The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-06-15
HAYEMEYER ON THE TRUSTS
MIKES IMPORTANT STATEMENT no
INDUSTRIAL COMMISSION.

Declares That the Mother OF All Trusts
is the Customs Tariff Bill-By It, He
tracted from the People for the Benefi I
of Few Sugar Not Profitable at
Present.
Washington, June 14.-The investiga-
ton of trusts by the Industrial COM
mission took decidedly interesting
turn to-day, when Henry o. Have
meyer, president of the American Sugar
Refining company, appeared as wit
ness and made an important statement,
following which he submitted to an ex-
animation by the commission. The full
statement of Mr.. Havemeyer follows:
"The mother of all trusts is the customs
tariff bill. The existing bill and the pre-
ceding one have been the occasion for
the forming of all the large trusts, but
with few exceptions inasmuch as they
provide for protection to all the in
terests of the country-sugar refineries
excepted. Economic advantages Incl
dent to the consolidation of large inter-
ests in the same line of business are
a great incentive to their formation, but
these bear a very insignificant proper
ton to the advantages granted in the
way of protection under the customs
tariff. There probably is not an indus
try that requires a protection of more
than 10 per cent. 'ad valorem and it is
to obtain what is provided over such
percentage In the tariff that leads to the
formation Of what are commonly spoken
of as trusts.
Menace OF Trusts Would Cease.
with protection to an industry not
exceeding 10 per cent, all menace to the
community of trusts would cease This
10 per cent. would represent the differ
ence in cost of production and likewise
act as protection against surface pro-
ducts of foreign countries being dumped
Into our local market, thereby interfer-
ing with the regular and economic
working Of our Industries. Any advan-
tages that might then accrue to such
combinations would be those which they
were fully entitled to and the public
would not be damaged thereby, as any
expansion of price would be met by for
eign competition and relief.
Entitled to Protection.
IT have said that sugar was an ex-
ception. The rate of protection on sugar
is an eighth Of a cent per pound, which
Is about 8 1-2 per cent. ad valorem and
is not the difference in the cost of re-
fining between this and foreign coun
tries The least it should have is per
cent, or in specific figures. IA per cent.
per pound. The sugar refining industry
Of this country, no matter what form
its organization, is entitled to adequate
protection. if any industry is. There
are at least 100000 people dependent
upon it. What it pays, or has paid, to
it's stockholders in the past represents
nothing more than fair return on the
capital invested considering the extent
of the business.
Extracted from People.
''The United States tariff bill, in as
sessng about $40 per ton on imported
sugar, pays into the pockets of few
Louisianians, on their annual crop of
25O, 900 tons, $10,O00,000; to the Hawaiian
Islanders, probably represented by $50 |
foreigners, on their annual crop of ESQ.,
900 tons, $40, 100000; say 100000 tons pro-
duced elsewhere in the United States, |
100000 Here you have $24,O00,0OO ex-
tracted from the people of the United |
States for the sake of getting the reve- |
nue. which $40 per ton on foreign sugar |
provides. This is merely illustrative Of |
the whole tariff-every line of it-and |
its effect upon the people
People CIutched by Throat,
''In fact, the tariff bill clutches the
oy,l he, o-9xy
nors and the attorney generals of the
several states take action, not against
the cause but against the machinery
which the people employ to rifle the
public pocket There appears to be in
the public mind a distinction between
robbery by an individual and that by
corporation. What is commendable III
an individual appears to be dishonest in
a corporation 1 maintain that it is
immaterial to the public in what form
business is done-whether by an indi-
yidual, firm, corporation or even a trust.
These are merely forms of conducting
business, or, in other words, machinery
for the operation of business. 1t is the
duty of the government to see that un-
der the tariff laws they enact this ma
chinery cannot in its actions result to
the detriment or improvement of the
public.
The Agitation Against Trusts.
"It would have been very easy and
proper for the government to have put
q corresponding internal revenue tax
on sugar simultaneously with the i'm
position of the customs duty and have
this S24, ,O00, 900, which now goes into the
pockets of few individuals. go into the
treasury for the benefit of the whole
people If no expenses of the govern
ment needed to be provided for, and pro-
lection to American industries was de-
sired, the imposition of ten per cent. ad
on all manufactured products
would have settled the matter There
Is every reason why, if revenue Is de-
sired, that with duty on raw materi-
ais of foreign production a correspond
rg internal revenue tax should be lev
led on similar products and the protec-
lion to manufacturers thereof limited to
an additional ten per cent | repeat
that all this agitation against trusts is
against the merely business machinery
employed to take from the public what
he government in it's tariff laws says it
\ proper and suitable they should have.
II is the government, through its tariff |
avs which plnuders the people, and
he trusts, etc, are merely the rnachin-
,ry for diong it,
e |