The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-10-02

prise should be converted into one of
profit by means of a monopoly? AS a
matter of fact a trust corporation is
usually capitalized Tor a larger sum
than the aggregate capitalization of the
enterprises absorbed. If the smaller
capitalization cannot find profit with
competition, how can the larger capi-
talizatiOn find 1T with monopoly, and at
the same time serve the public welfare?
1t will rarely happen that competing
enterprises cannot prosper in any line
of legitimate industry. 1 have known
of some instances where prosperous in
dependent and competing industries
have been bought up at enormous val
uationss and merged into a trust only
because they were known to be pros
porous concerns. The owners did not
sell because they were losing by compe-
titiOn, for they were not, but they sold
because they were offered more than
the value of their holdings. The pur-
chasers did not come like good samari-
tans to bind up the wounds inflicted by
competition, but came to Supplant COM
petition with monopoly and to extort
profit upon an unreasonable invest
ment. Undoubtedly monopoly reduces
the risk and increases the opportunities
of the investor, but we have not yet
reached that point in industrial cOndi-
tions when trade and commerce cannot
be profitably carried on by independent
and competing establishments. When
ever we do reach that point we will
have come to a. time when the whole
people, and not merely a few should
share in the benefits of monopoly
through some public agency. But I
hope that time is yet far distant. Our
government is founded on the idea of
man as a unit-man as the sovereign.
Industrial effort and enterprise should
remain the corner stone of our indus
trial system. If we turn from that we
must turn to a new form of govern
ment.
THE industrial trust, by means of it's
monopoly, may reduce the cost of its
productions. I think that is true. 1t
is true chiefly because it can buy it's
raw material cheaper, for one purpose
of the trust is to control the material
market, and because it can reduce the
wage expense. But is it we'll to turn
those who produce raw materials from
an open market to a close monopoly?
And the expense of labor may be lessen
ed by reducing the number employed.
But is monopoly better than cOmpeti-
ton if it closes the door against en-
ployment and forces working men to
idle in the streets2 have heard it said
that better wages can be paid to those
who remain. But are better wages
paid? And how long will those who
have employment be secure from in
tolerant exactiOns when they are under
the reign or monopoly? And again, is
it better than many should be employ
ed at fair wages or that a less number
should be kept with some increase of
pay? L do not like these sophistries the
trust advocates are putting forward to
beguile working men who have employ
ment to rivet chains from which they
will vainly strive to release themselves
hereafter Certainly it would seem con-
elusive that if the trust could make it's
productions at less expense, it would
be able to sell at a cheaper price. But
would it? Whenever a monopoly exists,
those who have it are the masters 1t
is possible, maybe it is possible, that
they would have a tender regard for the
great public who consume their wares.
1t may be that the gentle influences of
the trust would eradicate the baser and
more selfish instincts of the man; but
1 afraid of the chance.
IF the trust is evil or a menace,
it should not be permitted. If real war
is to be made upon the trusts the DEM
ocratic party must wage that war. The
trusts do not fear the Republican party.
In making choice between the Demo-
cratic and Republican parties, between
Bryan and Mckinley, upon which side
think you the trusts will be found? To
which party will they contribute both
money and ballots? But if the trusts
fill the campaign Golfers of the Repub-
lican party, the people should rally to
the support of the opposition. We can
not fight, however, with great hope of
certain victory without money and or
ganizatiOn. Every Democrat in the
United States should do his part Fv-
eryOne can do something. Every Demo-
crat in America should send his mite
to our national committee at Chicago
and then do his utmost at home TO
effect thorough party organization If
this should be done, I would have no
doubt of our success in 1900"
Gov Stones speech was frequently
applauded.
The next speaker was Gov. Jones of
Arkansas. At the conclusion of the Ar
kansas governors speech the morning
meeting was adjourned.