Hutchinson gazette., 1899-04-20

several large competing capitals.
Equally IL must be granted that the
consolidation OF u number OF compet-
ing capitals into one concern should
be attended with important economies
In management But 1t is not to be
denied that such concentrations OF
management will be subject to coun-
tervailing offsets from the absence OF
the stimulus Of competition; from the
uncertainty about the management
falling into the best possible hands,
from the Encouragement Of invention
which always attends monopoly, and
from the possibility that the admins
traton may be intrusted TO "frlends"
rather than experts
Among the things TO be determined
by this experiment are the following'
First-Whether, with the vast con.
slant increase in the national capital,
it will be found possible for the mon
opolles TO long protect themselves
against outside competition.
Second-What will be the recourse
sought by the great and wealthy dis
uibuting class who will find themselves
ut the mercy Of the trusts and whose
services the latter will probably ulti'
matoly seek to dispense with?
Third-Will this superseded class of
middlemen employ their large means
in resort TO manufacturing in competi-
tion with the trusts2
Fourth-So with the producers Of
raw materials, who, so far as respects
the home market, will have but one
customer, for whose single wants Trey
will all be competitors, will they be
disposed to join cause with the dis.
placed or dominated distributors in
establishing competition against the
monopolies2
Fifth-Can the trusts fulfill their
promises OF cheapness TO consumers
and yet earn dividends upon their in
flated stock issues? And, II not, what
will become Of those promises?
Sixth-If tho liberal working capi-
tails with which the trusts are now
prudently protecting themselves
should disappear in catering to specu-
lative operations In their stocks and in
satisfying the clamor Of stockholders,
what would be the disposition of the
banks TO extend loans to institutions
constituted and exposed to new dam
gers as these are? Would the banks,
In such case, become the hackers Of
monopolies?
Scventh-With the trusts pledged to
low prices on the one hand and to div
idends on watercd stock on the other
what will be the position of labor un-
der the new system? If the trusts re.
straints upon production create re-
dundancy Of labor, what will be the
effect upon wages? win She onus OF
monopoly in the long run fall upon the
back of the worlingman?
Eighth-How will the monopolies
protect themselves against competition
from foreign factories where prices are
not arti6cially regulatedP Do they
expect to have the tariff raised to suit
their convenience? If not, how can
they escape the effects Of external
competition2 Moreover, If n resent
mcnt In public opinion should so shape
politics as to bring about reduction
in the tariff, would not the purpose of
the monopolies be neutralized aud
their imagined advantages be dissipa-
ted?
Ninth--Is there any probability that
ultimate resentments among the dis
tributing and raw material producing
classes may induce them to encourage
such change In our tariff policy?
Tenth-As 1t Is the professed pur-
pose Of the monopolics to maintain
prices on full profit paying basis,
what will become Of the large increase
in our export of manufactures which
has arisen during recent years from
selling our ever growing surplus to
foreigners ut the lowest possible
prices?
EIeventh--Is n hard and fast combi-
nation to protect prices compatible
with securing an expansion of our for
eign markets commensurate with our
capacity for production, with the in
crease in our supply Of labor and with
the unprecedented gain in the amount
of capital seeking employment
Twelfth-Are the American forces
Of capital and labor capable OF being
held in restraint for the convenience
of these combinations?
These are problems with the new
system OF industrialsm has courage
ously propounded, and for considera-
BILE period they must occupy the Rnx-
ious attention of the American people,
We can only hope the popular temper
will maintain its equanInity through