The evening times., 1899-09-12
MR.. .WAsHBURN ON TRUSTS.
Sharp Criticisms From the Former
Senator From Minnesota.


Senator From Minnesota.
NEW YORK. Sept. 12.-William D..
| Washburn, former United States Senator,
and head of extensive flour interests in
| Minnesota, who had been in New York
for several days. before leaving for home
made some sharp criticisms of trusts and
pointed out what he regarded as the dan
ger to the Republican party i'll case they
| are not curbed.
| Mr.. Washburn said that il they We're not
checked by legislation the trusts would
| probably bring about the defcat of the Re-
| publican party. He SAID the Mckinley
! Administration must do more than asort
resolutions against trusts, 1t must abolish
all protective duties where it is evident
! that trust is making exorbitant prohts
| by reason OF those duties.
! As illustrations MIR Washbu:n mentioned
! the steel rail and lin plate industries,
| where, in his opinion, the tariff duties
should be Immediately Withdrawn. year
and a half ago, h said, steel rails were
| selling for SIT ION, AMI there was proht
of perhaps $1.50 a ton at hat price. To-
Cay they are selling 70" $50 ton, and
| there are exorbitant profits for the manu-
! facturer, He declared that it was an out
Iage upon the public and shor tsightedneS5
| on the part of manufacturers, because ihef
cannot long sell rails at this price outside
of this country.
THE result said Mr.. Wa5hhurn. will
be 4 tremendous collapse, AMI il will come
| much sooner THAI some persons imagine.
When it occurs the ruin will be general,
and few persons will escape keep tn. pI o.
moters, who no doubt, win have drawn
their money out;
IT he natural conditions today are better
! tfan ever before, ard with the balance Of
trade in our favor prosperity should con-
! tIBGe for some Tine TO come. But this
| III oSperity has le! uited in initiation and the
Issuing OF mi,liers of shares on wind.
| The flour trust is a sample. l am in
| terested in two mills which are making fair
but not vast profits. Most of the other
mills were not doing so well, owing to a
| lack CT capital. Along came a promoter
with his trust scheme. We did not go into
| it, but the others did. Only one concern
that went into the trust, l am told, was
making any money But here is the trust
spending money lavishly and paying enor-
nous salaries and there is certain to be
collapse before long-I should think in
| side of two years. The security holders
will then be the real sufferers.
Il am disturbed by the fact that the Re
publican party, whether justly or unjust
| ly is associated with trusts in the minds
of the masses. We have reached a crisis,
| as party, where We have got to call a
| halt. The party must disconnect itself
from trusts. 1t should put forth its entire
strength and legisi4te against them. The
| feeling in the Republican party against
| trusts is so intense in the West that un-
| less something is done it will break ranks.
| When l was in the Senate | did my
| best to advocate a heavy duty on imported
| tin plate. | believed that we should es-
! tablish and build up the industry; but now
| that this has Deen done and domestic man
| ufacturers are making an exorbitant profit
and these duties are being used to put up
/ the price of tin plate, / am satisfied the
| time has come to discontinue the duties.
| ''One unfortunate result of the extensive
| building up " iru:ts is tha. il puts stop
| TO fair AMI equal opportunities for young
men. They cannot enter into business for
| themselves in competition with organized
capital. Most of them must join the pro-
cession and become clerks. and unfortu-
nately most of them are destined to remain
| clerks for the remainder of their lives. /
| think the banks make a great mistake in
| lending their support to the organizers of
| these trusts, AMI il is high time that the
| financial interests stood aloof and declined
/ to handle any more of them.