The Maryville times. (Maryville, Tenn.) 1884-1944, 1899-09-16
DEMOCRAT DEFENDS TRUSTS
Facts Which Should Abolish the Ter
roxs Inspired by the
Trust Dugbcar.

It is not easy to brighten Henry Wat
terson. He is q democrat who works
to promote tho interests OF the demG-
cratic party when he thinks it is right,
but is not AFRAID to take Issue with it
when he believes it is wrong, He has
no fcar Of trusts, and does not hesitate
to say 60, notwithstanding the anti
trust hystcria which sccms TO have af-
fected so Soany democrats. he has an
object lesson right in his own town of
Louisville, in the shape of q new and
extensive enterprise, end he draws
from it some conclusions that ought
to be Of interest to those who are trem-
bling before the trust bogy. Mr.. Wat
te-son says in the Couricr-Journal:
''-he fact that firm of so years expert
encc, and backed with ample capital, has
| leased O building here and arranged to
begin extensive operations in the manu-
facture of plug tobacco is only another
proof that the big Industrial combinations
| have had Their powers for harm ex-
| aGCeratcd This factory is to be on a
| larger scale than Iaost CT these which have
been started in opposition to the attempted
| cpolization Of the trade, but 1t is only
! one CT many. Ii is lrl iinpossibility in this
| country of colossal enterprise ard abun-
| dant capital for any syndicate to maintain
! control Of business field in which profits
are large. It may be secured for time,
but 1t cannot be held.
THE tobacco consolidation, In fact, was
exceptionable, because the combination
was not required by falling profits or over
| production. 1t Is true, O trade war was
| going on, but this was simply because the
| American Tobacco company not content
| with earning 20 per cent. upon a capitalize
ton mainly of water, by manufacturing
| cigarettes, desired to monopolize another
| equally lucrative branch of the trade 1t
was a case of colossal greed Failing In
| the attempt to drive his competitors out
of the field, the controlling genius of the
concern conceived the scheme Of buying
| them out. He succeeded in securing the
control of practically two-thirds of the
existing plug tobacco capacity Of the coun-
try, but he could not, and he never can,
| prevent the building of new plants and the
rush of fresh capital into field that has
been made more inviting by advancing
| prices"
Mr.. Watterson points out important
advantages which the new factory will
have. 1t will not. be obliged to earn
dividends ON fictitious capital; it will
be able to produce chcaply, because it
will be satisfied with legitimate man
ufacturing profit, and will have plant
Of moderate cost, equipped with all the
latest and most improved machinery
On the other hand, the company OF
trust with which it is to compete has
had to pay eXorbitant prices for the
establishments it acquired, since tbs
owners demanded not only the actua
but also the potential value of theil
business in making a sale. The conse
quence is concern with a capital OF
100000, 600, upon which it promises tc
pay dividends, while the actual worth
of its plant is not one-tenth that sum
Probably, says Mr.. Watterson, they
could be duplicated for less. So the
prospect seems bright for the new
project.
1.-THE new factory will be gladly welcomed
to Louisville, the greatest leaf market IL
the world and the second greatest manu-
featuring point. Here the raw material Il
cheapest labor is abundant and transpor
tation facilities unrivaled. If the demand
for plug tobacco is so good that consumer
will pay the trust an eXorbitant profit
moderate price will win more customers
An independent factory will have powerful
assistance in building up its trade In thu
undoubted prejudice against monopolies
We have seen what this means already IL
the vast increase of business that has COM
to the factories left out of the combina
ton. Their prosperity has been SO grea
that one factory that was started in 1883
with capital of but 81, 600 now has one o
81, O0O, 600, and everywhere the trade Of N
dependent concerns is growing. That vii
be the case with the new factory to be es
tablished here, and we trust that it win b
the case with many more. No man or Sc
of men has any right to take exclusive pos
session of any field of human endeavor, an
luckily that is also forbidden by the natura
laws Of trade"
Such facts as these ought to he'll
abolish many of the terrors inspired
by the trust bugbear. A trust simpl..
takes it's chances like any other big en-
terprise. 1t cannot monopolize every
thing in sight" even if it wishes to d
so. And if it eXacts too much it is pref
ty certain to inspire rivalry which vii
bring it to terms. The trust specter i
not half as awful as certain word.
takers represent.-Troy Times.
: NnNEN5EMT ANTI nDINTOM