passage of the McKi1-
ley bill the pocket cutlery manutao.
turers began to hold weekly meetings
at the st. Dennis Hotel in New York.
In October certain knives selling at
$A25 per dozen were advanced 70
$500 per dozen. Advances were made
every month on certain grades OF
kinds of knives, and in one year
prices had been advanced an average
of about thirtY-fve per cent.
In June, 1892, the four largest con.
Germs, doing eighty-five per cent. Of
all the business, decided to form 9
more compact trust with Rockwell fol
President and Bradley for Vice Presi
dent. A prospectus was printed il
many metropolitan papers, which read
very differently from the doletul state
menbs made to the Hearings Commit
tee. Here are some of them:
'SThis business, with a record o.
over twenty years, has steadily gro WI
) into q profitable undertaking. Th,
manufactured goods now equal thelbes
foreign makes, and IL is impossible,
now to turn the channel OF trade bach
to the foreign manufacturers
8 ''The business Of these companie
6 has steadily increased year by year
and the net profits for a period o
over three years are largely in exces
/, of the sum necessary to have pal,
: eight per cent. dividends upon $500,
Q 600 preferred stock, and the amour
k available for dividends in 1891 wa
e $131,500 From the returns already
q at hand since then, taking into consid
Grafton the new works now in opera
tion, which produced no goods up 4
January, 1892, the profits for 1879
: may be fairly estimated to be not les
than sufficient to pay eight per cent
: on the preferred stock and fifteen pc
cent on the common stock.
: 1.-THE prices on cutlery have neve
8 yet reached those which could hav
g been asked by the increased rate O
tariff.
Tho oa1ika1 xyoo IN 4,a Of G00 mn