The broad ax. [volume] (Salt Lake City, Utah) 1895-19??, 1896-08-22
TRUSTS DID IT.
NOMINATED THEIR BENsFAOT0R Al
THE ST. LOUIS CONVENTION.

All who pretend to keep posted il
politics and economics know that Mo
Kinley did not make the Mckinley
bill; in fact that he opposed its mos
distinguishing features, such as the
sugar bounty and reciprocity clauses
They know that Mckinley both il
| private business and as an execution
officer has been pretty much of fail.
ure and that he is not statesman ano
hiss no qualifications to fit him foi
President of the United States. Why
then, they ask themselves, was he sc
strong with the people that all of the
leading politicians combined could not
defeat his candidacy for PRESIDENT 4
few facts may shed light upon this
question.
When Mckinley was Chairman of
the Ways and Means Comm he
stood aside and permitted the manu-
/ fscturers and other bene6ciaries of
protection to write the clauses affect.
ing them. Not only did he not pro-
test against this high-handel pro-
cedure OF the tariff barons, but he
asserted that the protected interests
had q right to 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 were 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. Funds:were
raised from the trusts and Mckinley
boomers we're 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 chsgrined because they we're
not given control of the funds and
could not therefore estimate the ex-
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
ont 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 protection.
He stated that he wanted page sixty
Eve of the Hearings) and got ii, as
did many another needy manufacturer,
in the exact language of his demand.
Paragraph 162 Of the BILLY.
RockEell's Committee represented
the twenty.iour or twenty-five manu-
tacturers in this country, one of tho
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 McKia-
ley bill the pocket cutlery manutac.
turers began to hold weekly meetings
1T the st. Dennis Hotel in New York.
In October certain knives selling at
A25 per dozen were advanced to
b. 20 per dozen. Advances were made
svery month on certain grades or
kinds of knives, and in one year
prices had been advanced an average
of about thirtY-ive per cent.
In June, 1892, the four largest con-
Germs, doing eighty-five per cent. of
al the business, decided to form q
more compact trust with Rockwell for
President and Bradley for Vice-Pre
dent. A prospectus was printed in
many metropolitan papers, which read
very differently from the doleful state
ments made to the Hearings Commit
tee. Here are some of them:
'This business, with a record of
over twenty years, has steadily grown
into a profitable undertaking. The
Manufactured goods now equal thelbest
foreign makes, and it is impossible
now to turn the channel of trade back
10 the foreign manufacturers.
"The business of these companies
has steadily increased year by year.
and the net profits for q period of
over three years are largely in excess
Of the sum necessary to have paid
eight per cent dividends upon $780,
OOO preferred stock, and the amount
available for dividends in 1891 was
s131, 500. From the returns already.
1t hand since then, taking into consid-
grafton the new works now in opera
ton, which produced no goods up to
January, 1892, the profits for 1892
may be fairly estimated to be not less
than sufficient to pay eight per cent.
on the preferred stock and fifteen Del
cent. on the common stock.
'The prices on cutlery have never
yet reached those which could have
been asked by the increased rate OF
tariff"
The capital was to be 81, 900, 600
half common and half preferred stock.
Good judges declared that this amount
was about three times the actual value
of the plants. It therefore becomes
evident that the profits of these con-
Germs in 1890 were over twenty Der
cent. on capital invested, and that
there was no need for increased duties.
as was claimed. It Is also evident that
In 1892 these concerns were rnakino