People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1897-03-05
FOSTERED BY PROTECTION.
How Many Millions are Piled Up StoleI
From the Peoples Pockets.

How Many Millions are Piled Up Stolen
From the Peoples Pockets.
From the New York Herald.
No more timely Or significant lesson
is to be drawn from the results of the
sugar trust investigation than the
striking demonstration they afford of
the extent to which the abuse of pro-
lection has been carried by congress.
Three years ago, it will be remembered
the Wilson tariff bill was ''held up in
the senate by a senatorial cabal who
resolved that no tariff bill should be-
come law which did not protect the
sugar refiners against foreign competi-
ton. How the progress OF the bill was
blocked, how the business of the coun-
try suffered from the long delay, and
rise, are still fresh in the public mind
The final result was the enactment OF
the law with duty sufficiently pro
hibitive to keep out practically al
foreign refined sugar and give the trust
clear field to amass profits secure
against all competition from abroad
This was defended by the stock protec
ton pleas of the necessity of protec
ting home industries to enable them to
live and of benefit ng American wage
earners.
To what extent the sugar refnerS
have been in need of protection an6
who have been benefited by the pro
lection granted are amply shown by
the reluctant admissions drawn from
the trust officials themselves. From
these it appears that the trust was
originally formed by the consolidation
of fifteen companies, with capitaliza
ton of fifty millions. Subsequently
up and the capitalization advanced tx
seventy-fve millions. On this enor
nous amount of watered stock from Il
to Is per cent dividends have beer
paid and vast surplus accumulated
from tie profits made by the trust
These profits have been divided among
the trust stockholders, and it does no
appear that either wage earners Oh
consumers have derived any benefi
therefrom. The policy of the trust has
been to get rid of all competition 'anc
thus control prices and profits. Tha'
consumers have been forced to contri
butte to these enormous profits is shown
by the fact that there has been no re
duction in the price of refined sugar
with the decrease in the raw material
In other words, the trust and not thu
public has reaped the benefit Of cheap
er raw sugar.
CONGRESS is IRRESPONSIBLE.
For the tribute which this giganti,
monopoly has exacted from the Amer
lean people, congress is chiefly respon
sible. Without the protection granted
by that body the trust coald not hav'
VsSiaI -aroe'--niOnvpoiy, itope-~ti al
prices, enforced exactions and piled VI
profits on enormously watered stock
Had not the prohibition been decreed
ed against foreign sugars there woult
have been a healthy competition
against which American refners coul(
have held their own and in which the
American people would have founc
relief from yearly exactions to the eX
tent of millions of dollars.
In short, the protection granted b.
congress has simply served to fortify
the trust and to enable the sugar
barons to amass immense profits at the
expense of the great consuming public
And this is but an illustration of the
shameful abuse of protection granted
to rich manufacturing concerns anc
the hollowness of the pretense that i
is done in the interest of American in
dustry and for the benefit OF the Amer
lean people. What is true of the sugal
is not less true of other colossal trusts
They derive their main support ant
power to prey upon the people from
the protection which congress has 81
lavishly granted and which it seems i
to be still further increased by the
party of protection, which comes int
power next month.
Antitrust statutes have been enacted
by congress and state legislatures IL
response to universal popular demand
for the suppression of grasping monop
o'ies, and the power of the courts has
been evoked to the same end, But NJ
more effective remedy can be applied
to trust evils and abuses than 70 take
from them the protection which con
gress now needlessly and inexcusably
accords.
Peace Between Brethren.
At a meeting of the Peoples Party
| Club at GAINESVILLE, Ga, on Feb. a.
|