The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-04-15
For the Financiers, He Says, Care
Nothing About the Innocents Who
Purchase "Watered" Stock.
GREAT PROBLEM TO SOLVE
TRUSTS THE MOST IMPORTANT CUES
TION SINCE THE CIVIL WAR.
VII Divide the People Into Two
Speedily Curbed, He Says.

NE YORK, April 1.-THE announce
meut nat Governor Hazen S. Pingree. of
Mlchlg1, was 10 speak tonight under the
auspice'of the Peoples Institute in Cooper
Union t'Il attracted an immense gathering.
lhere VS. not "a vacant seat in the hall
when th speaker, whose subject was
Irlsts, appeared on the platform. His
appearance was the signal for much cheer
ing and Wing of hats and handkerchiefs.
Another deonstration of welcome on the
part OF the udience followed on his intro
duction py 1arles Sprague Smith. When
quiet had pel restored Governor Pingree
spoke from mluscript, as follows:
Ihere Is nonore important problem be-
fore the peopi to-day than the trust and
what 10 90 Wilt. Is it a menace TO every
commercial instItion? Does it imperil our
national NE an character? Should il be
| made a legal outw or merely be regulated
by law? Can thproblem be solved with
equal justice TO catal and labor? Are tho
dangers nom trustmagnified? Do the pub
| lie men Oh the coury underestimate their
seriousness! is uhe ,lution of the problem
a matter ior pohicaparties to undertake?
| These and many 9th questions are heing
| asked.
| Like all quesiiois' has two sides, and
poth must Do larry sted. 1t cannot be
solved by denunciationsl the mart of those
who believe in drasticneasures ON tbe
| other hand, the manipuors or managers
of trusts cannot quiet thoublic clanor bv
| looking on with a 'whaire-vou-goinp-to-
do-about-it' attitude. I Christian re-
| ligion given the world by man of Naz-
areth has given mankind s.itual freedom
The emancipation proclamnn gave man
physical freedom. Industri freedom is
now demanded by nine-tenthsf the worlds
population. America, freer the negro
slave, is looked to for the stion of the
last great problem.
CREATES SERIOUS CONTIoNs
"The trust creates conditions re serious
than any our people have ever ed slav-
| cry and secession alone exceIl It is
fraught with more consequences The Ma
ton than the question of expahn and
foreign policy arising out of Il recent
Spanish-Amercan war. 1t may II the
plans of some people TO push the IT, into
the background and treat the prof., of
imperialism and expansion as the onissue
of the day. But ignoring the industrievil
means either shielding the trusts or an
ming to profit politically by an artificisn-
thusasm over war and new possession
THE trust of the present day is t.
nically not a combination of many corpt-
tions. 1t is one huge corporation which
absorbed the property of many corporate
and of individuals too. The corporation
whose property it has swallowed have di
solved-gone out of existence. In this Wa
the trust of to-day seeks to avoid the ant
trust law Its managers claim that it
not a combination. 1t is not organized
restrain trade. How can it be-? they sa
We are merely one corporation. The fie
is open to Others
| "Of lrse, it must be admitted that Il
trust of to-day is the same as the trust
yesterday in its purpose and effect. But
has dodged the letter of the law. 1t is pc
haps no longer combination, technical
| speaking. Nevertheless it is, by force OF
immense capital and resources, monopol
No individual or small corporation can cor
| pete with il. 1t is monopoly in fact al
should be dealt with as such. 1t may n
be monopoly in the eye of the law, but
any rate it should be illegal beiI
against public policy
1T is instructive to note how useless Il
| antitrust laws have been. They have be-
enacted in twenty-five States. Twen
States have no antitrust laws. In on
four States have serious attempts be-
made to enforce them, that is in Ohio, Nj
souri,, New York and Texas.
HOW THEY OPERATE.
sAs soon as a trust is organized ii ir
mediately executes a mortgage on its pro
erty and issues bonds usually equal TO Il
amount of its stock. The stock and bon
are given in liberal amounts to the pr
moter and the financier and distribute
among the stockholders Of the small cor
panies which have transferred their prope
ty to the trust. The balance is sold at lo
prices and the proceeds used to pay 4
debts of the small corporations, to pu
chase new machinery, and TO start the tru
| on its road to ruin. II Is plain to the dulle
of us that this process means immen
quantities of water in the stock and bon
OF the trust. But what do the promot
and financier care about that? The on
who suffer are the innocents who purcha
the securities as investments and the m
and women who thrown out OF emplo
ment by the closing of factories, ma
necessary by the economy of the tru
MANAGEMENT. Eventually the wages of [
employed are reduced and the consum
pays "A tribute i'm high prices in order tn
dividends and interest may be paid TO Z
owners of the heavy watered stock a.
bonds of the trust.
Harsh as Il may sound the trust will
vide the people Of this country into shap
defined classes, masters and slaves. T
tendency of the trust Is to place all busine
in the hands of few men whose on
| ability lies in their power 10 make none
: All employees will be subject TO these m
, and they will be treated tools. TO do 1
bidding of their mercenary masters.
, | needs no prophet or philosopher To pred
what effect this VIII haye-indeed Ii Is