The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1899-09-15

get along in times of great prosperity,
but when we get down to normal con-
ditions these concerns will go to pieces,
no matter whether they are in trust
or not Just at present there is a demand
for every conceivable thing, and times
are elastic and money is plenty. Every
thing is floating along prosperously
When the collapse comes, as come it
will, il will sweep all these naturally
non paying concerns to financial ruin.
OF course, the theory upon which the
trust is built is its ability to raise prices,
but that is sure to result In trouble.
"Take steel rails for instance. One and
a half years ago steel rails of fair quail
| ity were being sold at $17 ton, at a
profit of perhaps $3.50 per ton, What
was the consequence? We sent rails
all over the world, invading Great
Britain, China and japan and other
countries. With the enormous deposits
of high grade ore in Minnesota and Wis
consin there is no reason why we should
not be able to produce rails and other
steel products cheaper than any other
nation. AS a result of trust manipula-
ton steel rails come at $50 ton, or
thereabouts. OF course the profit Is ex-
horbitant. 1t is an outrage on the pub
lie, and it is short sightedness on the
| part of the manufacturers, because they
cannot sell their rails long outside Of
the country with such enormous profit.
The result of it all will be a tremen-
dous collapse, and it will come a good
deal quicker than most people think.
When the tumble comes 1t will be
general. If only the promoters suffered
it would be all right, but, the crash will
carry pretty much everything with it,
and the innocent will suffer along with
the guilty.
"The natural conditions Of today are
better than ever before. With a large
balance of trade in our favor, prosperity
should continue for a long time. This
prosperity has resulted in the imitation
and the issuing Of millions of shares on
wind.
Take the flour trust. am personally
interested in two milling companies,
the Pillsbury- -Washburn and the Wash
burn Crosby. We were not making large
money, but doing well and getting fair
return on our investment. The other
mills were not doing so well, owing to
a lack of capital. Along comes this
man Mcintyre, of New York, with his
trust proposition. We didn't go into 1t
but the others did. The only concern
that went into the trust that was MAX
ing any money was the Consolidated
Milling company. The trust is paying
enormous salaries and spending money
| lavishly. There is certain to be q col
lapse before long. 1t cannot last two
years. The security holders will then
be the real sufferers, as the promoters
will be safely out by that time. The con-
Germs that have not paid any thing in
10 years and have gone into the trust
with enormous capital will not be able
to stand up when the pinch comes.
There is one thing that greatly
disturbs me. The Republican party,
whether justly or unjustly, is associated
with trusts in the minds Of the masses.
| AS a party we have reached a crisis
where we have got to call halt. The
Republican party has got to discon-
meet itself from trusts. 1t has got to do
something more than to adopt reform
planks against trusts. 1t has got to
put forth its full strength and legislate
against them. The feeling against the
trust idea is intense in the west. 1t Is
so intense in the Republican party that
the party will break ranks unless some
thing is done. The undertow of senti-
ment in the western states against
trusts is not understood in the east.
| The revolt may strike us as early as
| next year.
1T seems to me, after giving the mat
ter great deal of thought, that the Re-
publicans in congress will have to ex-
anime the matter thoroughly, and
whenever they find trust is depending
for its exhorbitant profits largely on
protective duties it will be the duty of
Republican congressman and senators
to remove the duties at once. We can
not stop short of that. The duties must
be repealed when it is shown that the
trusts are benefitting by them. This
should be done with the duty on steel
rails and on tin plate. We can make
steel rails at a fair profit cheaper than
anywhere else in the world, and the
present price is outrageous. The Re-
publican party may win at the polls in
1900 because of the remarkable achieve
ments of our army and navy in the last
two years, but legislation against trusts
should not be delayed on that account.
when was in the senate, I did my
best to advocate a heavy duty on tin
plate. believed that we should estab-
lish and build up the industry. The
same as the iron and steel industry had
been built up. That was the right thing
to do and the results have justified the
course adopted then. But those duties
are now being used to put the prices
of tin plate up. Therefore, the only thing
to do now is to withdraw the protective
duty. 1 have no motive in this matter
save that ofa good citizen, good Re-
publican and lover Of my country.
The attention of the press and the pub
lie should be called to the existing con-
ditiOns"