The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-04-15
ADDRESS OF GOV. PINGREE, OF
MICHIGAN, BEFORE THE PEO-
PLIES INSTITUTE
TO MAKE MASTER AND SLAVE
THAT IS THE OUTCOME OF COMBI-
NATION PREDICTED BY MICH
IGAN'S EXECUTIVE
IS WORSE THAN ANY SLAVERY

to the American Plain People
Could BE Imagined, Said Mr.. Pin
Tins of StOck-Watering PrOmOt-
ers of Combinations
NEW YORK, April 1.-THE announce
ment that Gov. HaZen S. Pingree, of
Michigan, was to speak tonight under the
auspices of the Peoples Institute, in
Cooper Union-hall, attracted an immense
gathering. There was not vacant seat
in the hall when the speaker, whose sub
ject was trusts" appeared on the plat
form His appearance was the signal for
much cheering and waving of hats and
handkerchiefs. Another demonstration
of welcome on the part Of the audience
followed the Introduction by Charles
Sprague Smith. When quiet had been re-
stored Gov. Pingree spoke from manu-
script as follows:
There is no more important problem be-
lore the people today than the trust
and what to do with It.. Is 1T a menace
to our commercial institutions? Does 1t
imperil our national life and character?
Should 1t be made legal outlaw or mere
ly be regulated by law? Can the problem
be solved with equal justice to capltal and
labor? Are the dangers from trusts
country underestimate them? Is the solu-
ton OF the problem matter for political
parties to undertake? These and many
other questions are being asked
Like all questions it has two sides and
both must be fairly stated. 1t cannot be
solved by denunciations on the part Of
those who believe in drastic measures.
On the other hand the manipulators or
managers of trusts cannot quiet the pub
lie clamor by looking on with a what
are You going to do about it, attitude.
The Christian religion given the world by
the man of Nazareth has given mankind
spiritual freedom. The emancipation pro-
slamauon gave man physical freedom.
nine-tenths of the worlds population
America, free of the negro slave, is looked
60 for the solution of the last great
problem.
SERIOUS CONDITIONS.
The trust creates conditions more seri-
pus than any our people have ever faced,
slavery and secession alone excepted It
is fraught with more consequence to the
nation than the question of expansion
and foreign policy arising out of the re-
cent Spanish-American war. 1t may suit
the plans of some people to push the
trust into the background and treat the
problem of Imperialism and expansion as
the only issue of the day. But ignoring
the Industrial evil means either shielding
the trusts or planning to profit politically
on arllIlclal enthusiasm over war and
new possessions.
The trust of the present day is tech
nically not combination of many cor
porations. 1t is one huge corporation,
which has absorbed the property Of many
corporations and Of individuals too. The
corporations whose property it has swal-
lowed have dissolved, gone out of ex-
istence. In this way the trust of today
seeks to avoid the antitrust law. It's
managers claim that 1t is not q combina-
ton. 1t is not organized to restrain trade.
lDOt 314rv J.
close some to open others Of course
1t must be admitted that the trust of to-
day is the same as of yesterday In its
purpose and effect. But it has lodged the
letter of the law. 1t is perhaps no longer
a combination technically speaking.
Nevertheless it is by force of Its immense
individual or small corporation can COM
pete with it. Is 1T a monopoly in fact,
and should be dealt with as such. 1t may
not be a monopoly in the eye of the law.
But at any rate, 1t should be Illegal, as
being against public policy. 1t is instruc-
tive to note how useless the antitrust
laws have been. They have been enacted
in twenty-five states. Twenty states
have no antitrust law. In only four
states have serious attempts been made
to enforce them, that is In Ohio, Mis-
souri,, New York and Texas.
INVESTORS THE VICTIMS.
AS soon as a trust Is organized it i'm
property, and issues bonds, usually to the
full amount of its stock The stocks and
bonds are given in liberal amounts to
the promoter and the financier and dis
tributed among the stockholders of the
small companies which have transferred
is sold at low prices and the proceeds
used to pay the debts of the small cor
porations, to purchase new machinery
and to start the trust on it's road to ruin
1t Is plain to the dullest of us that this
process means immense quantities Of
water" In the stocks and bonds of the
trust. But what do the promoter and
finarcier care about that The ones who
suffer are the fnnocents who purchase
the securities investments and the
men and women who are thrown out of
employment by the closing of factories
made necessary by the economy of the
trust management. Eventually the wages
of the employed are reduced, and the
consumer pays tribute in high prices in
order that dividends and interest may be
paid to owners of heavily "watered'
stocks and bonds Of the trust.
Harsh as 1t may sound, the trust will
divide the people of this country into
sharply defined classes : masters and
slaves slaves. The he tendency of the trust is to
men, whose only ability lies in their
power to make money. All employees
will will be be subject bJ to these men. and they
bridge of their mercenary masters It
needs no prophet or philosopher to pre-
dict what effect this will have-indeed,
ence Of the people Men cannot be ma
chimes and free men at the same time.
There is something to live for besides
accumulated wealth. But without COM
mercial independence, without honesty
and fair play in business, there is little
hope for the right development of the
people.
COMMON ENEMY.
Not the least benefits to come from
the destruction Of the trust will be the
purifying of the atmosphere of our legis-
lative bodies. / demand that the people
should not be made the football Of poll
ticians and political parties. I think that
all parties should make common war
against it. The figures which 1 receive
from secretaries of state show beyond
question that practically all trusts are
organized under the laws of New Jersey
and New York-a very small proportion
In New York. We all know that most Of
the trusts are conceived in New York
because capital is concentrated there, but
1t seems they cross the river to New
Jersey to get a license to live
Do not think that I am prejudiced If T
suggest that these trust evils might he
cured If all the other states sholiId ex
tend an invitation to New JERSEY to Sc
cede from the Union. This However
might be embarrassing Just now. orr
vice president and the attorney general
are potn citizens Of New Jersey I am
confident that the people of the limited
States, who are suffering from the onera
tions OF the trust would raise no ohiec
tfons II New Jersey would comply with
such request. I am also satisfied that
large part of the evil existing from